Light, sweet crude oil prices dropped nearly $2 on the New York market Jan. 21, settling at $26.55/bbl for February delivery and hitting a low last seen in 2003. Analysts said oil prices slumped along with declining stock market indexes worldwide, which they attributed to a slowing economy in China. Source: News

Sandridge Energy Inc., Oklahoma City, agreed to reduce the volume of wastewaste going into disposal wells in the Medford and Cherokee-Byron areas. After negotiating with the Oklahoma Corporation Commission (OCC), Sandridge agreed to convert some disposal wells to research. Source: News

Tesoro Corp., San Antonio, is launching a program with several renewable energy companies to advance biomass-to-fuels technology for development of biocrude feedstock that the independent refiner-marketer plans to co-process alongside traditional crude at its US refineries. Source: News

Occidental Petroleum Corp., Houston, will receive a $1-billion arbitration award from Ecuador to settle a dispute over the 2006 expropriation of its participation contract for Block 15. Source: News

TransCanada Corp. reported that its Coastal GasLink Pipeline Project has signed long-term agreements with Nadleh Whut’en First Nation and West Moberly First Nations. The Coastal GasLink project has now secured 11 project agreements and continues to make “good progress” toward concluding deals with other First Nations along the pipeline route, TransCanada said. Source: News