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A steering committee formed by Abu Dhabi National Oil Co. (ADNOC) will oversee merger of the company’s two main offshore operating companies, Abu Dhabi Marine Operating Co. (ADMA-OPCO) and Zakum Oil Development Co. (ZADCO).

Robert J. Banks has been tabbed as interim chief executive officer of Houston-based Swift Energy Co., which emerged from Chapter 11 restructuring on Apr. 22.

The Federal Reserve Bank of Kansas City’s third-quarter energy survey revealed moderately rising business activity and revenues for firms in the tenth district for the first time in 2 years.

US light, sweet crude oil dropped more than $1/bbl on the New York market Oct. 10 to settle above $51/bbl for November delivery while the Brent contract for December on the London market settled above $53/bbl after Russian President Vladimir Putin talked about oil production cuts.

“The waiting game is over,” the International Energy Agency said in the October issue of its Oil Market Report. This is in regard to the fact that the Organization of Petroleum Exporting Countries has effectively abandoned its free-market policy set nearly 2 years ago, setting a new supply target of between 32.5-33 million b/d.

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