Ensco and U.S. settle drilling suit

Oil drops on report of more Saudi oil Updated

Posted on June 10, 2011 at 3:32 pm by Bloomberg in Crude oil

Crude tumbled the most in four weeks after a report that Saudi Arabia will raise oil production to 10 million barrels a day next month, and on concern the global economic recovery is slowing. More »

Rosneft says Chevron seeks Arctic exploration, may exit Black Sea field

Posted on June 10, 2011 at 2:12 pm by Bloomberg in General

Chevron will probably pull out of the West Chernomorsky project in the Black Sea because of disagreements about the area’s potential, Rosneft Chief Executive Officer Eduard Khudainatov told reporters today. The companies signed an exploration accord a year ago. More »

NRC chief withheld info on Yucca Mt. plans, watchdog says

Posted on June 10, 2011 at 1:56 pm by Bloomberg in Politics/Policy

Nuclear Regulatory Commission Chairman Gregory Jaczko selectively provided information to colleagues to keep plans for the Yucca Mountain waste dump from advancing, the agency’s inspector general said. More »

Senate showdown on ethanol subsidies looms

Posted on June 10, 2011 at 12:20 pm by Jennifer A. Dlouhy in Politics/Policy

The Senate will vote Tuesday on a proposal by Sen. Tom Coburn, R-Okla., to axe $6 billion in annual tax incentives for the corn-based fuel. More »

Shareholders OK Chesapeake pay plan

Posted on June 10, 2011 at 11:52 am by Bloomberg in Corporate governance, General, Natural gas

Shareholders voted 57.8 percent in favor of the company’s pay plan, Treasurer Jennifer Grigsby said at the annual meeting. More »

The Crux of Saudi Power

Posted on June 10, 2011 at 9:18 am by Amy Myers Jaffe in Crude oil, Middle East, Politics/Policy, Social

OPEC’s lack of consensus is a huge failure for Saudi Arabia, one that has dangerous consequences and needs to be redressed quickly and decisively, writes Mideast expert Amy Meyers Jaffe. More »

Vietnam plans live-fire drill after China oil dispute

Posted on June 10, 2011 at 6:53 am by Associated Press in Asia, Politics/Policy

A squabble over territory in the South China Sea escalated Friday when Vietnam announced the drill in an apparent response to China’s demand that the Vietnamese halt all oil exploration in the area. The clash comes after a similar spat between China and Philippines over another disputed area of the South China Sea. More »

Activists barred from Cairn rigs will take fight to court

Posted on June 10, 2011 at 6:42 am by Associated Press in Crude oil, Offshore

Greenpeace says it will continue a campaign to prevent Cairn Energy from drilling for oil in the Arctic circle by legal means after an injunction blocked the group from approaching company rigs. Twenty Greenpeace activists were arrested last week after scaling Cairn’s Leiv Eiriksson rig off Greenland’s west coast. More »

FuelFix Newslinks |06.10.11|

Posted on June 10, 2011 at 6:39 am by Tom Fowler in General

Drilling suit settlement. Speculators rule the roost. Aubrey gets an earful. More »

CFTC chief: Speculators swamp oil markets

Posted on June 10, 2011 at 6:32 am by McClatchy Tribune in Crude oil, Social

Nearly nine in 10 traders betting that oil prices would rise this spring were financial speculators, not end-users of oil, Commodity Futures Trading Commission Chairman Gary Gensler said. He vowed that his agency will soon act “to guard against the burdens of excessive speculation.” More »

China’s pile of cash finds Latin America’s treasure

Posted on June 10, 2011 at 12:30 am by chron.com Energy in General

China is breaking new ground by aggressively locking down commodities such as oil in Latin America through large loans, investments and other financial arrangements. More »