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  • LONDON, April 19- Crude oil storage helped commodity traders and refiners make strong profits last year and in the first quarter of 2016 but now the price structure which made it possible is evaporating. In a typical storage strategy, known as "cash and carry," traders buy physical crude and put it into storage in a tank farm, or more rarely on a tanker at sea.

  • April 19- Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26, the latest energy company to seek bankruptcy protection amid a prolonged oil price slump. The company, which was spun off from Chesapeake Energy Corp in 2014, said it had entered into a restructuring agreement with...

  • April 19- Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26.

  • LOS ANGELES, April 18- Hundreds of Los Angeles homeowners who live near the site of the worst U.S. methane leak have filed claims against state regulators and the governor, seeking $3.5 million each in damages for government failures they blame for the gas blowout. Those cases marked the first batch of more than 3,000 such claims expected by the end of this week,...

  • SINGAPORE, April 18- Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major...

  • *Saudi, Iran tensions scupper producer deal to freeze output. SINGAPORE, April 18- Oil prices tumbled on Monday after a meeting by major producers in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Geopolitical tensions between Saudi Arabia and Iran...

  • April 15- U.S. energy firms cut oil rigs for a fourth week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said Friday, as energy firms keep slashing spending despite a more than 50 percent jump in crude futures since hitting a near 13- year low in February. U.S. crude futures collapsed from over $107 a barrel in June 2014 to around...

  • WASHINGTON, April 14- The Obama administration on Thursday unveiled new oil well control rules to prevent the kind of blowout that happened six years ago on a BP Plc rig in the Gulf of Mexico. The Interior Department's Bureau of Safety and Environmental Enforcement announced the finalized regulations, which include more stringent design requirements and...

  • WASHINGTON, April 14- The Obama administration on Thursday unveiled new oil well control rules to prevent the kind of blowout that happened six years ago on a BP Plc rig in the Gulf of Mexico. The Interior Department's Bureau of Safety and Environmental Enforcement announced the finalized regulations, which include more stringent design requirements and...

  • April 13- The Obama administration will announce Thursday safety regulations for offshore oil and natural gas drilling to prevent the kind of explosion that happened six years ago on a BP rig in the Gulf of Mexico, an official told Reuters. The Department of Interior will unveil the final version of its well control regulations, which will require more...

  • There were almost 290 rigs active in Saudi Arabia and the neighboring states of Kuwait, the United Arab Emirates and Oman in March, according to oilfield services company Baker Hughes. Saudi Arabia alone had 127 operating rigs in March, with 67 targeting primarily oil-bearing formations and 60 hunting for gas. Some analysts suggest the drilling uptick is part...

  • April 12- Oilfield services provider Schlumberger Ltd said it would reduce its operations in Venezuela due to payment problems, a further sign of the cash crunch facing the OPEC nation because of weak oil markets. It took a $49 million loss last year due to Venezuela's currency devaluation and another $472 million in 2014 for the same reason.

  • Three state regulatory bodies and the city Water and Power Department warned last week the region faced up to 14 days of blackouts this summer as gas-fired power plants go without supplies normally furnished by the crippled Aliso Canyon field when electricity demand peaks. Southern California Gas Co, the division of San Diego- based utility giant Sempra...

  • April 12- Oilfield services provider Schlumberger Ltd said it would reduce its operations in Venezuela as it received insufficient payments from customers in the recent quarters. A slew of major U.S. corporations are expected to take big writedowns for their Venezuela operations due to increased government regulations and a lack of access to dollars.

  • April 12- Oilfield services provider Schlumberger Ltd said it would reduce its activity in Venezuela due to insufficient payments received in recent quarters and a lack of progress in establishing new mechanisms that address past and future accounts receivable. The company said it remains "fully committed" to supporting the Venezuelan exploration and...

  • SINGAPORE, April 12- Oil prices were stabile on Tuesday, with U.S. crude futures holding above $40 per barrel and Brent approaching $43 ahead of a meeting of major producers to discuss freezing output levels to rein in ballooning oversupply. International Brent crude futures were up 5 cents at $42.88 a barrel, only 18 cents off their 2016- high reached the...

  • SINGAPORE, April 12- Oil prices dipped on Tuesday, but both U.S. and international crude futures held above $40 per barrel ahead of a meeting of major producers to discuss freezing output levels to rein in ballooning oversupply. International Brent crude futures were at $42.69 a barrel, 14 cents below their last close, but only 37 cents off their 2016- high reached...

  • SINGAPORE, April 12- Oil prices dipped in early Asian trade on Tuesday, but both U.S. and international crude futures held above $40 per barrel ahead of a meeting of major producers to discuss freezing output levels to rein in ballooning oversupply. International Brent crude futures were at $42.70 a barrel, 13 cents below their last close but only 36 cents off...

  • The oil and natural gas producer, which did not identify the buyers, said it will divest all of its Wyoming upstream and midstream assets for $870 million, excluding closing adjustments. The Wyoming properties, mainly waterflood developments in the Big Horn and Wind River basins, averaged 16,500 barrels of oil equivalent per day in first quarter 2016...

  • April 11- Oilfield services provider Carbo Ceramics Inc said its executives would take a 10-30 percent cut in their monthly cash compensation as the company looks to slash costs. The company, which makes ceramic balls used to keep the cracks in fractured shale rock open, said on Monday the cut would be through voluntary participation by executives in furloughs,...