Mellitah Oil & Gas lets contract for offshore Libya

Mellitah Oil & Gas BV has let a contract to Technip to handle subsea installations and platform engineering for the Bahr Essalam Phase II natural gas development offshore Libya in 623 ft of water in the central Mediterranean Sea. Source: News

MARKET WATCH: Brent tops $50/bbl following OPEC meeting

Crude oil prices gained modestly on the New York and London markets June 2 after the Organization of Petroleum Exporting Countries said its members agreed to leave its current high production strategy intact despite calls from a few members for a collective production cap. Source: News

Statoil moves toward Utgard development

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

Mackenzie Gas Project extension approved

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

Producing nations face big reform tasks amid low prices, speakers say

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 […]