Natural Gas

Oklahoma quakes prompt fracking concerns

Source: 
Bloomberg

Oklahoma has experienced twice the number of earthquakes this year as California, and some communities and environmental groups are concerned that the state's surge in hydraulic fracturing may be playing a role, Bloomberg reports.

French, US leaders press for Ukraine cease-fire

PARIS (AP) — French President Francois Hollande and U.S. President Barack Obama are pressing for a meeting "as quickly as possible" to negotiate a bilateral cease-fire in Ukraine, Hollande's office said Monday.

Hollande's office said in a statement that the two leaders spoke by phone Monday and called on Russian President Vladimir Putin to press separatists to accept dialogue with Ukrainian authorities.

Ukraine's President Petro Poroshenko promised to start talks on a new cease-fire last week. A contact group for the Organization for Security and Co-operation in Europe met in Kiev on Sunday to discuss the situation in Donetsk, but no representatives from the rebels attended and no breakthroughs were announced.

Bulgaria, Russia push for pipeline blocked by EU

SOFIA, Bulgaria (AP) — Bulgaria and Russia on Monday voiced hope that work on the Russia-led South Stream gas pipeline project, which had been blocked by the European Union, can be resumed.

Last month, Bulgaria, an EU member, suspended work on the pipeline after the EU executive commission said Bulgaria hadn't respected internal market rules covering the award of public contracts.

Bulgarian Prime Minister Oresharski said the pipeline project is very important to his country and its implementation will be resumed within the European legal framework. Russian Foreign Minister Sergey Lavrov, who was visiting, called on the EU to restart dialogue with Russia on the pipeline project, adding that construction is still on deadline.

Oil

Oil slips below $104 as Libya set to boost exports

The price of oil slipped below $104 a barrel Monday on expectations that Libya will soon boost its exports of crude.

Benchmark U.S. crude for August delivery fell 53 cents to close at $103.53 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 40 cents to close at $110.24 in London.

An agreement in Libya between the central government and a regional militia is expected to lead to the reopening of two oil terminals that would boost the country's crude exports by about 500,000 barrels a day. Libya currently produces around 350,000 barrels of oil a day.

EU, Russia to hold new gas talks

Source: 
Reuters

Russia Energy Minister Alexander Novak and European Union Energy Commissioner Guenther Oettinger have agreed to new talks on natural gas supplies, set to kick off late next week, Reuters reports.

BP to sell off some Texas gas assets to Pantera

Source: 
FuelFix

BP announced plans to sell some 270,000 acres of natural gas-rich land in the Texas Panhandle to Pantera Energy for $390 million. The deal is expected to be finalized this month, FuelFix reports.

Shell exits Saudi gas project

Source: 
Reuters

Royal Dutch Shell said it has ended its investments in a Saudia Arabian gas development project but promised future investments in the kingdom, Reuters reports.

Oil

Oil slips below $104 as supplies set to increase

Oil fell below $104 per barrel on Monday as expectations of increased supply offset strong U.S. job growth.

U.S. crude for August delivery was down 25 cents to $103.81 a barrel at 0620 GMT in electronic trading on the New York Mercantile Exchange. The contract sunk as low as $103.70 on Friday before closing at $104.06.

Brent crude, a benchmark for international oils, was up 2 cents at $110.66 on the ICE exchange in London.

EU energy chief urges Germany to keep open mind on fracking

Source: 
Reuters

Saying Europe could reap one tenth of its energy needs from hydraulic fracturing in shale, European Union Energy Commissioner Guenther Oettinger urged Germany to keep an open mind on fracking in light of recent recommendations that raise concern on the safety of the process, Reuters reports.

Work on Alaska LNG project underway: Parnell

Source: 
Reuters

Now that the state of Alaska and four firms – Exxon Mobil, ConocoPhillips, BP and TransCanada – have signed a joint venture agreement, design work is underway on an LNG project that includes an 800-mile pipeline and an export plant, Gov. Sean Parnell said Wednesday, Reuters reports.

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