Statoil SA said it plans to make a final investment decision about development of Utgard gas and condensate field in the Sleipner area of the North Sea after agreeing to acquire a 45% interest in the UK portion of the license from JX Nippon. Source: News

The National Energy Board of Canada has approved a delay in construction of the Mackenzie Gas Project, including the 1,220-km Mackenzie Valley Pipeline between three Arctic fields and northwestern Alberta. Source: News

Lower crude oil prices make it essential for Venezuela, Nigeria, and other producing countries to institute major reforms, two speakers agreed on June 2. But reduced revenue from plunging crude production also makes it harder to eliminate subsidies and to reduce social programs that citizens have come to expect, they said during a discussion at […]

Noble Energy Inc., Houston, reported it has received approval from the Petroleum Commissioner in the Ministry of National Infrastructure, Energy, and Water Resources for the development of the deepwater Leviathan field project offshore Israel. Source: News

Russia’s PJSC Gazprom Neft, St. Petersburg, has let a contract to NIPIgazpererabotka (Nipigaz) to serve as general contractor for a Euro+ combined refining unit (CRU) to be built as part of the ongoing modernization and upgrade of its 12.15 million-tonne/year Moscow refinery. Source: News

Anton Dibowitz has been appointed executive vice-president of Seadrill Management Ltd. He will continue to report to Chief Executive Officer Per Wullf. Source: News

As announced in February, Cooper Energy Ltd., Adelaide, has sold two Indonesian exploration permits to Mandala Energy Investment Pte. Ltd. for $9.07 million comprising sale consideration ($8.25 million) and reimbursement of exploration costs to completion, net of Indonesian transfer taxes. Source: News

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 1.4 million bbl during the week ended May 27 compared with the previous week’s average, the US Energy Information Administration reported on June 2. Source: News

Oil prices held just above $49/bbl on the New York market on June 1 as traders and analysts awaited a June 2 meeting by the Organization of Petroleum Exporting Countries in Vienna and also release of the US crude oil and products report, which was delayed 1 day by the US Memorial Day holiday. […]

The Center for Offshore Safety (COS) already has implemented several programs recommended in a report that the National Academies of Science, Engineering, and Medicine issued on May 25, and has made important new technology and practices available to member and nonmember companies, its director said. Source: News