General Interest

1. Oil costs, taxes still key gasoline price components, says API

   Crude oil costs and taxes are still bigger influences than refinery production and product exports in gasoline price increases, American Petroleum Institute Chief Economist John C. Felmy said.

2. Mitsubishi to buy stake in Talisman Papua New Guinea gas assets

   Mitsubishi Corp. agreed to pay Talisman Energy Inc. $280 million for a stake in nine natural gas blocks in Papua New Guinea's onshore Western Province, subject to approvals by government and joint venture partners.

3. Shell unit makes offer to buy Cove Energy

   A Royal Dutch Shell PLC subsidiary has offered to buy Cove Energy PLC for $1.6 billion in a move that would mark Shell’s entry into Mozambique and Kenya. Cove also has holdings in Tanzania where Shell already has a presence.

4. MARKET WATCH: Iran, Greek concerns boost crude oil prices

   The front-month contract for crude oil soared above $106/bbl in a late rally Feb. 21 in the New York market before closing slightly lower. Natural gas fell, however, ending a two-session resurgence.

5. Anadarko taps Walker for CEO role; Hackett named executive chairman

   Anadarko Petroleum Corp. reported that its board promoted Al Walker to the position of chief executive officer. Walker currently serves as the Houston independent’s president and chief operating officer.

6. MARKET WATCH: Gas price falls, crude prices climb after holiday

   There was no floor trading on the New York Mercantile Exchange and no closing prices on either NYMEX or the oil and gas spot markets Feb. 20 due to the Presidents’ Day holiday in the US.

7. Mitsui unit settles liability in Macondo well incident

   MOEX Offshore LLC agreed to pay $90 million to settle its liability in the Macondo deepwater well incident and spill in 2010, the US Department of Justice, Coast Guard, and Environmental Protection Agency jointly announced on Feb. 17.

8. INGAA Foundation study outlines midstream gas development pluses

   A study commissioned by the INGAA Foundation concluded that $229.1 billion in projected US midstream oil and gas investments and operations and maintenance outlays through 2035 would support an average of 125,339 jobs/year; generate nearly $57 billion in federal, state, and local taxes; and add $511.5 billion in total economic output.

9. API, IPAA criticize Salazar's plan to raise royalty rates

   US Sec. of the Interior Ken Salazar’s plans to raise onshore oil and gas royalty rates by nearly 50% are a bad idea, the American Petroleum Institute and Independent Petroleum Association of America separately said on Feb. 16.

10. US, Mexico sign Gulf of Mexico transboundary agreement

    The US and Mexico have signed an agreement allowing exploration and development of oil and gas resources along the two countries’ maritime boundary in the Gulf of Mexico. The accord, which still requires legislative approvals in both countries, makes US Outer Continental Shelf acreage with potentially 172 million bbl of oil and 304 bcf of gas available for leasing, US Sec. of the Interior Ken Salazar said.