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Articles Posted by thackney

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  • California oil spill company slightly downgrades size of pipeline leak

    05/27/2015 4:10:45 AM PDT · by thackney · 4 replies
    The Guardian ^ | 5/25/2015 | AP
    Plains All American Pipeline, the company which owns the pipeline at the centre of an oil spill off the coast of California, on Monday downgraded the amount of oil it says spilled in a worst-case scenario. The company said the estimate of the worst-case volume of oil released was up to 101,000 gallons – about 4,200 gallons less than previously believed. Plains All American is still cleaning up the spill along the Santa Barbara County coastline and recovering oil from the pipeline, so the calculations are not final.
  • Technology for a Saudi fracking boom moves closer to reality

    05/27/2015 4:07:06 AM PDT · by thackney · 18 replies
    CNBC ^ | 5/26/2015 | Andrew Zaleski
    ...carbonite-formations, and no region has as much oil and gas trapped in carbonate-formations as the Middle East. Carbonates are areas of sedimentary rock-Limestone, for instance—that contain many natural cracks inside them. Carbonite-formations are estimated to hold 60 percent of the world's oil and 40 percent of the world's gas reserves. In the Middle East, roughly 70 percent of oil and 90 percent of gas reserves are trapped in the carbonite, according to oil services giant Schlumberger.... ...Saudia Arabia is fifth in the world when it comes to recoverable gas reserves. Much of that is in carbonate-formation. What Saudia Arabia doesn't...
  • Dallas Fed: Texas manufacturers slumped to Great Recession-level output in May

    05/27/2015 3:57:44 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | May 26, 2015 | Collin Eaton
    The Dallas Fed says factories churning out equipment and products in Texas slowed their output this month to levels unseen since 2009 when the nation was still mired in a recession. Texas manufacturing activity in May edged lower for the third month in a row as the effects of the oil slump continued to ripple through the state. About 28 percent of the state’s manufacturers reported a slowdown, according to the Federal Reserve Bank of Dallas’ monthly survey on Tuesday. “We are seeing all industries hold cash,” a fabricated metal manufacturing executive said in the survey. Others said refineries are...
  • Cheaper oil isn't such a benefit for US economy anymore as pullbacks in drilling cause damage

    05/22/2015 10:10:17 AM PDT · by thackney · 84 replies
    AP via Calgary Herald ^ | 05.19.2015 | CHRISTOPHER S. RUGABER
    Full Title: Cheaper oil isn't such a benefit for US economy anymore as pullbacks in drilling cause damage If there was one thing most economists agreed on at the start of the year, it was this: Plunging oil prices would boost the U.S. economy. It hasn't worked out that way. The economy is thought to have shrunk in the January-March quarter and may barely grow for the first half of 2015 — thanks in part to sharp cuts in energy drilling. And despite their savings at the gas pump, consumers have slowed rather than increased their spending.... So what did...
  • China coal use continues to fall precipitously in 2015

    05/22/2015 5:26:33 AM PDT · by thackney · 14 replies
    Renew Economy ^ | 18 May 2015 | Joshua Hill
    New figures show that China’s use of coal has continued to fall dramatically over the first four months of 2015, according to Greenpeace Energydesk. In fact, following news in October of 2014 that showed coal use had fallen for the first time this century, these most recent figures suggest that the decline in China’s coal use is actually accelerating. According to Energydesk, coal consumption in China fell by almost 8%, and CO2 emissions dropped by approximately 5% over the first four months of 2015, when compared to the first four months of 2014. Impressively, for China, their figures are roughly...
  • Net imports of natural gas fall to lowest level since 1987

    05/22/2015 5:10:54 AM PDT · by thackney
    Energy Information Administration ^ | MAY 21, 2015 | Energy Information Administration
    U.S. net imports of natural gas decreased 9% in 2014, continuing an eight-year decline. As U.S. dry natural gas production has reached record highs, lower domestic prices have helped to displace natural gas imports. Net natural gas imports (imports minus exports) totaled 1,171 billion cubic feet (Bcf) in 2014, the lowest level since 1987. Imports by pipeline from Canada account for nearly 98% of all U.S. natural gas imports, and were the main driver of the decrease in total imports. Net imports from Canada represented 7% of total U.S. natural gas consumption in 2014, down from 11% in 2009. U.S....
  • U.S. retail gasoline prices lowest since 2009 heading into Memorial Day weekend

