1.BP Estimates Deepwater Horizon Liabilities
BP announced today that following significant progress in resolving outstanding claims arising from the 2010 Deepwater Horizon accident and oil spill, it can now reliably estimate all of its remaining material liabilities in connection with the incident. [Oilpro]
2.Energy Trader Gets Three Year Sentence.
Federal judge in Chicago, IL sentenced a commodity trader to three years in prison for violating a Dodd-Frank prohibition against “spoofing.” [Oilpro]
3.Oil Falls Amid Forecasts for $40 on Glut Concerns.
Oil fell in New York amid forecasts crude may slide toward $40 a barrel on oversupply concerns. [Bloomberg]
4.Sunoco’s Mariner East pipeline wins big in court.
Commonwealth Court on Thursday upheld Sunoco Logistics Partners’ power to take private property for its Mariner East Pipeline, adding momentum to Sunoco’s plan to deliver more energy from the Marcellus Shale region to Marcus Hook. [Philly]
5.China Oil, Coal Output Decline Signals More Imports to Come.
China’s crude output dropped 4.6 percent to 101.59 million metric tons in the first six months of the year, the lowest for that period since 2012, according to data from the National Bureau of Statistics on Friday. [Bloomberg]
6.Venezuela’s Oil Production Plunges To 13-Year Low.
Venezuela’s oil production plunged to a 13-year low in June as the economic crisis continues to eat into the nation’s only source of export revenue. [Oilprice]
7.Kinder Morgan Continues Its Pipeline Purge.
The natural gas pipeline giant has sold stakes in three pipelines over the past month while canceling the construction of several others this year. [Motley Fool]
8.BOEM Updates Financial Requirements For Offshore Leases.
BOEM today notified companies holding oil and gas leases in federal waters that it is updating financial assurance and risk management requirements to ensure that U.S. taxpayers never have to pay for decommissioning and removing. [Oilpro]
9.Louisiana Prepares Laws to Regulate Drilling.
St. Tammany Parish officials are drafting laws to exert some control over the side effects of oil and gas drilling operations. [NOLA]
10.Photo Contest: Sign of the Times?
This weekend, get out your old oilfield photos and particpate in the $40,000 giveaway from Oilpro. Great submissions coming in daily. [Photo Contest]
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