Thailand's PTTEP buys Hess assets in $1 bln deal - Ceo

BANGKOK, April 23 (Reuters) - PTT Exploration and Production Pcl (PTTEP), Thailand's top oil and gas explorer, has bought Hess Corp's assets in Thailand in a $1 billion deal as part of its attempt to boost its gas business, the company's CEO said on Wednesday.

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U.S. reports oil reserves highest since 1976

By The Associated Press

Crude oil reserves in the U.S. grew for the fourth straight year, reaching the highest level since 1976, according to an Energy Department report released Thursday.

The report says reserves grew 4.5 billion barrels, or 15 percent, to 33 billion barrels in 2012.

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Anadarko $5 billion settlement clears explorer for growth

The $5 billion settlement of a long-running pollution case will free Anadarko Petroleum to rival the world's biggest energy companies and pursue global ambitions from Mozambique to the Gulf of Mexico.

That is, if they don't get bought first.

Built for a potential sale by former chief executive officer James Hackett, a renowned dealmaker, Anadarko may have outgrown all but a few possible suitors.

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Summer gasoline prices are expected to be slightly lower

By Adam Wilmoth, Energy Editor

Consumers likely will get a bit of a break this summer as gasoline prices are expected to average slightly less than last year, according to a report released Tuesday by the U.S. Energy Information Administration.

The government forecast said the national fuel price is likely to average about $3.57 during the heavy driving season of April through September, down about 3.5 cents from last summer.

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Fiscal break-even oil prices for major OPEC members

One of the key drivers of the oil markets is the price at which principal OPEC producers balance their government accounts – better known as fiscal break-even oil prices. By monitoring the fluctuations of these break-even prices in major oil-producing countries such as Saudi Arabia, Iran, Iraq, Kuwait and the UAE, we can assess potential changes in OPEC’s desired level of global oil prices.

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Study: Gasoline prices to fall if US exports crude

The oil industry's leading trade group on Monday cast exports of U.S. crude as an economic win for consumers, fighting back against criticism that selling the fossil fuel overseas would mean higher prices here at home. A new report released Monday found that if the U.S. ended the 39-year-old ban on exporting American crude, gasoline prices would fall slightly -- but so would refinery margins.

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Exxon says fossil fuel use will span far into future

By JONATHAN FAHEY, Associated Press

NEW YORK — On the same day the world’s scientists issued their latest report on climate change and the risks it poses to society, the nation’s biggest oil and gas company said the world’s climate policies are “highly unlikely” to stop it from selling fossil fuels far into the future.

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Canadian International Oil Corp. Announces Completed Private Placement, Partnership With Riverstone Holdings

Canadian International Oil Corp. ("CIOC") announced an equity commitment of C$200 million from energy private equity firm Riverstone Holdings LLC ("Riverstone"). The Riverstone commitment comprises C$133 million from Riverstone Global Energy and Power Fund V ("Fund V") and C$67 million from Riverstone Energy Limited ("REL"). This investment will be used to fund CIOC's development program in the Western Canadian Deep Basin.

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NY, fed agencies do 2nd oil train inspection blitz

ALBANY, N.Y. (AP) — State and federal inspectors have completed a second round of safety checks of train tracks and oil tanker cars in an effort to prevent disastrous derailments and spills of volatile crude from North Dakota's Bakken region.

The inspection blitz, which generally found only minor and easily correctable defects, is part of a proactive safety effort launched in January after several severe accidents across the U.S. and Canada, Gov.

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Study: Shale oil still profitable with price drops

HOUSTON — Even if global oil prices fell more than $30 per barrel, the overwhelmingly majority of U.S. tight oil production still would be profitable, analysts with Wood Mackenzie said Tuesday. More than 70 percent tight oil reserves would be economically viable if global oil prices fell to $75 per barrel, said Harold York, the […]

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Shell Nigeria calls "force majeure" for exports

LAGOS, Nigeria (AP) — Shell Nigeria is declaring "force majeure" on exports from its Forcados crude oil terminal that stopped operating on March 4 because of a leak in its undersea pipeline.

A statement blames thieves for the leak eight meters (26 feet) underwater in the Gulf of Guinea.

The announcement of "superior force" effective from 9 a.m.

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Agency seeks greater Hudson oil terminal scrutiny

ALBANY, N.Y. (AP) — State regulators are seeking more information from a Massachusetts company that plans to expand its Hudson River facilities routing rail shipments of crude oil from North Dakota and western Canada to coastal refineries.

The Department of Environmental Conservation sent letters to Global Partners, based in Waltham, Mass., on Monday, requesting more information about emergency response plans, community impact, and other aspects of a rail terminal planned in New Windsor, just north of West Point.

The agency also said it's extending the deadline for public comments on Global's Albany expansion plans from April 2 to ...

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GOP candidate Kashkari proposes tax breaks

SACRAMENTO, Calif. (AP) — A 10-year corporate tax credit for companies that move to California and create more than 100 new jobs, diverting nearly $10 billion in high-speed rail bond money to water storage projects and promoting fracking for oil and natural gas are among the policy proposals released Tuesday by Republican gubernatorial candidate Neel Kashkari.

The proposals read like a wish list of proposals Republican lawmakers in the state Legislature have pushed over the last decade.

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Texas Bound and Flyin’ – The Cushing Crude Stockpile Heads to the Gulf Coast

Cushing crude oil inventories have fallen by 28 percent from 42 MMBbl on January 24 to less than 30 MMBbl on March 14, 2014 according to Energy Information Administration (EIA) data. Since the startup of TransCanada’s Cushing Marketlink pipeline at the end of January, outgoing crude pipeline capacity has exceeded inbound supplies at Cushing and the surplus has been headed to the Gulf Coast. Backwardation in the futures market has also encouraged shippers to move supplies out of storage.

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