The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.
The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.
ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted operations on its first arctic exploration well—University-1—in Russia’s Kara Sea.
ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in exchange for 17,800 net acres encompassing the Permian basin in Texas and Delaware basin in New Mexico. The transaction, effective June 1, is expected to close in the fourth quarter.
Total US petroleum deliveries, a measure of demand, increased 1% from August 2013 to average 19.3 million b/d last month, recording the highest August deliveries in 3 years, according to the American Petroleum Institute’s monthly statistics for August.
Wild Well Control Inc., a subsidiary of Superior Energy Services, has completed a subsea capping stack stationed in Singapore to serve the area during a deepwater well control incident. The company’s first unit resides in Aberdeen.
The US Environmental Protection Agency’s ambitious regulatory agenda potentially could push more energy cases to the US Supreme Court in 2015, speakers agreed at a Sept. 18 forum sponsored by George Mason University Law School’s Law & Economics Center.
Continental Resources Inc., Oklahoma City, has named Jack Stark as president and chief operating officer. He succeeds W.F. Bott, who stepped down from the position last week.
Crude oil futures prices were down modestly on the New York market Sept. 17 after a weekly government report showed an unexpected jump in the US crude oil inventory.
China potentially could dictate terms as the fastest growing market in a world suddenly awash in potential oil and gas resources, speakers suggested during a discussion of energy and security in China and Pacific Asia at the Woodrow Wilson Center for Scholars.
The US Senate approved Tom Udall (D-NM) and John Barrasso’s (R-Wyo.) bill permanently extending a US Bureau of Land Management drilling permit processing improvement pilot program that was established under the 2005 Energy Policy Act. It was scheduled to expire in 2015.
The American Fuel & Petrochemical Manufacturers launched a workforce development web site to provide information for anyone seeking a career in the two industries. “The refining and petrochemical industries want to let people know that we are hiring,” AFPM Pres. Charles T. Drevna said. “If you have a high school degree, or if you have a college degree, we want you to consider a career in these industries.”
Oil futures rebounded on the New York and London markets Sept. 16, which analysts attributed largely to reported comments about a possible production cut for next year by the Organization of Petroleum Exporting Countries.
Four US senators—2 Democrats and 2 Republicans—introduced legislation to prevent extended delays of energy projects requiring a cross-border permit by moving reviews of applications from the White House to appropriate federal agencies.
Bill Barrett Corp., Denver, reported that it has agreed with several undisclosed buyers to sell the majority of its Powder River basin acreage and remaining position in the Gibson Gulch natural gas program in Colorado’s Piceance basin in deals totaling $757 million.
Three days before the sixth anniversary of TransCanada Corp.’s original filing for presidential approval of the proposed Keystone XL crude oil pipeline’s cross-border permit application, an American Petroleum Institute official said the Obama administration is catering to a small minority at the expense of the US national interest and the wishes of the vast majority of ordinary Americans.
Alberta Energy Regulator has approved an application by Canadian Natural Resources Ltd. to convert to low-pressure steamflooding at its Primrose East Area 1 bitumen project.
Fugitive methane found in water wells above the Marcellus and Barnett shales came from poor well construction, not hydraulic fracturing, a study the National Academy of Sciences released on Sept. 15 concluded.
The US Environmental Protection Agency has issued a final greenhouse gas (GHG) prevention of significant deterioration (PSD) construction permit to CCI Corpus Christi LLC, a holding of Castleton Commodities International LLC (CCI), Stamford, Conn., for a $500 million petroleum processing installation to be located near Corpus Christi, Tex.
Crude oil futures rose modestly on the New York market on Sept. 15 while Brent fell modestly on the London market. Meanwhile, China released an economic report indicating possible weakening world oil demand.
Producers in the Appalachian basin will benefit unevenly from markets opening for natural gas from the Marcellus and Utica shales, according to a Canaccord Genuity analyst.
Turkey is slightly larger than the state of Texas geographically, yet the country has only seen 4,400 wells drilled since 1940. While Texas’ oil history goes back much further, the state has seen more than 1.5 million wells drilled through 2013. “Turkey is largely unexplored,” said Lee Muncy, vice-president, geosciences at TransAtlantic Petroleum Ltd., during the AAPG International Conference and Exhibition
Carl F. Giesler Jr. has joined Miller Energy Resources Inc., Knoxville, Tenn., as chief executive officer, replacing Scott M. Boruff, who is now executive chairman.
Miller Energy Resources Inc., Knoxville, Tenn., has signed a nonbinding letter of intent to buy Alaskan operating assets of Buccaneer Energy for $40-50 million.
