US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, gained 1.3 million bbl during the week ended Mar. 11 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Source: News
MARKET WATCH: New York, London oil prices fall Mar. 15 but rally Mar. 16
Crude oil prices declined moderately on the New York and London markets on Mar. 15 on lingering world oil oversupply concerns, but early Mar. 16 trading showed prices climbing after Saudi Arabia, Kuwait, and Qatar indicated they might limit oil production even if Iran does not do the same. Source: News
Chapter 11 becoming ‘unavoidable’ for Linn Energy
Linn Energy LLC said in a Mar. 15 filing with the US Securities and Exchange Commission that its current financial state is such that bankruptcy may become “unavoidable.” Source: News
DOI removes Virginia lease sale from proposed 2017-22 OCS plan
The US Department of the Interior announced its proposed 2017-21 US Outer Continental Shelf oil and gas program, which deleted a planned 2021 lease sale offshore Virginia. Officials said this was largely in response to US military and public concerns that were much stronger this time than 5 years earlier. Source: News
Niko Resources agrees on plan with lenders to maintain core assets
Niko Resources Ltd., Calgary, has agreed with various institutional lenders and noteholders on a plan that would allow Niko to maintain its core assets for at least 2 years until values can potentially be enhanced. Source: News
India misses oil, gas production targets
India’s public upstream companies missed targets for crude oil and natural gas production in recent years, according to India’s Press Information Bureau. Source: News
Tap Oil to make cuts to operations, jobs
Tap Oil Ltd., Perth, reported it plans to axe jobs and operations so it can meet its restructured debt repayment commitments. Source: News
MARKET WATCH: New York, London oil prices tumble on oversupply concerns
Crude oil prices tumbled more than $1 on the New York market to settle at just above $37/bbl on Mar. 14 following news reports that Iranian Oil Minister Bijan Zanganeh said his nation would not participate in an oil production freeze until Iran’s production reaches 4 million b/d. Source: News
Hofmeister named chairman of Erin Energy
John Hofmeister has been appointed chairman of Houston-based Erin Energy Corp. He previously served as president of Shell Oil Co. from 2005 to 2008. Source: News
NMFS permit delays hold up Atlantic OCS seismic, IAGC official warns
Delays at the National Marine Fisheries Service (NMFS) are keeping crucial geophysical information from being gathered off Atlantic coastal states as the US Department of the Interior prepares to release its draft 2017-22 US Outer Continental Shelf plan, an International Association of Geophysical Contractors (IAGC) executive said. Source: News