    05/22/2015 5:07:46 AM PDT · by thackney · 12 replies
    Energy Information Administration ^ | MAY 22, 2015 | Energy Information Administration
    On May 18, the U.S. average retail price for gasoline was $2.74 per gallon ($/gal), or 92˘ per gallon (˘/gal) lower than at the same time last year. This is the lowest average price heading into the Memorial Day weekend—the traditional start of the summer driving season—since 2009. Lower gasoline prices reflect lower crude oil prices, with the spot price of North Sea Brent crude oil at more than $45 per barrel ($/b) lower than the same time last year, despite having increased more than $10/b since the beginning of February. Average retail prices for all regions of the country...
  • UGI to build second LNG plant

    05/20/2015 6:32:26 AM PDT · by thackney · 33 replies
    LNG World News ^ | May 15, 2015 | LNG WN
    UGI Energy Services, a UGI Corporation unit, said it plans to build a liquefied natural gas production facility in northern Pennsylvania that will utilize Marcellus Shale gas. The proposed facility will be adjacent to UGI Energy Services’ Manning natural gas compression station located in Wyoming County, Pennsylvania. Natural gas will be supplied by its Auburn gathering system, which transports Marcellus Shale gas produced from local wells to major interstate pipelines serving markets in the Mid-Atlantic region, the company said in a statement. The LNG plant, which will include both liquefaction and local storage, is expected to be in full commercial...
  • Energy subsidies, A costly mistake

    05/20/2015 5:04:54 AM PDT · by thackney · 12 replies
    The Economist ^ | May 19th 2015 | Business and finance
    BIG mistakes in economic policymaking abound. But it would be hard to find a worse one than energy subsidies. Recent research has shown that they enrich middlemen, depress economic output and help the rich, who use lots of energy, more than they do the poor. But now a new working paper by the International Monetary Fund highlights another cost too: damage to the environment. Including this, the authors reckon that the total drag on the global economy caused by fuel subsidies now amounts to a stonking $5.3 trillion each year, or 6% of global GDP—more than world spends on health...
  • Wood Mackenzie: Bakken, Eagle Ford Not Past Prime

    05/20/2015 4:41:46 AM PDT · by thackney · 4 replies
    Rig Zone ^ | May 19, 2015 | Karen Boman
    Bakken production will keep growing, albeit at a slower pace, and the Eagle Ford still has running room within high-return portions of the play, according to a recent analysis by Wood Mackenzie. The Bakken and Eagle Ford together produce just over 2.5 million barrels per day of oil, or nearly two-thirds of U.S. tight oil production. Higher oil prices in the 2013 to 2014 timeframe spurred operators to drill not only in the core of the Williston Basin, but in the fringe and speculative areas. This included areas along the Montana-North Dakota border, the northern most part of the play...
  • Flood of New Cash Sustains US Oil Firms; Energy Dealmakers Gripe

    05/20/2015 4:39:29 AM PDT · by thackney · 10 replies
    Reuters via Rig Zone ^ | May 20, 2015 | Anna Driver & Terry Wade
    U.S. oil companies, still smarting from the crude price rout, are attracting a wave of new investment from unlikely sources - hedge funds and private equity firms flocking to the energy market for the first time to bet on a rebound. By pouring billions of dollars into energy shares and bonds in the past few months these newcomers, dubbed "energy tourists" by Houston's seasoned dealmakers, have thrown a lifeline to scores of companies that a few months ago looked like potential targets for bigger rivals or distressed debt and restructuring specialists. "You've got generalist funds that have never invested in...
  • Marathon workers say no to labor offer in Galveston

    05/20/2015 4:36:47 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | May 19, 2015 | LM Sixel
    Employees at Marathon’s Galveston Bay Refinery overwhelming rejected a contract offer late Monday night, said union spokeswoman Lynne Hancock. Details of the offer, which had been brokered through the help of a federal mediator, were not available. The 1,100 workers, who are represented by the United Steelworkers union, have been on strike since Feb. 1. They walked off the job as part of a nationwide work stoppage that eventually expanded to include 15 refineries, chemical plants and power generators. While nearly all the workers nationwide are back to work – with the exception of Marathon’s workers in Texas City and...
  • Taller turbines could unlock more wind power, new government report finds

