Oil

Oil

Court upholds convictions in Ky. oil drilling scam

LOUISVILLE, Ky. (AP) — Two brothers who defrauded millions of dollars from thousands of investors in an oil and gas drilling scheme lost a bid Tuesday to have their convictions and sentences overturned.

The U.S. 6th Circuit Court of Appeals concluded that prosecutors presented enough evidence to back their contention that 53-year-old Christopher Cello Smith of Prestonsburg, Ky., and 58-year-old Michael D. Smith of Cookeville, Tenn., defrauded thousands of investors.

The Smiths ran a company called Target Oil and Gas. Prosecutors said the company asked investors to fund drilling projects in Kentucky, Texas, West Virginia and Tennessee but used fraudulent marketing materials and false geological surveys to persuade them.

Oil

Oil dips, traders await data, pause to consider developments in Ukraine, Libya

Source: 
Reuters

The price of crude oil slipped Tuesday a day after zooming higher, with U.S. benchmark crude dropping 96 cents to $103.09 in electronic trading on Nymex, and Brent losing 36 cents in London to $108.71 in midday trading, Reuters reports.

Oil

Total trims costs, to start Kaombo ultradeepwater project off Angola

Source: 
The New York Times

French oil giant Total says it is setting a 2017 start date for the Kaombo ultradeepwater project off Angola after finding a way to slash the projected cost by $4 billion, down to $16 billion, The New York Times reports.

Oil

IPO for Houston biotech firm targeting stranded oil

Source: 
FuelFix

Houston-based Glori Energy is launching on the stock market Tuesday, the company intends to use biotechnology to get at oil stranded in sandstone, FuelFix reports.

NY updates oil spill preparedness plans

ALBANY, N.Y. (AP) — State and federal environmental officials in New York are changing the way they prepare for oil spills.

The state's Department of Environmental Conservation announced last week that it's working with the U.S. Environmental Protection Agency and the Coast Guard to revise and update its plans for preventing and responding to spills.

Associated Press

GAO sees demand, biofuels challenges for refiners

The oil refining sector faces potentially "profound" changes as it deals with the oil boom, uncertain demand at home and abroad and new regulatory costs, the Government Accountability Office said in a report issued Monday.

In the report, written at the request of Sen. David Vitter, R-La., and Sen. James Inhofe, R-Okla., GAO said the outlook for refiners profitability depends in part on their ability to sell more product overseas and action by the Environmental Protection Agency to end delays in setting annual Renewable Fuel Standard biofuels levels.

Oil

2nd successful well in Tuscaloosa Marine Shale for Goodrich

Source: 
Reuters

Goodrich Petroleum Corp. says its second successful well in the Tuscaloosa Marine Shale is producing an average 1,270 barrels of oil equivalent a day, Reuters reports.

Oil

'Upstage' in Ukraine unrest boosts oil prices, WTI over $104

Source: 
Bloomberg

Oil prices gained gain Monday as unrest continued in Ukraine, with domestic WTI crude for May delivery up 31 cents to close at $104.05 a barrel on the New York Mercantile Exchange, while in London Brent crude jumped $1.74 to $109.07 a barrel, the highest settlement since March 4, Bloomberg reports.

Oil

Investors increasingly concerned about the fate of Big Oil

Source: 
E&E

Ballooning costs and shrinking reserves are among the issues worrying investors when it comes to big oil companies like Exxon Mobil, Royal Dutch Shell and BP, E&E reports.

Oil

Glencore buys oil-explorer Caracal for $1.35B

GENEVA (AP) — Swiss-based commodities giant Glencore Xstrata Plc says it is buying oil exploration firm Caracal Energy Inc. for about 800 million pounds ($1.35 billion) in cash.

Glencore says it has reached an agreement to buy all outstanding Caracal shares for 5.50 pounds each, a 61 percent premium on the Canadian-based firm's stock price Friday.

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