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Adelaide-based Vintage Energy Ltd., Australia’s newest oil exploration and production company, is scheduled to begin trading its shares on the Australian Stock Exchange on Sept. 17. The company has acquired oil and gas exploration assets in South Australia, Queensland, the Northern Territory, and Victoria.

The price of Brent crude oil fell close to $70/bbl in early August and is now climbing back to $80/bbl. According to the International Energy Agency’s latest Oil Market Report, two reasons for the swing are that Venezuela’s production decline continues and the market is approaching Nov. 4 when US sanctions against Iran’s oil exports are implemented.

The Energy and Commerce Committee sent a bill that would authorize leasing of unused Strategic Petroleum Reserve capacity to private entities or foreign governments to the full US House of Representatives by voice vote on Sept. 13.

The light, sweet crude oil contract for October gained on the New York market Aug. 30 to settle above $70/bbl while Brent crude oil for October settled above $77/bbl.

Canada’s Federal Court of Appeal on Aug. 30 declared the regulatory review of Kinder Morgan Inc.’s (KMI) Trans Mountain Pipeline Expansion impermissibly flawed, effectively halting work on the crude oil transportation project. The court based its decision on a failure to include project-related tanker traffic as part of its evaluation. It also cited KMI’s failure to consult with indigenous peoples.


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