    05/20/2015 4:34:27 AM PDT · by thackney · 35 replies
    Fuel Fix ^ | May 19, 2015 | Rhiannon Meyers
    A new government report finds that taller wind turbines could help the U.S. vastly expand its wind-generated electricity, throwing new weight behind a wind industry push to reach higher into the air. The wind power market is dominated by a dozen states, with Texas in the lead as the nation’s top producer, but all 50 states have the capability to mine their gusts and breezes for electricity, the U.S. Department of Energy argues in a new report. “This report is great news for consumers, job-seekers, rural communities and others in the states that have yet to fully benefit from American...
  • Oil pipeline spills off California coast

    05/20/2015 4:32:11 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | May 19, 2015 | Associated Press
    An estimated 21,000 gallons of oil dumped into the ocean from a broken pipeline just off the central California coast before it was shut off on Tuesday, creating a spill stretching about 4 miles along the beach, the U.S. Coast Guard said. Santa Barbara County health officials have shut down Refugio State Beach, the central site of the spill, though many had abandoned the site already because of the foul smell. That smell brought county firefighters to the beach earlier in the day to discover the spill. “They found about a half-mile slick of dark, black crude oil in the...
  • Transocean idles three more rigs amid crude slump

    05/19/2015 9:10:37 AM PDT · by thackney · 27 replies
    Fuel Fix ^ | May 19, 2015 | Collin Eaton
    Offshore driller Transocean has idled three more deep water rigs, bringing its number of out-of-work units to 15, it said Monday, as the oil slump continued to hammer the drilling market. The Swiss rig contractor with corporate offices in Houston has idled 10 rigs and stacked five others, and it has said it plans to sell 19 units for scrap. Idle rigs are between contracts; stacked machines are shut down for longer periods, and scrapped rigs are torn apart for their steel hides. Transocean owns or has a stake in 65 offshore rigs around the world. The three Transocean rigs...
  • Wyoming governor pushes coal ports on Northwest trip

    05/19/2015 6:23:59 AM PDT · by thackney · 5 replies
    AP via Belleville News-Democrat ^ | MAY 18, 2015 | BEN NEARY
    Faced with sliding domestic demand for coal, the governor of Wyoming has kept pressing for access to deep-water ports in the Northwest that would allow exports to Asian markets. Wyoming Gov. Matt Mead met Monday with Washington Gov. Jay Inslee in Olympia and plans to meet Tuesday with Oregon Gov. Kate Brown. "I wanted to get out here and talk to these two governors," Mead said in a telephone interview with The Associated Press. "If there are practical issues as well that we could help work through — everything from train traffic to train congestion, to issues of coal dust...
  • Oil Prices Decline as Dollar Strengthens

    05/19/2015 5:56:00 AM PDT · by thackney · 19 replies
    Fox Business ^ | May 19, 2015 | Dow Jones Newswires
    Oil prices declined on Tuesday, losing value as the strength of the dollar dissuaded buyers. The dollar gained versus the euro after a senior official at the European Central Bank said the institution would " front-load" its bond-buying program, snapping up more eurozone sovereign debt in May and June to avoid having to buy large volumes during the summer lull in July and August. A stronger dollar makes oil more expensive for buyers holding other currencies. The Wall Street Journal Dollar Index, which tracks the dollar against a basket of other major currencies, rose 0.5%. Brent crude for July delivery...
  • The Hole in the Rooftop Solar-Panel Craze

    05/19/2015 4:42:18 AM PDT · by thackney · 40 replies
    Wall Street Journal ^ | May 17, 2015 | BRIAN H. POTTS
    Most people buy rooftop solar panels because they think it will save them money or make them green, or both. But the truth is that rooftop solar shouldn’t be saving them money (though it often does), and it almost certainly isn’t green. In fact, the rooftop-solar craze is wasting billions of dollars a year that could be spent on greener initiatives. It also is hindering the growth of much more cost-effective renewable sources of power. According to a recent Energy Department-backed study at North Carolina State University, installing a fully financed, average-size rooftop solar system will reduce energy costs for...
  • Power generation from coal and natural gas expected to temporarily converge this spring

