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Tax changes would exacerbate deficit


OGJ Newsletter | July 12, 2011 • Market Summary • World Markets • Major Indices • OGJ 200 Index • Oil / Energy Sector • Market Movers • Energy Research • Energy Jobs • Forward to a Friend Study: Tax changes would exacerbate deficit
Two tax changes affecting US oil and gas companies under discussion as ways to lower the federal budget deficit would cost the government more money than they'd raise, according to a new study.
Chesapeake venture aiming toward gas, away from OPEC
Chesapeake Energy Corp. has formed Chesapeake NG Ventures Corp. (CNGV) to invest in technology promoting the use of compressed natural gas, LNG, and gas-to-liquids fuels in the US.
Petrovietnam eyes ConocoPhillips's offshore stakes
State-owned Petrovietnam said it is considering the purchase of ConocoPhillips's shares in three oil and gas projects off Vietnam valued at $1.5 billion.
Cairn sells Vedanta 10% of Indian unit
Cairn Energy PLC said it has completed the sale of a minority stake in subsidiary Cairn India to the mining conglomerate Vedanta Resources, which is trying to acquire a majority interest.
MARKET WATCH: Oil prices continue falling due to economic fears
Crude oil prices continued declining July 11, falling 1% in the New York market while the dollar strengthened as did fears that energy demand will decrease as China tightens its economy to combat rising inflation.
Iraq Kurdistan's Tawke field a larger oil giant
Consulting engineers have estimated a midrange of 636 million bbl of recoverable oil at Tawke field in the northern part of Iraqi Kurdistan.
Iraq signs $12 billion gas agreement with Shell, Mitsubishi
Iraq has signed an agreement valued at $12 billion with Royal Dutch Shell PLC and Mitsubishi to capture natural gas currently being flared in oil fields in the country's southern region.
CNOOC reports minor oil leak in Bohai Bay field
Operations at Suizhong 36-1 oil field in China's Bohai Bay were shut down temporarily following an equipment malfunction in a central control system, resulting in a minor oil leak, CNOOC Ltd. reported July 12.

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