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Oil prices rose on Friday but were heading for yet another weekly decline as concerns intensified that trade disputes and slowing global economic growth could hit demand for petroleum products.
The incident, which took place at a Pittsburg County, Oklahoma, well being drilled for producer Red Mountain Energy by drilling contractor Patterson-UTI, was the deadliest drilling accident since the 2010 Deepwater Horizon rig explosion, which killed 11 people.
The creation of a National Agency of Petroleum and Gas to manage and sell oil blocks reduces the near total grip state energy firm Sonangol has over the sector.
Oil prices steadied on Aug. 10 as concerns that a global trade dispute will slow economic growth and demand for fuel were balanced by U.S. sanctions against Iran that look set to tighten supply.
Brent crude futures were up 19 cents at $72.47 barrel by 8:15 CST, after having lost more than 3% on Aug. 8. U.S. crude futures rose 6 cents to $67.00 a barrel, having closed down 3.2% the day before.
Protesters demanding more security in Turkana began blocking trucks carrying oil from Tullow’s fields in July.
Cabinet spokeswoman Ana Comoana said the companies could now go ahead with mining operations to tap offshore oil reserves that experts say are enough to supply energy to Britain, France, Germany and Italy for over 20 years.
With the rapid growth of produced water and infrastructure constraints operators have to find new ways to tackle it.
China included LNG for the first time in its list of proposed tariffs on Aug. 3, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute
Exxon Mobil released a copy of the SEC's letter disclosing an end to its investigation and said in a statement that it had supplied more than 4.2 million pages of documents as part of the probe.
The British government said it had granted approval for hydraulic fracturing to take place at Cuadrilla's Preston New Road site in northwest England.
The government said on July 18 it had postponed auctions scheduled for September and October until next February to give firms more time to consider the blocks on offer.