    05/16/2015 6:53:07 AM PDT · by thackney · 8 replies
    Energy Information Administration ^ | MAY 14, 2015 | Energy Information Administration
    EIA's most recent Short-Term Energy Outlook forecasts that the amount of electricity generation fueled by natural gas in April and May will total just 3.5% less than the projected amount of coal-fired generation. This convergence has occurred only once before, in April 2012, when natural gas fueled just 1.5% less generation than coal. Power generation from the two fuels is expected to rise at similar rates over the next couple months, and then diverge again later in the summer as demand rises and coal unit capacity utilization continues to rise. Natural gas-fired generation has been rising over the past few...
  • Iran Accuses Oil Tanker Of Hit-And-Run In The Persian Gulf

    05/15/2015 11:00:13 AM PDT · by thackney · 4 replies
    Oil Pro ^ | 5/15/2015 | Jeff Reed
    On Thursday, Iranian boats fired shots across the bow of the Singapore-flagged oil tanker, Alpine Eternity, in the Persian Gulf in an attempt to stop the ship. Both US and Iranian sources say the reason for this action was an apparent attempt to disable the oil tanker over a financial row over damage to an Iranian oil platform. The US official told the AP that the Alpine Eternity is involved in a financial dispute with Iran. On March 22, the said tanker accidentally struck and damaged an Iranian oil platform. The tanker was also damaged in the incident and went...
  • Exclusive: Anti-Fracking Filmmaker Josh Fox Arrested In Finger Lakes Protest

    05/15/2015 10:22:31 AM PDT · by thackney · 33 replies
    The Daily Beast ^ | 05.13.15 | James Joiner
    The creator of the award-winning film ‘Gasland’ was just arrested at a protest in rural New York. Here’s the mini-documentary he made on the eve of his arrest. Award-winning documentary filmmaker Josh Fox, who wrote and directed the acclaimed fracking film Gasland, was arrested this afternoon while engaging in a human barricade at a natural-gas storage facility in the Finger Lakes. “People need to see what’s happening at Seneca Lake, and also understand that this isn’t isolated, it is happening everywhere,” Fox told The Daily Beast before the protest. “We need to educate people that our dependency on fossil fuels...
  • Shale tech could squeeze 141 billion barrels from oil fields outside the US

    05/15/2015 10:14:51 AM PDT · by thackney · 15 replies
    Fuel Fix ^ | May 14, 2015 | Collin Eaton
    Adapting the technology that powered the shale oil boom in Texas to the deserts of Saudi Arabia and elsewhere could produce 141 billion barrels of crude, research firm IHS said Thursday. Horizontal drilling and hydraulic fracturing, alongside other technological breakthroughs in recent years, could pump that much oil out of 170 older, largely unproductive fields around the world, from the Middle East to Latin America to Russia. In its initial assessment, IHS found 96 percent of the oil that could be recovered from those fields would have to be released using hydraulic fracturing, a process of blasting water, sand and...
  • Feds hand key LNG export license to Cheniere’s Corpus Christi project

    05/14/2015 7:04:28 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | Jennifer A. Dlouhy | May 13, 2015
    The Obama administration has delivered a critical natural gas export license to Cheniere Energy’s proposed liquefaction terminal in Corpus Christi, marking the first such approval for a greenfield project that would not be built on the footprint of an older LNG facility. With the move late Tuesday, the Energy Department is allowing Cheniere to export as much as 2.1 billion cubic feet per day of liquefied natural gas over the next 20 years from the planned facility to countries with which the United States does not have free trade agreements. The company announced Wednesday that its board of directors had...
  • Documents show FBI illegally spied on Houston Keystone activists

    05/14/2015 5:29:18 AM PDT · by thackney · 11 replies
    Fuel Fix ^ | May 13, 2015 | Dylan Baddour
    FBI documents obtained by the Guardian and Earth Island Journal show the bureau colluded with an oil company and illegally spied on environmental activists in Houston. The Guardian reports the FBI’s Houston division closely monitored groups that oppose the Keystone-XL pipeline, cultivated informants in activist groups, and shared intelligence with TransCanada, the company building the pipeline. Furthermore, the investigations violated FBI policy because agents failed to get prior legal approval to begin monitoring the activists. In an interview with the Guardian, the bureau admitted the error. The documents, about 80 pages obtained through a Freedom of Information Act request, show...
  • Battered US Oil Firms Scramble to Delay Looming Retirement Wave

