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US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 1.7 million bbl during the week ended July 22 from the previous week’s total, according to the US Energy Information Administration’s Petroleum Status Report.

Statoil ASA plans to cut its capital expenditure guidance for 2016 to $12 billion from $13 billion. That includes an exploration guidance reduction to $1.8 billion from $2 billion.

Cleanup continues from a pipeline failure in early June that resulted in the release of about 2,400 bbl of condensate about 65 km northeast of Grande Cache in west-central Alberta.

US Department of the Interior reporting guidance to oil and gas operators may hinder the US Bureau of Land Management’s ability to account for methane emissions on onshore federal leases, the Government Accountability Office warned.

The US Geologic Survey has assisted India’s government in discovering large, highly concentrated natural gas hydrate deposits in the Bay of Bengal. The discovery, which is the first of its kind in the Indian Ocean, could potentially be produced, the US Department of the Interior agency said.


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