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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Dragon Oil PLC said it is “in the preliminary stages of exploring a possible offer for all of the issued and to be issued share capital” of Bowleven PLC, Edinburgh.

Natural gas prices escalated, crude futures continued to climb, but refined products fell in mixed markets Feb. 17 ahead of the President’s Day holiday in the US on Feb. 20.

The US Department of State's Office of Inspector General found no significant irregularities in the preparation of an environmental impact statement for TransCanada Corp.'s proposed Keystone XL crude oil pipeline project, it announced.

Chesapeake Energy Corp. recently received industry inquiries about a complete exit from the Permian basin, the company said Feb. 13, acknowledging that it might consider selling all its Permian basin assets if it were to receive a compelling offer.

As Congress begins its latest effort to choreograph energy choice, Americans should lock their cash drawers.

Soon after a spate of stories about annual energy forecasts appeared, a reader e-mailed OGJ with a simple question: With all this optimism about production growth from shales and deep water, when will the world run out of oil?

Development of the necessary data to reach informed regulatory decisions is the next critical unconventional production issue to be addressed, panelists said in a Feb. 14 forum co-sponsored by General Electric Co. and the Center for Strategic and International Studies.

US oil and gas producers' federal taxes would climb by nearly $27 billion over 10 years under the Obama administration's budget proposal that was released on Feb. 13.

US Sec. of the Interior Ken Salazar told the US House Natural Resources Committee that regulations covering hydraulic fracturing on federal lands are necessary, and will be developed after full consultations with state and Indian tribal governments.

Oil and natural gas shale plays are likely to drive 2012 merger and acquisition activity with the midstream and field service sectors likely to experience a growing share of oil and gas M&A, said two separate reports from consultants analyzing last year's activity.