EIA: Oil inventory climbed to 486.1 million bbl

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 600,000 bbl for the week ended Dec. 23 compared with the previous week, the US Energy Information Administration reported. Source: News

ExxonMobil finds gas onshore Papua New Guinea

ExxonMobil Corp.’s Muruk-1 well was drilled to 10,630 ft and encountered similar high-quality sandstone reservoirs as in Hides field 13 miles to the southeast. Hides field is the main source of gas for the new Papua New Guinea LNG project. Source: News

MARKET WATCH: NYMEX crude oil for February closes above $54/bbl

Crude oil prices for February delivery rose slightly on the New York and London markets on Dec. 28 pending release of the weekly US oil and product inventory report, scheduled for Dec. 29, which was a day later than normal because of the Christmas holiday. Source: News

State officials wanted OCS off California included in permanent ban

California Gov. Jerry Brown (D) and Coastal Commission Chair Dayna Bochco each asked US President Barack Obama on Dec. 13 to add federal waters off the state’s coast to portions of the US Outer Continental Shelf he permanently closed to future oil and gas activity a week later under Section 12-A of the 1953 OCS […]