Oil drops below $100 ahead of OPEC meeting
Benchmark West Texas Intermediate for July delivery lost $1.21 to settle at $99.01 per barrel on the New York Mercantile Exchange. Crude has been within a few dollars of the $100 mark for about a month. More »
Supreme Court says Halliburton lawsuit can go forward *updated*
The high court overturned a lower court ruling against shareholders who want to pursue a class-action lawsuit claiming the oil services company inflated its stock price. More »
Husky halts drilling after malfunction on Newfoundland rig
A blowout preventer that was being moved shifted in its carrier when a lifting cylinder failed on the rig GSF Grand Banks. Twenty-one workers were removed from the rig; there were no injuries or environmental damage. More »
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Linc Energy buys producing fields in Texas, La. from ERG
Houston-based ERG Resources has sold 156 oil producing leases along the Gulf Coast to Australian firm Linc Energy for $236 million. More »
GenOn agrees to $5M settlement over Pa. river pollution *updated*
A unit of the Houston-based power company will support environmental cleanups along a western Pennsylvania river that environmental groups said it polluted with discharges of mercury, iron and other metals from a coal-fired plant. More »
Carrizo expands Eagle Ford footprint
E&P firm acquires 13,000 acres in the booming Eagle Ford shale play for about $1,650 in cash per acre, or $5,500 per acre including other costs. More »
Eagle Ford shale work helps railroads’ bottom lines
Wherever oil and natural gas comes out of the ground, plenty of people make money. Railroads are among the beneficiaries in South Texas’ Eagle Ford play, where there’s lots of hauling to be done, much of it sand and pipes. More »
Libya conflict makes for hostile OPEC meeting
Not since Saddam Hussein invaded Kuwait in 1990 has the producer group gathered with some nations giving financial and military support to a movement seeking to topple the government of a fellow member. More »
IEA: Global greenhouse gas emissions hit record highs
Bad news awaits delegates from about 180 countries at the start of two weeks of climate talks to debate a new global warming accord: Greenhouse gas emissions are going up instead of down despite 20 years of effort, according to a report by the International Energy Agency. More »
FuelFix Newslinks |06.06.11|
Hands tied if Cuban oil spills. Feds OK Keystone restart. Don’t mess with Petrello. More »
Statoil sells stake in Gassled for $3.2B
The Norwegian oil company said the sale of the majority of its stake in gas transportation firm Gassled means it can invest the capital into assets and projects that yield higher rates of return. More »
Embargo may block U.S. response to Cuban oil spill
With oil exploration set to begin in Cuba’s Gulf of Mexico waters, pressure is mounting on the administration to relax a politically sensitive embargo that would prevent U.S. firms from responding swiftly to potential oil spills roughly 50 miles from Florida beaches. More »
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