Global energy demand is expected to increase 35% to 2040, translating to 120 billion boe/year, or nearly 350 million boe/d, stated Rocky Becker, vice-president, Europe-Caspian-Russia at ExxonMobil Exploration Co.
Oil futures prices dropped on the New York and London markets on Sept. 12, ending a volatile week in which traders reacted to reduced oil demand forecasts from three groups and to another round of US sanctions against Russia.
Second-quarter profits for a group of 53 US-based producers and refiners totaled $25.45 billion, which was down 8.1% from the same period in 2013.
The US unemployment rate fell by a tenth of a percentage point from July to August to 6.1%, level with June and down from 7.2% in August 2013. But what does that mean?
A nearly 5 million bbl crude oil spill following the 2010 Macondo deepwater well blowout in the Gulf of Mexico was the result of operator BP Exploration & Production Inc.'s gross negligence and willful misconduct, a federal district court judge ruled in New Orleans.
Statoil ASA says a pilot project that captures flare gas in North Dakota is expanding to power six drilling rigs and a hydraulic fracturing fleet.
After the failure of the proposed Roc Oil-Horizon Oil merger, the board of Roc Oil Ltd., Sydney, has unanimously voted to accept the most recent $474 million (Aus.) all-cash takeover offer by Chinese combine Fosun International Group.
Natural gas storage injections continued to outpace the 5-year (2009-13) average, with inventories as of Sept. 5 at 2.80 tcf, according to data from the Weekly Natural Gas Storage Report (WNGSR) by the US Energy Information Administration.
Oil prices rebounded by more than $1/bbl on the New York market on Sept. 11 in a second consecutive week for roller-coaster energy prices as traders reacted to various revised forecasts this week calling for slower 2014-15 global oil demand growth than previously anticipated.
Wintershall has agreed to acquire a package of production, development, and pipeline interests offshore Norway from Statoil for $1.25 billion.
Linn Energy LLC, Houston, has closed on its purchase of Hugoton field assets in Kansas from Pioneer Natural Resources Co., Dallas, for cash proceeds of $340 million.
The White House should stay away from partisan politics as its Office of Management and Budget reviews the US Environmental Protection Agency proposed 2014 biofuel quotas under the Renewable Fuels Standard, an American Petroleum Institute official said.
Eni said it is cooperating with authorities in Milan investigating its 2011 acquisition of an interest in a block offshore Nigeria from a Shell subsidiary.
The government of India has approved the public sale of a 5% interest in state-owned Oil & Natural Gas Corp. as part of a broader divestment program.
Amid plentiful oil supply and weakening global economic and oil demand growth, oil prices have been easing, with front-month Brent futures slipping below $100/bbl in September for the first time in more than a year, according to the most recent Oil Market Report from the International Energy Agency.
Oil prices slumped on the New York and London markets on Sept. 10 following reduced global oil demand forecasts from the Organization of Petroleum Exporting Countries and the US Energy Information Administration.
The US Department of Energy approved Cameron Energy LLC and Carib Energy LLC’s requests for authorization to export LNG to countries that do not have a free-trade agreement with the US. Both applicants had completed reviews required under the National Environmental Policy Act, DOE said.
Additional refining capacity planned for Latin America and the Caribbean (LAC) by 2020 will limit the region’s current demand for surplus global product supplies, particularly those presently arriving from the US Gulf Coast, according to a recent study from ESAI Energy LLC.
Lawrence H. Summers, who was US Treasury Secretary during Bill Clinton’s presidency and was President Barack Obama’s National Economic Council Director, said there are no significant reasons for the US to continue restricting exports of domestically produced crude oil.
Oil prices gained modestly on the New York market Sept. 9 but dropped by more than $1/bbl on the London market, which analysts attributed to expectations of weak global oil demand growth.
According to the US Energy Information Administration’s most recent Short-Term Energy Outlook (STEO), weakening global demand and growing Libyan oil exports drove down North Sea Brent crude oil spot prices to an average of $102/bbl in August, $5/bbl lower than the July average and $10/bbl below the average in June.
In the 2014 edition of its International Energy Outlook (IEO2014), the US Energy Information Administration projected world liquid fuels consumption to rise 38% by 2040. The agency also pointed out that world markets for petroleum and other liquid fuels have entered a period of dynamic change—in supply and demand.
Crude oil futures prices settled lower for a third consecutive trading session Sept. 8 on the New York market, and the front-month price for US light, sweet crude reached its lowest level since Jan. 14 awaiting a weekly government oil inventory report.
