WorldOil Lundin Petroleum sells its Indonesian business for $22 million Lundin Petroleum has announced the signing of a sale and purchase agreement with PT Medco Energi Internasional TBK, to sell its oil and gas assets in Indonesia. WTI surges above $50/bbl for first time since July Oil surged above $50/bbl in New York for the first time since July on speculation that demand is picking up. Blowtorch beach, Turkey: Where old offshore rigs go to die When offshore oil rigs reach the end of their useful lives, many head for their final resting place at blowtorch beach. McDermott wins EPCI project for four jackets offshore Qatar McDermott International has been awarded a brownfield project by Qatar Petroleum for the engineering, procurement, construction and installation (EPCI) of four wellhead jackets. White House criticized over oil export veto threat IPAA President Barry Russell called on President Barack Obama to reconsider his position, as outlined by a White House policy announcement, and direct the U.S. Department of Commerce to lift the trade restrictions on American crude oil exports. Encana to sell DJ basin assets for $900 million Encana’s wholly owned subsidiary, Encana Oil and Gas (USA), has reached an agreement to sell its Denver Julesburg (DJ) basin assets in Colorado to a new entity 95% owned by Canada Pension Plan Investment Board and 5% by The Broe Group. Statoil reports oil spill at Statfjord field Statoil has reported an oil leak at Statfjord field, one of the oldest producing fields on the Norwegian Continental Shelf. Eurasia Drilling gets buyout offer from management, holders Eurasia Drilling Co., the Russian oil driller whose planned acquisition by Schlumberger Ltd. collapsed last month, said it received a buyout offer from management and shareholders. Nigeria Oil contracts review adds to industry uncertainty Plans by Nigeria, Africa’s biggest oil producer, to review offshore production contracts signed with international oil companies two decades ago, have added to uncertainty in an industry already lacking regulatory clarity, said analysts including Philippe de Pontet of Eurasia Group. Oil holds near $48 as OPEC demand outlook counters supply gain Oil traded near $48/bbl as investors weighed OPEC’s forecast for increased global demand against rising U.S. crude stockpiles and production. AWE looking for new CEO as Bruce Clement prepares to step down Bruce Clement, managing director and CEO of AWE Ltd., will step down during 2016 after five and a half years in the role. The company has commenced a search for a new CEO.