    05/14/2015 4:49:52 AM PDT · by thackney · 3 replies
    Rig Zone ^ | May 14, 2015 | Edward McAllister
    After 20 years in the oil business, Craig Reed, 62, is thinking about winding down his career just as a second downturn in six years rocks the industry. Reed is part of the baby boomer generation that forms the backbone of the U.S. oil workforce and now weighs retirement as energy firms cut spending and shelve projects. That is a worrying prospect for company executives keen to keep their most experienced workers while they ride out the oil market slump. "Between the politics and uncertainty and cost cutting, a lot of people of my age are saying that it isn't...
  • Deepwater Drilling To Resume In Macondo Reservoir

    05/13/2015 10:17:00 AM PDT · by thackney · 8 replies
    Oil Pro ^ | 5/13/2015 | Luke Hale
    According to US federal records reviewed by the Associated Press, Louisiana-based LLOG Exploration Offshore plans to engage in deepwater drilling in the Macondo reservoir. The AP says Harper's Magazine first reported the drilling plans late Tuesday. The BSEE green-lighted LLOG's permit to drill a new well near the Macondo site on April 13. Last October, the company's exploration plan was approved after the conclusion of an environmental review conducted by the BOEM. Referring to the 2010 Macondo incident which occurred in the same reservoir, LLOG's vice president for deepwater projects, Rick Fowler, told the AP, "Our commitment is not to...
  • Low crude prices may thin, but not kill, US production, speakers say

    05/13/2015 5:42:31 AM PDT · by thackney · 5 replies
    Oil Gas Journal ^ | 05/12/2015 | Nick Snow
    Overseas competitors who were caught off-guard initially by rising US unconventional crude oil production have increased their own outputs now and can be expected to try and keep prices low to protect their global market shares, speakers at a May 12 Atlantic Council discussion said. That could make marginal US unconventional properties uneconomic, but won’t threaten the new US position as a major producing nation, they agreed. “We’re entering a phase when all the excess capacity will be resized to the new US world market share,” said Subash Chandra, managing director and senior equity analyst at Guggenheim Partners. “I don’t...
  • A Narrow Opening for Arctic Oil

    05/13/2015 5:30:40 AM PDT · by thackney · 3 replies
    New York Times ^ | MAY 12, 2015 | NYT EDITORIAL BOARD
    ...Shell acquired the lease for just over $2 billion in 2008, and, absent a very good reason, the government felt obliged to approve it. Shell will be bound by safeguards that did not exist seven years ago. Several factors — including lawsuits and vigorous lobbying by environmental groups, widespread public dismay caused by the 2010 BP oil spill, and Shell’s ineptitude in earlier trial runs — have led the government to devise rules that are likely to make this project safer than it would have been. Shell is seeking to drill up to six exploratory wells in the Chukchi Sea...
  • Questions linger for ConocoPhillips on Arctic drilling program following Shell’s OK

    05/13/2015 4:16:42 AM PDT · by thackney
    Fuel Fix ^ | May 12, 2015 | Robert Grattan
    ConocoPhillips CEO Ryan Lance said Tuesday that the Obama administration’s decision to allow a competitor’s Arctic drilling program to move forward has provided some, but not all, of the clarifications they were looking in their own projects in the region. The U.S. government on Monday gave Shell’s $6 billion plan to explore for crude oil in the northern Chukchi Sea a preliminary OK, reviving exploration plans that have faced significant political, engineering and cost challenges. Lance said that the go-ahead given to Shell’s program has not resolved all of ConocoPhillips’ Arctic questions. “A lot of the [regulations] are still subject...
  • The fight over fracking: Lawmakers OK bill to to limit city petitions

    05/12/2015 12:59:34 PM PDT · by thackney · 3 replies
    Houston Business Journal ^ | May 12, 2015 | Nicholas Sakelaris
    Another bill that could quash city frack bans passed the Texas House of Representatives and is heading to the Senate. House Bill 2595 would prohibit cities from validating petitions that would restrict the right of any person to use or access private property for economic gain. That means if voters in a city attempted to petition to, for example, ban hydraulic fracking, as they did in Denton in North Texas, it would be tossed out because it violates the rights of mineral owners. The bill targets any petition that limits oil and gas operations. It does not apply to alcohol-related...
  • EIA: U.S. shale production set to fall again in June

