Oil

Petrobras scandal: Brazil police arrest construction CEOs

SAO PAULO (AP) — Brazilian police said they arrested the presidents of two of the country's largest construction companies on Friday for their alleged involvement in the massive corruption scheme at the country's state-run oil company, Petrobras.

Federal Police inspector Igor Romario de Paulo said at a news conference that Marcelo Odebrecht and Otavio Marques de Azevedo were taken into custody and face charges of cartel formation, money laundering and diversion of public funds. They are the chief executives of Odebrecht and Andrade Gutierrez respectively.

Former Shell worker cites unsafe conditions on oil ship

SEATTLE (AP) — A woman who was permanently injured while working on one of Shell's Arctic drilling support ships has sued, saying the company compromised safety in its rush to drill for oil.

The lawsuit filed in U.S. District Court in Seattle on Thursday by Anita Hanks said Shell and its contractor maintained dangerous work conditions on the Arctic Challenger as it prepared to drill in the Arctic in 2012. The oil spill containment vessel is part of Shell's drilling fleet. It was docked in Bellingham at the time of an accident.

Oil

US oil and natural gas rig count drops by 2 to 857

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by two this week to 857.

Houston-based Baker Hughes said Friday 631 rigs were seeking oil and 223 explored for natural gas. Three were listed as miscellaneous. A year ago, with oil prices nearly double the current levels, 1,858 rigs were active.

Oil

Oil falls on Greek worries, shale output

Source: 
Reuters

Oil prices dropped early Friday amid signs of continuing strong U.S. shale production and concerns about the impact of the Greek financial crisis on European oil demand. U.S. benchmark crude dropped 44 cents to $60.01 a barrel in electronic trading on the Nymex, while in London Brent fell 42 cents to $63.84, Reuters reports.

Oil

Creditors to take Hercules as driller files for bankruptcy

Source: 
FuelFix

Hercules Offshore Inc. will file for Chapter 11 bankruptcy protection as part of a restructuring deal that will hand control of the shallow water driller to its creditors, FuelFix reports.

Oil

Kinder Morgan appeals rejection of Palmetto Pipeline in Southeast

Source: 
Savannah Morning News

Kinder Morgan has appealed a decision by the Georgia Department of Transportation that halted its construction of the 210-mile Palmetto Pipeline from South Carolina to Florida, the Savannah Morning News reports.

Oil

Beach near oil spill to reopen, as probe continues on break

GOLETA, Calif. (AP) — A popular Central California beach closed last month after a crude oil spill near Santa Barbara will reopen next week, state officials said Thursday.

El Capitan State Beach is about 3 miles east of the site where a pipeline ruptured May 19, releasing up to 101,000 gallons of oil. About 21,000 gallons flowed into the Pacific Ocean, creating a 9-mile slick on the water.

Oil

Hijacked Malaysian oil tanker rescued, pirates flee

KUALA LUMPUR, Malaysia (AP) — Pirates who hijacked a Malaysian oil tanker last week have fled on the ship's lifeboat after being pursued by a Malaysian navy ship, an official said Friday.

Navy chief Abdul Aziz Jaafar said the eight pirates, believed to be Indonesians, abandoned the MT Orkim Harmony late Thursday. All 22 crew members are safe except for an Indonesian cook who was shot in the thigh, Abdul Aziz tweeted.

BP Photo
Oil

EIA: Oil price plunge took drilling services with it

When the price of oil plummeted more than 50 percent between June 2014 and January 2015, oilfield services and products like drilling, well casing, cementing and fracking sand took hits as well, a new analysis from the government’s energy statistics agency says.

The Energy Information Administration report examined the Bureau of Labor Statistics’ Producer Price Index, or PPI, which tracks the rates that oil and natural gas support companies were charging for their services during the period from June 2014 to May 2015.

Oil

Oil over $60 on dollar drop, crude draw

Source: 
Reuters

With the dollar falling in the wake of the Federal Reserve’s failure to give a clear signal on interest rates and Genscape reporting a draw in crude at the Cushing hub, oil prices finished higher for a third day in a row. U.S. benchmark crude rose 53 cents to settle at $60.45 a barrel on the Nymex, while in London, Brent gained 39 cents to $64.26, Reuters reports.

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