MARKET WATCH: NYMEX oil prices drop on higher US rig count

Light, sweet crude oil prices fell on the New York market July 22 to their lowest level since May 9. Analysts attributed falling oil prices to ample world gasoline supplies and also a climbing weekly US rig count, which suggests world oil inventories could remain high longer than expected. Source: News


MARKET WATCH: NYMEX oil prices drop on higher US rig count

Light, sweet crude oil prices fell on the New York market July 22 to their lowest level since May 9. Analysts attributed falling oil prices to ample world gasoline supplies and also a climbing weekly US rig count, which suggests world oil inventories could remain high longer than expected. Source: News


Royale Energy, Matrix Oil agree to merge

Royale Energy Inc., San Diego, and privately held Matrix Oil Corp., Santa Barbara, have agreed to merge in a $41.5-million deal making Matrix a wholly owned subsidiary of Royale. Source: News


Royale Energy, Matrix Oil agree to merge

Royale Energy Inc., San Diego, and privately held Matrix Oil Corp., Santa Barbara, have agreed to merge in a $41.5-million deal making Matrix a wholly owned subsidiary of Royale. Source: News


API, AFPM applaud FAA bill’s oil and gas drone use provision

American Petroleum Institute and American Fuel & Petrochemical Manufacturers officials separately expressed their pleasure as the US Senate approved a Federal Aviation Administration reauthorization bill with language permitting the use of unmanned aircraft for oil and gas operations. Source: News


Upstream independents protest PHMSA’s proposal for gathering lines

Independent oil and gas producers are asking the US Pipeline & Hazardous Materials Safety Administration to not begin regulating gathering and production lines as part of the US Department of Transportation agency’s latest proposed pipeline safety rules. Source: News


Upstream independents protest PHMSA’s proposal for gathering lines

Independent oil and gas producers are asking the US Pipeline & Hazardous Materials Safety Administration to not begin regulating gathering and production lines as part of the US Department of Transportation agency’s latest proposed pipeline safety rules. Source: News


Evaluating a measured recovery

Low oil prices have challenged the economic viability of many deepwater projects, resulting in project delays and cancellations. Some companies such as ConocoPhillips and Marathon Oil Corp. have made significant strategic shifts away from deepwater in favor of shorter-cycle US unconventional plays. Source: News