Tullow Oil PLC’s Emekuya-1 well, drilled on Block 13T of northern Kenya, has encountered 75 m of net oil pay in two zones. Source: News

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 1.8 million bbl during the week ended May 12 compared with the previous week’s total, according to the US Energy Information Administration’s Petroleum Status Report. Source: News

The American Petroleum Institute and American Fuel & Petrochemical Manufacturers each asked the US Environmental Protection Agency to review the federal Renewable Fuel Standard and reconsider ground-level ozone limits. Source: News

Privately held Vesta Energy Corp., Calgary, will accelerate development of light-oil properties in the shallow Joffre Duvernay shale oil play of central Alberta with proceeds of an equity financing round. Source: News

Light, sweet crude oil for June delivery fell slightly May 16 to settle above $48.60/bbl pending the release of the weekly US oil and product inventory by the US Energy Information Administration on May 17. Source: News