MARKET WATCH: NYMEX, Brent crude oil prices settle under $29/bbl

Light, sweet crude oil prices dropped nearly $1/bbl on the New York market on Jan. 20, the first day of US floor trading since the lifting of sanctions against Iran. Analysts and traders say the oil price decline could likely continue while Iranian oil exports add to already oversupplied world oil markets. Source: News

CLNG, NGSA formally merge; executive director named

The Center for LNG (CLNG) formally became part of the Natural Gas Supply Association, and Charlie Riedl was named CLNG executive director and an NGSA senior vice-president. Source: News

India approves HPCL’s expansion plan for Visakh refinery

India has granted Hindustan Petroleum Corp. Ltd. (HPCL) environmental clearance to proceed with a project to expand and modernize its 8.3 million-tonne/year Vishakapatnam (Visakh) refinery in Andhra Pradesh, on the country’s eastern coast. Source: News

Shell Australia lets contract for Prelude FLNG project

Shell Australia has let a 3-year contract to Wood Group Kenny, Perth, for the Prelude floating LNG (FLNG) project to be located 475 km north-northeast of Broome in Western Australia. Source: News

Norway awards 56 licenses to 36 companies in APA 2015

Norway’s Ministry of Petroleum and Energy has awarded 56 production licenses to 36 companies on the Norwegian continental shelf as part of its Awards in Predefined Areas (APA) 2015. Source: News

Deals by Concho Resources target Delaware basin

Concho Resources Inc., Midland, Tex., has separately made three deals—an agreed upon acquisition, a completed acreage exchange, and an agreed upon sale—in an effort to improve its position in the southern Delaware basin. Source: News

Mubadala Petroleum, PEMEX sign MOU for Mexican energy development

Mubadala Petroleum, a wholly owned subsidiary of Mubadala Development Co., and Petroleos Mexicanos (PEMEX) have signed an memorandum of understanding to “provide the basis for discussions between the two companies and their affiliates about potential opportunities in Mexico’s energy sector.” Source: News

Chevron to sell more Gorgon LNG to China

Chevron Australia, operator of the Gorgon-Jansz LNG development off Western Australia, has signed a preliminary agreement with ENN LNG Trading Co. of China to supply LNG from the project beginning in 2018. Source: News

MARKET WATCH: Brent crude oil hovers under $29/bbl

The March contract for Brent crude oil on London’s ICE exchange dropped 39¢ to settle at $28.55/bbl on Jan. 18 after having dipped to a trading session low of $27.67/bbl. Analysts said the day’s low was Brent’s lowest price in nearly 13 years. Source: News