WorldOil CEO of legendary trader Phibro recommends shorting crude at $50 It’s almost time to short this year’s crude rally, according to the new CEO of Phibro LLC, the century-old commodities firm that was once the largest independent oil refiner in the U.S. Sanchez Energy said to seek buyers for part of Eagle Ford acreage Sanchez Energy Corp. is seeking buyers for some of its acreage in the Eagle Ford shale in south Texas, according to people familiar with the matter, as the explorer looks to raise cash for developing its best prospects. West Orphan basin, offshore NL, holds 25.5 Bbbl of oil and 20.6 Tcfg, study finds The government of Newfoundland and Labrador, Nalcor Energy and Beicip-Franlab announced Wednesday that the in place oil and gas resource potential is 25.5 Bbbl of oil and 20.6 Tcfg in the West Orphan basin located within the area of the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) 2016 Eastern Newfoundland Call for Bids. Gulf of Mexico Lease Sale 248 yields just $18 million in high bids NEW ORLEANS, Louisiana – The U.S. Bureau of Ocean Energy Management (BOEM) said Wednesday that Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area. Oil extends decline as EIA report shows inventory increase Oil extended its decline after a government report showed that U.S. crude stockpiles unexpectedly rose last week. Oil drops as industry data signal U.S. crude stockpiles rising Oil resumed its drop after industry data showed U.S. stockpiles rose, keeping inventories at the highest seasonal level in at least 30 years as peak summer demand in the world’s largest consumer of the fuel nears its end. Blackeagle Energy Services acquires Brazos Rock's Permian basin assets Blackeagle Energy Services, a provider of energy-related construction and maintenance services, has acquired certain Permian basin assets from Brazos Rock, Inc., a provider of oilfield construction services in Texas. RasGas delivers first LNG to FSRU Toscana offshore Italy RasGas has shipped its first LNG cargo to the floating storage regasification unit (FSRU) Toscana, located offshore Italy. Sparrows Group, SapuraKencana Petroleum to form partnership in Malaysia Sparrows Group is set to expand its presence in the Asian Pacific market following the formation of a partnership between Sparrows Offshore Services Pte Ltd and SapuraKencana Technology Sdn Bhd, the latter being a wholly owned subsidiary of SapuraKencana Petroleum Berhad. Claxton completes well abandonment of Horne and Wren platform for Tullow Claxton, an Acteon company, has completed its involvement in the abandonment of two wells on the Horne and Wren platform in the Southern North Sea. Iran says it hasn’t decided on attending OPEC talks in Algiers TEHRAN (Bloomberg) -- Iran says it still hasn’t decided whether it will attend informal OPEC talks in Algiers next month, two weeks after the group announced plans to meet.