Tullow reports ‘strong oil shows’ in northern Kenya

Tullow Oil PLC reported “strong oil shows” in cuttings and rotary sidewall cores across a 700-m interval in its Cheptuket-1 well drilled on Block 12A in the Kerio Valley basin in northern Kenya. Source: News


EIA: US crude inventories up 1.3 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, gained 1.3 million bbl during the week ended Mar. 11 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Source: News


MARKET WATCH: New York, London oil prices fall Mar. 15 but rally Mar. 16

Crude oil prices declined moderately on the New York and London markets on Mar. 15 on lingering world oil oversupply concerns, but early Mar. 16 trading showed prices climbing after Saudi Arabia, Kuwait, and Qatar indicated they might limit oil production even if Iran does not do the same. Source: News


Chapter 11 becoming ‘unavoidable’ for Linn Energy

Linn Energy LLC said in a Mar. 15 filing with the US Securities and Exchange Commission that its current financial state is such that bankruptcy may become “unavoidable.” Source: News