    05/12/2015 10:04:36 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | May 12, 2015 | Collin Eaton
    U.S. shale production growth will fall 86,000 barrels per day next month, the U.S. Energy Information Administration estimated in its monthly report, more evidence the nation’s oil boom is in decline. The EIA’s monthly forecast is the second in a row to project an overall decline in domestic production growth, as diminishing output from older shale wells outpaces new gushers in the oil fields. Producers have sidelined about 941 oil-drilling rigs since October, and oil traders are starting to see signs the U.S. shale boom is weakening, which could signal the global glut in crude supplies will ease. Crude prices...
  • We test-drove the Toyota ‘future’ car that Elon Musk hates

    05/12/2015 6:54:49 AM PDT · by thackney · 44 replies
    Washington Post ^ | May 11, 2015 | Drew Harwell
    You expect a certain sort of magic from a car like Toyota's Mirai, the world's first mass-market, hydrogen-powered all-electric named after the Japanese word for "future." It maxes out at 300 miles, refuels in five minutes and spits out zero emissions except for water, all for tens of thousands of dollars less than Tesla's electric Model S. But behind the wheel of the four-door Mirai, which California drivers can buy in October for around $50,000, what you get is something much more, well, boring: a smooth, quiet, mid-size sedan you wouldn't find out of place in a school pick-up circle....
  • Vulnerability In Car Keyless Entry Systems Allows Anyone To Open And Steal Your Car

    05/12/2015 4:49:16 AM PDT · by thackney · 27 replies
    Forbes ^ | 5/12/2015 | Joseph Steinberg
    Hands-free car entry systems, which typically unlock car doors without requiring the pushing of any buttons when owners are close to their vehicles, provide great convenience. Unfortunately, however, people have begun marketing for sale devices that allow criminals to exploit a technological vulnerability in these systems, and crooks have been seen using “mystery devices” to open cars equipped with hands-free car entry systems. Once in a car, crooks can steal whatever is in it, and, while most of the recent issue has been just that, they can also potentially connect a device to the vehicle’s diagnostic port in an effort...
  • American Eagle Energy Becomes Fourth U.S. Bankruptcy Of The Oil Bust

    05/12/2015 4:46:11 AM PDT · by thackney · 16 replies
    Forbes ^ | 5/11/2015
    American Eagle Energy became the fourth U.S. energy producer to file for bankruptcy protection in the aftermath of the big drop in crude oil prices. The Colorado-based company that buys and develops oil wells in the Bakken oil fields of North Dakota and Montana filed for chapter 11 bankruptcy protection on Monday in Denver’s bankruptcy court. American Eagle Energy, which recently missed an interest payment on its debt, listed assets of $222 million and liabilities of $215 million. Shares of American Eagle Energy traded for as much as $7.05 less than a year ago, reflecting the stunningly fast collapse of...
  • Shale oil output at Bakken and Eagle Ford starts a descent

    05/12/2015 4:37:48 AM PDT · by thackney · 31 replies
    Market Watch ^ | May 11, 2015 | Myra P. Saefong
    Oil production from the Bakken and Eagle Ford shale plays look like they’ve peaked and other shale plays may not be far behind. Oil production from seven major U.S. shale plays is expected to fall by a total of 86,000 barrels a day in June, according to a monthly report from the Energy Information Administration released Monday. The previous report released a month ago also showed a forecast for a fall of 57,000 barrels a day in May. Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47,000 barrels a...
  • OPEC Sees Oil Price Below $100 a Barrel in the Next Decade

    05/12/2015 4:25:20 AM PDT · by thackney · 7 replies
    Wall Street Journal ^ | May 11, 2015 | BENOÎT FAUCON and SUMMER SAID
    The Organization of the Petroleum Exporting Countries doesn’t see oil prices consistently trading at $100 a barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to people familiar with a recent strategy report. The report predicted that oil prices will be about $76 a barrel in 2025 in OPEC’s most optimistic scenario, the people said, a reflection of the cartel’s worries that American competitors will be able to cope with low prices and keep pumping out supplies. It also contemplated situations where crude oil costs...
  • Iran releases Maersk Tigris cargo vessel seized in the Strait of Hormuz

