The light, sweet crude oil contract for July delivery settled at $50.56/bbl, down 67¢ on June 9 after having reached above $51/bbl earlier in the week. Source: News
Baltim SW-1 well finds gas in East Nile Delta
The Baltim SW-1 exploration well in the Baltim South development lease of the East Nile Delta reached a total depth of 3,750 m in 25 m of water, encountering 62 m of net gas pay in high-quality Messinian sandstones, partners Eni SPA and BP PLC reported. Source: News
Sustained low prices may make producing countries reform, panel says
Continuing lower crude oil and natural gas prices could make many Middle Eastern and Central Asian producing countries’ governments consider serious institutional reforms, speakers at a Washington forum generally agreed. Source: News
US House approves amended version of Senate’s pipeline safety bill
The US House unanimously approved an amended federal pipeline safety bill that included changes from bills two of its committees approved in late April and sent the reworked measure back to the Senate for further consideration. The Senate unanimously passed the original version in late March. Source: News
US House passes EPA ozone limits bill along party lines
The US House approved HR 4775 by 234 to 177 votes, largely along party lines, as Republicans said the measure would give states more time to implement federal ozone limits, and Democrats argued that it would gut the Clean Air Act. Source: News
Sembcorp Marine delivers jack up for Culzean development in UK North Sea
Sembcorp Marine AS said it has delivered the high-specification Maersk Highlander jack up drilling rig to Maersk Higher UK Ltd. Source: News
Power-supply contracts let for $3-billion Louisiana petrochemical plants
South Korea’s Lotte Chemical Corp. and LACC LLC, Atlanta, a subsidiary of Axiall Corp. and Lotte Chemical USA Corp.’s 50–50 joint venture Eagle US 2 LLC, have let a contract to Entergy Louisiana LLC, Baton Rouge, La., to provide power to the companies’ two grassroots petrochemical plants in southwest Louisiana. Source: News
MARKET WATCH: NYMEX crude oil prices climb above $51/bbl
The light, sweet crude oil contract for July delivery held above $50/bbl for a second consecutive day, closing at $51.23/bbl on the New York market on June 8 after the US government reported a decline in the weekly oil inventory. It was the US benchmark’s highest close since July 15, 2015. Source: News
Eos advances Chilean offshore LNG regasification project
Houston-based Eos Investment Group LLC’s Chilean LNG import terminal company GNL Talcahuano SPA successfully submitted its environmental impact study to the regional environmental services department for its floating storage and regasification unit offshore Talcahuano, Chile. Source: News
BP: Oil gained global market share in 2015 for first time in 16 years
Although crude oil prices in 2015 recorded their largest annual decline on record in dollar terms and their largest percentage decline since 1986, oil gained market share for the first time since 1999, according to the 65th edition of the BP Statistical Review of World Energy. Source: News