Oil

Oil

Exxon to wind down Russian drilling project

NEW YORK (AP) — Exxon Mobil said Friday that it will wind down a drilling project in Russia in compliance with U.S. sanctions, but said it received a license to keep working beyond the sanctions' deadline in order to complete the work.

U.S. sanctions against Russia over its involvement in the Ukraine require the removal of U.S. workers on projects in the Russian Arctic and other select locations by September 26. 

Oil

Oil steady on signs of interest rate hike

Source: 
Bloomberg

U.S. oil prices eased off again on speculation over future action by the Federal Reserve to increase interest rates. West Texas Intermediate crude for October delivery was 21 cents lower to $92.86 a barrel in electronic trading on the Nymex, while in London November Brent gained 1 cent to $97.71, Bloomberg reports.

Oil

Exxon-Rosneft Arctic drilling likely to stop: Russian minister

Source: 
Reuters

Western sanctions over the Ukraine crisis will likely put the brakes on a joint drilling project between Exxon Mobile and Rosneft in the Kara Sea, Russia’s natural resources minister said Friday, Reuters reports.

Oil

Another asset swap for Exxon, Linn

Source: 
The Wall Street Journal

Exxon subsidiary XTO Energy will pick up 17,800 net acres in the Permian Basin in Texas and Linn Energy will get interest in about 500 net acres near Bakersfield, Calif., under an asset swap announced by the firms Thursday, The Wall Street Journal reports.

Oil

Continental hits more oil in Oklahoma

Source: 
The Financial Times

Bakken Shale giant Continental – with Jack Stark newly promoted as president and COO -- told analysts Thursday that the South Central Oklahoma Oil Play, or SCOOP, could hold as much as 3.6 billion barrels of oil and gas equivalent, The Financial Times reports.

Scots reject independence in historic vote

EDINBURGH, Scotland (AP) — Scottish voters have rejected independence, deciding to remain part of the United Kingdom after a historic referendum that shook the country to its core.

The decision prevented a rupture of a 307-year union with England, bringing a huge sigh of relief to the British political establishment. Scots voted 55 percent to 45 percent Thursday against independence in a vote that saw an unprecedented turnout.

A majority of voters did not embrace Scottish First Minister Alex Salmond's impassioned plea to launch a new state, choosing instead the security offered by remaining in the United Kingdom.

Oil

Agency can look at rig owner's role in oil spill

NEW ORLEANS (AP) — A federal appeals court in New Orleans has upheld a federal safety board's right to investigate the role of Transocean Deepwater Drilling Corp. in the 2010 Gulf of Mexico oil disaster.

Transocean owned the Deepwater Horizon rig that was drilling for BP PLC at its Macondo well, about 50 miles off the Louisiana coast when an explosion killed 11 workers and led to the nation's worst offshore oil spill.

The company had challenged the authority of the U.S. Chemical Safety and Hazard Investigation Board, often referred to as CSB, to do the investigation.

Oil

Oil sinks on strong dollar

Source: 
Bloomberg

With a push from the strong dollar – trading at a six-year high against the Japanese yen – alongside increasing supplies, oil tumbled Thursday. West Texas Intermediate crude for October delivery dropped $1.35, or 1.4 percent, to $93.07 a barrel on the Nymex, while in London November Brent lost 1.3 percent, or $1.27 to settle at $97.70, Bloomberg reports.

Oil

McConnell pledges Keystone vote in GOP Senate

Source: 
The Hill

If Republicans win control of the Senate in November elections, Sen. Mitch McConnell, R-Ky., who’d be in line to become Majority Leader, has promised “the Keystone pipeline will be voted on the floor,” The Hill reports.

Oil

Keystone cost could jump to $10 billion: TransCanada CEO

Source: 
The Wall Street Journal

From its present estimate of $5.4 billion, the cost of building the long-delayed Keystone XL pipeline could end up at $10 billion, CEO Russ Girling told The Wall Street Journal in an interview, six years after the company first submitted its permit application for the project.

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