    05/11/2015 5:43:39 AM PDT · by thackney · 4 replies
    Washington Times ^ | May 7, 2015 | Jacqueline Klimas
    The Maersk Tigris was released Thursday, more than a week after the ship was seized by Iran in the Strait of Hormuz, according to a statement from the shipping company. The cargo vessel was transiting the Strait of Hormuz on April 28 when Iranian military vessels fired warning shots at the ship and directed it to proceed into Iranian waters. The ship and crew has been held ever since over a business dispute with Maersk Line. “The release follows a constructive dialogue with the Iranian authorities, including the Ports & Maritime Organization, and the provision of a letter of undertaking...
  • Siemens Announces Layoffs as Slump in Oil Price Hurts Sales

    05/11/2015 5:40:28 AM PDT · by thackney · 3 replies
    New York Times ^ | MAY 7, 2015 | JACK EWING
    Siemens, the German industrial giant, said on Thursday that it would cut 4,500 jobs as it reacts to a slump in oil prices that has eroded its sales of equipment to the energy industry. Lower oil prices have generally been a boon to the eurozone economy, freeing up cash that consumers can spend on other things. But in the case of Siemens, the effect is the opposite because of its large business supplying producers of oil, gas and electricity. Siemens said it needed to cut jobs and reduce costs because of “the persistently difficult environment in the global power generation...
  • Costs are dropping in the Eagle Ford, producer says {includes breakdown of costs}

    05/11/2015 5:29:18 AM PDT · by thackney · 23 replies
    Fuel Fix ^ | May 8, 2015 | Jennifer Hiller
    When Houston’s Swift Energy Co. reported first-quarter results Thursday, it offered a glimpse at the level of cost-cutting oil and gas companies are making in the Eagle Ford Shale. “We are seeing cost concessions in some cases greater than we originally budgeted,” said Terry Swift, president and CEO, said in a call with analysts. Swift’s average drilling cost this year is $2.6 million per well, down from $3.2 million last year. And its most recent Eagle Ford well was drilled for $2.2 million. Its lease operating costs dropped 16 percent from the previous quarter. Swift on Thursday reported its first-quarter...
  • China oil imports surpass those of US for first time

    05/10/2015 12:16:14 PM PDT · by thackney · 7 replies
    FINANCIAL TIMES ^ | May 10, 2015 | David Sheppard and Gregory Meyer
    China overtook the US as the world’s biggest importer of crude oil in April, the culmination of a seismic shift in global energy flows over the past decade. Chinese customs data showed crude oil purchases from overseas hit a new high of 7.4m barrels a day in April, equivalent to roughly one in every 13 barrels consumed globally and topping US imports of 7.2m barrels a day. The US routinely exports about 500,000. While China’s imports are not expected to consistently surpass those of the US until the second half of this year, the move illustrates how the US shale...
  • Oil Sludge Hampers, Not Helps, Economy

    05/10/2015 12:09:44 PM PDT · by thackney · 15 replies
    Wall Street Journal ^ | May 10, 2015 | JUSTIN LAHART
    The drop in oil prices was supposed to help the economy this year. So far, it seems to have mostly hurt. The theory of why lower oil costs should boost U.S. growth is simple. Despite gains in domestic production from the shale boom, the country is a still a net importer of crude. So when oil prices fall, American consumers and businesses spend less money on stuff produced abroad, leaving them with more to spend on stuff produced at home. And gross domestic product goes up. Yet GDP expanded at an annual rate of just 0.2% in the first quarter-a...
  • Cuba Insists It Has Oil; US Companies Still Uninterested

    05/07/2015 5:45:12 AM PDT · by thackney · 7 replies
    Reuters via Rig Zone ^ | May 06, 2015 | Marc Fran
    Cuba unveiled new data on Wednesday it said confirmed there were billions of barrels of oil beneath its Gulf of Mexico waters but admitted there was little interest in new exploration even with the thaw in U.S. relations. The United States and Cuba have vowed to restore diplomatic relations after more than 50 years of animosity, but the comprehensive U.S. trade embargo remains in place. While U.S. tourism, transportation and agriculture companies position themselves for Cuban business, oil companies have proven less eager since three exploratory wells came up dry in 2012. Low oil prices and new opportunities in Mexico's...
  • Oil Hits 2015 Peak After First US Crude Drawdown Since January

