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Light, sweet oil for July delivery dropped to settle below $53/bbl on the New York market June 3 while the Brent contract for July dropped to under $67/bbl in London. Oil prices continued falling in early trading June 4 on concerns about slowing oil demand. “Slowing economic activity now threatens to derail our base case of robust cyclical [oil] demand growth,” Bank of America Merrill Lynch analysts said in a research note.

The Western Australian Environmental Protection Authority (WAEPA) has recommended environmental approval for the proposed natural gas pipeline interconnector between the Pluto and North West Shelf LNG plants on the Burrup Peninsula.

W&T Offshore made an oil discovery with its Gladden Deep well on Mississippi Canyon 800 block in the US Gulf of Mexico, reported partner Kosmos Energy Ltd. of Dallas. Gladden Deep is a subsea tie back expected to be brought online through the existing Gladden pipeline to the Medusa spar in this year’s fourth quarter.

Thirty companies, some of them in groups, have received offers for the award of 37 licenses covering 141 blocks in the UK’s 31st offshore licensing round. The frontier areas are in the Faroe-Shetland basin, Moray Firth, East Irish Sea, East Shetland Platform, Mid North Sea High, and English Channel.

UK regulators will increase pressure on offshore operators and equipment owners to settle issues impeding progress toward the government’s goals of maximizing economic recovery. In a June 4 letter to license holders and infrastructure owners, Oil and Gas Authority Director of Regulation Tom Wheeler said OGA “will be more progressively more proactive in using [its] powers.”


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"The Supreme Court’s acceptance of our petition is a very encouraging sign and provides a clear path forward to res… https://t.co/0gf2Tke8qX