Drilling

Oil

Microsoft overtakes Exxon as second-largest company

Source: 
Bloomberg

A long-term decline in oil prices and a nearly $50 billion cut in market value has allowed Microsoft Corp. to surpass Exxon Mobil as the world's second-largest company behind Apple, Bloomberg reports.

Oil

Report says energy jobs driving recovery

Source: 
FuelFix

The Small Business & Entrepreneurship Council said in a report that job creation in the oil and gas industry has driven U.S. economic recovery, adding 293,000 jobs from 2005 to 2012 as other industries eliminated jobs, FuelFix reports.

Oil

Court tells Shell preemptive lawsuits against green groups unconstitutional

Source: 
The Los Angeles Times

A federal appeals court ruled unconstitutional Shell's attempt in 2012 to preemptively sue a number of environmental groups to block them from filing lawsuits against the company for its Arctic drilling plans, The Los Angeles Times reports.

Oil

Kurdish government approves proposal to launch oil company

Source: 
Bloomberg

The Kurdistan Regional Government's cabinet approved a bill that would have the semi-autonomous region set up an oil and gas company and sovereign wealth fund for revenue completely separate from Iraq's central government, Bloomberg reports.

Oil

Court: Occidental and contractor not liable for 1998 bombing

Source: 
Reuters

A U.S. federal appeals court refused to hold Occidental Petroleum and security contractor AirScan liable for the deadly 1998 bombing of a Colombian village, Reuters reports.

Oil

Jamaica signs deal to search for offshore oil, gas

KINGSTON, Jamaica (AP) — Jamaica's petroleum firm has signed an agreement with a British oil company, clearing the way for oil and gas exploration in offshore blocks south of the island.

The "production sharing agreement" was signed with London-headquartered Tullow Oil, which has a 100 percent operating interest.

Oil

Iraqi forces retake most of strategic oil town

BAGHDAD (AP) — Iraqi soldiers battling the Islamic State group recaptured most of the town of Beiji, home to the country's largest oil refinery, state television and a provincial governor said Tuesday.

The strategic town, 250 kilometers (155 miles) north of Baghdad, will likely be a base for a future push to take back Saddam Hussein's hometown just to the south, one of the main prizes overrun by the extremists last summer. But troops backed by Shiite militias faced pockets of stiff resistance around Beiji, hindering their advance.

Oil

Judge approves Anadarko's $5.15B settlement for Tronox troubles

Source: 
The Wall Street Journal

In what would be the federal government's largest ever environmental settlement, a federal judge approved a $5.15 billion deal for Anadarko Petroleum Corp. to settle claims that it skirted pollution rules when it acquired Tronox Inc. from Kerr-McGee Corp., The Wall Street Journal reports.

Oil

UAE warns oil oversupply could hurt new projects, production

Source: 
Bloomberg

United Arab Emirates' Energy Minister Suhail Al Mazrouei expressed concern that a continued oversupply of oil in global markets would hurt new exploration and production, arguing the viability of some new projects are based on $100 a barrel oil, Bloomberg reports.

Oil

Groups sue to protect walrus from drilling

ANCHORAGE, Alaska (AP) — Six environmental groups sued Monday to throw out a federal agency rule that concludes oil exploration off Alaska's northwest coast has a negligible effect on walrus.

The groups claim the U.S. Fish and Wildlife Service has understated the effects of booming seismic airguns, ship traffic and other industrial activity as it promulgated a five-year walrus harassment rule.

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