Light, sweet crude oil prices for April delivery dropped slightly on the New York market Mar. 6 while still holding above $53/bbl while the Brent crude oil contract for May delivery rose on the London market to settle just above $56/bbl after reports of conflicts in Libya. Source: News
Interior schedules region-wide US gulf Lease Sale 249 for August
The US Department of the Interior will offer 73 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development in Lease Sale 249, scheduled for Aug. 16. Source: News
White House: Keystone XL will not use US-produced steel
TransCanada Corp.’s Keystone XL crude oil pipeline will not be built with US-produced steel pipe, according to the administration of President Donald Trump. Source: News
Vitol to buy OMV Turkish distribution unit
A subsidiary of Vitol Investment Partnership Ltd. has agreed to buy OMV AG’s 100%-owned fuel-distribution subsidiary in Turkey for €1.368 billion. Source: News
IEA forecasts possible oil undersupply, price spike after 2020
Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, according to the latest 5-year oil market forecast from the International Energy Agency. Source: News
Po Valley awarded exploration license in northern Italy
Australia-based Po Valley Energy Ltd. will evaluate a Mesozoic carbonate structure onshore northern Italy in the eastern Po Valley region southeast of Bologna. Source: News
Microbes may prolong Marcellus shale production, NETL research finds
The prolific Marcellus shale may be a rich source for microbial life, which could help refill the important domestic natural gas reservoir by producing methane, scientists at one of the US Department of Energy’s National Energy Technology Research Laboratories have found. Source: News
Perry pledges strong support for technology R&D
The new US Energy Secretary intends to keep federal research in his department strong and vibrant, he told employees on his first day on the job. “You all are brilliant, hard-working, dedicated Americans who care about the future of this country. My job is going to partly be listening to you and getting feedback from […]
OMV to buy share in Russian gas field for $1.85 billion
OMV AG, Vienna, signed an agreement to acquire a 24.99% share in the Yuzhno-Russkoye natural gas field in Western Siberia for $1.85 billion. Source: News
MARKET WATCH: NYMEX, Brent crude oil prices end week with rally
Light, sweet crude oil prices for April rallied during Mar. 3 trading on the New York market to settle back above $53/bbl while the Brent crude oil contract for May rose on the London market to settle at $55.90/bbl. Oil prices were falling again in early Mar. 6 trading in New York. Source: News