ExxonMobil Corp. has made a final investment decision on the first phase of development for Liza field 190 km offshore Guyana. Source: News

JSC KazMunaiGas Exploration Production (KMG EP) reported acquiring 49% share in Karpovskiy Severniy LLP (KS) from MOL Hungarian Oil & Gas PLC for $1. KMG EP now owns a 100% interest in KS after exercising its priority right to purchase a share in KS in accordance with the shareholder agreement. Source: News

US light, sweet crude oil prices on the New York Mercantile Exchange appear to be headed for their fourth consecutive weekly decline despite some modest increases on June 16. It would mark the longest weekly losing streak in about 2 years. Source: News

A US House of Representatives Energy and Commerce subcommittee forwarded legislation aimed at giving states more flexibility in implementing federal ground-level ozone standards to the full committee by a 12-8 vote. The American Petroleum Institute and American Chemistry Council separately applauded the June 15 action by the Environment Subcommittee. Source: News

Eagle Energy Inc., Calgary, plans to accelerate cuts in general and administrative expenses in response to weaker crude oil prices. Source: News

Eric Johnson has taken the helm at Gulf Oil as president and chief executive officer, roles vacated by Jerry Ashcroft on June 10 as he left the company to pursue other interests.  Source: News