Eland Oil & Gas PLC has appointed George Maxwell as chief executive officer, elevating him from his previous position as chief financial officer.
A severance tax and other election-year proposals potentially could dismantle Pennsylvania’s unprecedented natural gas production growth, the Pennsylvania Independent Oil & Gas Association’s president warned.
The Independent Petroleum Association of America rejected claims a coalition of four independent US refiners made in a Sept. 4 letter to the US Department of Commerce that a late-June decision making two producers’ crude oil condensates eligible for export was wrong.
Alaska LNG project partners have submitted a formal request to the US Federal Energy Regulatory Commission to start the prefile process for the major natural gas project. The FERC prefile milestone sets the stage for activity associated with the environmental review required for the siting, design, and permitting for construction of the proposed project.
Crude oil futures prices ended last week trading lower. The New York Mercantile Exchange October crude oil contract fell $1.16 in trading Sept. 5 to $93.29/bbl. The November contract dropped $1 to settle at $92.71/bbl.
New talk in the US about tax reform should make oil and gas companies nervous.
Sveinung Svarte, president and chief executive officer of Athabasca Oil Corp. since 2006, will retire Sept. 30. Tom Buchanan, chairman, will assume Svarte’s responsibilities.
Reports that the Venezuelan government wants to sell Citgo Petroleum Corp. have surfaced periodically for nearly a decade.
The US Bureau of Land Management's California state office announced a comprehensive strategy for its oil and gas program in the state after receiving an independent review of well stimulation technologies it asked the California Council on Science and Technology (CCST) to conduct in September 2013.
A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at favorable prices, Fitch Ratings of Chicago said in a recent research note, adding that master limited partnerships (MLPs) in particular can provide financial flexibility.
International news for oil and gas professionals
Governments and businesses trying to develop tight oil and gas resources could face intense competition for water that would be used in hydraulic fracturing, the World Resources Institute said in a recent report.
Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed.
Mexico, Canada, and the US will need to significantly increase investments in energy systems if they expect to achieve the full benefits of a North American energy renaissance, New Jersey Gov. Chris Christie (R) said during a multiday visit to Mexico.
The crude oil market was taken on a “bumpy ride” down a rocky road for much of this week, according to a commodities research note from Barclays Research, “as soft fundamentals and escalating tensions in Eurasia sparked price volatility.”
Devon Canada Corp. has submitted applications with Canada’s Alberta Energy Regulator for its Walleye steam-assisted gravity drainage project.
Although the suggestion will strike some observers as sacrilege, the US should begin asking whether the Environmental Protection Agency has outlived its usefulness.
AU Energy BV, a subsidiary of Mercuria Energy Group Ltd., has agreed to acquire Dutch operated and nonoperated L12/L15 block interests and nonoperated Q4 and Q5 block interests from Tullow Exploration & Production BV, a subsidiary of Tullow Oil PLC, for $81.1 million.
A nearly 5 million bbl crude oil spill following the 2010 Macondo deepwater well blowout in the Gulf of Mexico was the result of operator BP Exploration & Production Inc.’s gross negligence and willful misconduct, a federal district court judge ruled in New Orleans.
The government of Nova Scotia has imposed an indefinite ban on hydraulic fracturing onshore.
Tamarack Acquisition Corp., a subsidiary of Tamarack Valley Energy Ltd., will acquire Wilson Creek assets in central Alberta from Suncor Energy Inc., Calgary, for $168.5 million (Can.).
Crude oil futures prices rebounded on both the New York and London markets Sept. 3, which analysts attributed largely to comments from Russian President Vladimir Putin that he expected fighting in Ukraine to end within days.
ExxonMobil Corp. subsidiary Esso Norge AS is planning to install a residual flash tower designed to replace heavy fuel oil production at its 6 million-tonne/year refinery at Slagen, Norway.
Trinidad and Tobago’s proved natural gas reserves declined from 13.106 tcf in 2012 to 12.24 tcf in 2013. This is according to the latest survey of the Caribbean twin-island nation’s nonassociated gas conducted by Houston-based Ryder Scott Petroleum Consultants.
Governments and businesses trying to develop tight oil and gas resources could face intense competition for water that would be used in hydraulic fracturing, the World Resources Institute said in a recent report. It found that 38% of the world’s tight shale resources face high to extremely high water stress or arid conditions.
