A Joint Review Panel may have recommended that Canada's federal government approve the Northern Gateway Project, but British Columbians have not been so accepting of the pipeline. On Saturday, residents of Kitimat voted against Enbridge’s project in a non-binding plebiscite.
Galveston Bay in Texas has averaged 285 oil spills per year since the late 90s, but the one that took place last month garnered extra media attention as the first one over 10,000 gallons in three years and the second-biggest spill off the coast of Texas since 1998.
Brent crude gained on Friday, but was down for the week.
On Tuesday, crude oil lost 1.39% as concerns over a slowdown in China and rising U.S. stockpiles weighed on the price.
The Moscow Times reported that Rosneft Oil Co. (OTCMKTS:RNFTF), Russia's largest oil company, will begin drilling for oil in the Arctic shelf this year. This follows earlier statements from Rosneft that it will be focusing its future exploration work on off-shore projects, according to the Times.
Bloomberg reported that Glencore Xstrata (LSE:GLEN) has purchased Caracal Energy Inc. (LSE:CRCL) for roughly $1.35 billion. Glencore hopes to gain oil and gas assets in central Africa, as Caracal is focused in Chad.
The Globe and Mail reported that Kitimat, BC residents have voted against the Enbridge Inc. (TSX:ENB) Northern Gateway pipeline in a non-binding plebiscite.
CBM Asia Development Corp. (TSXV:TCF,OTCBB:CBMDF,FWB:IY2) announced commercialization plans for the Kutai West Production Sharing Contract development in Indonesia.
Saturn Minerals Inc. (TSXV:SMI) Director Stefan Szary spoke with Resource Investing News about their coal, oil and gas assets in Saskatchewan.
Aroway Energy (TSXV:ARW,OTCQX:ARWJF) President & CEO Chris Cooper spoke with Resource Investing News about its unique position in the oil and gas space.
Reuters reported today that U.S. Benchmark Brent crude oil prices increased to their highest on almost six weeks on expanding sanctions against Russia over issues in Ukraine. However, the price rise was halted with news of the first oil tanker being reloaded on Tuesday at Libya's Hariga port after a month long closure.
The Globe and Mail reported that oil sands companies that rely on natural gas to run their operations may face a price squeeze as natural gas costs rise. The companies use gas to create steam to soften oil-rich bitumen deposits.
Bloomberg reported today that Houston and the US Gulf Coast now contain 202 million barrels of crude oil, according to Energy Information Administration data.
The Associated Press reported that benchmark U.S. crude oil for May delivery rose 90 cents to $101.34, while Brent crude came up 61 cents to $106.43 in London as investors continued to watch for weekly U.S. oil data.