The Albanian government said it is willing to lend its full support to any private initiative that would redevelop Ionian Refining & Trading Co.’s (IRTC) recently shuttered 20,000-b/d Ballsh and 10,000-b/d Fier refineries in eastern Albania. Source: News

The US drilling rig count fell 3 units to 936 rigs working during the week ended Jan. 19, data from Baker Hughes indicate. This total is up 242 units from a year ago. Source: News

Po Valley Energy Ltd., Perth, has made what it is calling a “significant” natural gas discovery in its 63%-owned Selva field in the Podere Gallina permit area of northern Italy. It is the company’s sixth success in identifying new gas in Italy’s existing gas fields in the Po Valley. Source: News

The price of Brent crude oil reached above $70/bbl early this week, the first time since the Organization of Petroleum Exporting Countries’ “market share” ministerial meeting in December 2014. The factors affecting this upward movement include the possible unravelling of the Iran nuclear deal and recent demonstrations in the country, disruption to Libya’s oil industry, […]

India’s government will accept bids through Apr. 3 on 55 blocks covering 59,282 sq km nominated by oil and gas operators. The bid round, which opened Jan. 18, is India’s first under open-acreage licensing. Source: News

Light, sweet crude oil for February delivery fell slightly on the New York market after swinging between a high of $64.35/bbl and a low of $63.47/bbl during the Jan. 18 trading session. Brent edged down a few cents, settling above $69/bbl. Source: News