EQT Corp. and NextEra US Gas Assets LLC, an indirect, wholly owned subsidiary of NextEra Energy Inc., have formed a joint venture, Mountain Valley Pipeline LLC, to build and own the 330-mile Mountain Valley natural gas pipeline. The joint venture also launched a binding open season for shipment on the 2-bcfd system.
Halliburton Co. reported a $1.1 billion agreement that it said would settle most of the class claims asserted by plaintiffs against the Houston oil field service company following the 2010 Macondo deepwater well blowout in the Gulf of Mexico.
Crude oil futures prices slumped on both the New York and London markets on Sept. 2, with Brent reaching its lowest level in 16 months while front-month US light, sweet crude prices dripped to their lowest since January.
Buckeye Partners LP has agreed to acquire 80% interest in a company that it will jointly own with Trafigura AG for $860 million. The transaction is expected to close later this month.
Russia’s recent oil and gas deals with China, some of which have been questioned on the basis of pricing, are good for Russian companies overall, argues an analyst at Moody’s Investors Service.
Pembina Pipeline Corp., Calgary, has agreed to acquire the Vantage pipeline system and Mistral Midstream Inc.’s interest in the Saskatchewan ethane extraction plant (SEEP) for $650 million from certain entities affiliated with Riverstone Holdings LLC. The transaction, effective Aug. 1, is expected to close in the fourth quarter.
Statoil ASA and partners BP PLC and Algerian state-owned Sonatrach are set to resume “ordinary operations” at the In Amenas gas production facility of eastern Algeria near the Libyan border 19 months after it was seized by Islamic militants.
Inpex Corp. is transferring 25% interest in a deepwater exploration block in East Malaysia to Santos Ltd.
Michael Hibberd, executive chairman of Sunshine Oilsands Ltd., Calgary, has assumed direct responsibility for all tasks and functions of chief executive officer after the company’s board accepted the resignation of David Sealock as interim president and chief executive officer.
The ICE contract for Brent crude oil dropped modestly on Sept. 1 while the New York market was closed for the Labor Day holiday in the US.
A federal government agency's scientists usually don't feel compelled to more fully explain the basis for their decisions.
The leader in a new measure of regulatory activism is-can anyone guess? While suspense builds, a description of the tracking mechanism is in order.
Utah's crude oil transportation options-which include Tesoro Refining & Marketing Co. LLC's proposed Uinta Express Pipeline-typify the broader US challenge in several ways.
This article introduces a methodology for reservoir characterization, geological modelling, and well-performance prediction. The methodology integrates petrophysical and pressure-transient data to build a detailed geological reservoir model (RM) with anisotropy.
Spot prices of Brent crude oil averaged $107/bbl in July, marking the 13th consecutive month in which the average price has ranged $107-112/bbl.
The US Environmental Protection Agency has issued a final permit to Formosa Plastics Corp. (FPC) to proceed with the third major expansion of its petrochemical complex in Point Comfort, Tex. (OGJ Online, June 3, 2013).
Optimism in the UK's offshore oil and gas industry continues to wane, according the second-quarter Oil & Gas UK (OGUK) Business Sentiment Index (BSI), released Aug. 6.
American Midstream Partners LP (AMP) has opted to use, and has received approval of, its right-of-first-offer to acquire the Gonzales County, Tex., full-well-stream gathering system from an affiliate of ArcLight Capital Partners LLC for total consideration not to exceed $110 million.
The combined earnings of the OGJ150 group declined 3.03% during 2013 to $88.1 billion. The group's revenues for the year were also down 7.32% from a year earlier to $944.9 billion.
Listing the greater sage grouse as an endangered species under the federal Endangered Species Act would discourage effective local and state conservation efforts while stifling economic growth and job creation, the Western Energy Alliance said in a new public education campaign.
Oil & Gas Journal's survey of the 100 leading oil and gas producing firms based outside the US reveals that 2013 net income and revenues fell modestly from 2012 results in most regions except Canada.
State-owned Petrovietnam has completed the second planned maintenance turnaround since 2011 at its 140,000-b/d Dung Quat refinery in Quang Ngai Province, Vietnam (OGJ Online, May 20, 2014).
Natural gas plays an important role in China's economic development and energy structure. Proved reserves exceed 600 billion cu m/year (bcm/year), and production has topped 100 bcm/year, ranking China's output the 7th highest in the world.
Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. The step was necessary to preserve the option to drill its Chukchi Sea leases in 2015, but should not be seen as a final decision to drill next summer, he told OGJ in an Aug. 29 e-mail.
The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiving an independent review of well stimulation technologies it asked the California Council on Science and Technology (CCST) to conduct in September 2013.
Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.