    05/07/2015 5:27:37 AM PDT · by thackney · 3 replies
    Reuters via Rig Zone ^ | May 06, 2015 | Barani Krishnan
    Oil prices hit 2015 peaks on Wednesday amid the first drawdown in U.S. crude inventories since January, before settling off their highs as investors and traders moved to take profits on a multi-week rally. The dollar's tumble had also fed the run-up in oil and other commodities, as those raw materials became more affordable for holders of the euro and other currencies. U.S. crude futures rallied more than $2 to the year's high of $62.58 a barrel, before settling just 53 cents higher at $60.93. Futures of North Sea Brent, the more widely-used benchmark, reached a 2015 peak of $69.63...
  • Drones take flight at OTC

    05/07/2015 5:04:23 AM PDT · by thackney
    Fuel Fix ^ | May 6, 2015 | Robert Grattan
    HOUSTON — Offshore platforms have a lot of hard-to-reach places, and a first-time exhibitor at the Offshore Technology Conference wants to use flying robots to make those tough corners more accessible. U.K.-based Sky-Futures has built a business using drones to inspect areas such as the underbelly of offshore platforms and burning flare stacks. The company’s co-founder and CEO James Harrison — who spent years working with information-gathering drones in Iraq and Afghanistan — said using the robots to do the inspection work makes it more efficient and safer. Historically, crews of workers inspecting those spots have had to dangle from...
  • 25 Years Of Predicting The Global Warming ‘Tipping Point’

    05/06/2015 5:49:47 AM PDT · by thackney · 7 replies
    Daily Caller ^ | 05/04/2015 | Michael Bastasch
    For decades now, those concerned about global warming have been predicting the so-called “tipping point” — the point beyond which it’ll be too late to stave off catastrophic global warming. It seems like every year the “tipping point” is close to being reached, and that the world must get rid of fossil fuels to save the planet. That is, until we’ve passed that deadline and the next such “tipping point” is predicted. Would you believe it was eight years ago today that the United Nations predicted we only had “as little as eight years left to avoid a dangerous global...
  • Panama officials at OTC say expanded canal could be a gateway to LNG business

    05/06/2015 5:17:28 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | May 5, 2015 | Robert Grattan
    HOUSTON — Panama is well positioned to serve as a distribution hub for the liquefied natural gas that will power Central America in the future, the country’s officials told attendees at Houston’s Offshore Technology Conference on Tuesday morning. The biggest advantage the country has is its namesake canal, an overseas shortcut linking the Atlantic and Pacific Oceans, panelists said at the breakfast talk. The canal is currently too small to handle LNG tankers, but a multi-billion dollar expansion is in the works that will allow all but the largest gas-carrying ships to pass. The massive construction project was interrupted by...
  • Dow Chemical: New technology is helping oil companies recycle all of that fracking waste water

    05/06/2015 5:14:21 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | May 5, 2015 | Rhiannon Meyers
    Full Title Dow Chemical at OTC: New technology is helping oil companies recycle all of that fracking waste water HOUSTON — Facing environmental pressures and escalating costs, more oil companies are recycling and reusing the vast amounts of water used during hydraulic fracturing operations rather than hauling the liquid off to get injected underground. New technological advances have allowed oil companies to more easily convert drilling waste water to get reused in the oil patch, said Larry Ryan, president of Dow Chemical’s energy and water solutions business in an interview with Fuel Fix at the company’s booth at the Offshore...
  • Seattle ruling won’t derail Shell’s Arctic quest, executive vows

    05/06/2015 4:55:08 AM PDT · by thackney · 13 replies
    Fuel Fix ^ | May 5, 2015 | Jennifer A. Dlouhy
    A ruling by the city of Seattle may throw a wrench into Shell’s Arctic drilling plans, but it won’t delay the company’s plans to bore two new wells in the Chukchi Sea this summer, a top executive vowed Tuesday. Although “it’s not my preferred approach . . . we have backup plans,” said Ann Pickard, Royal Dutch Shell’s executive vice president for the Arctic. “I don’t think this will delay the program.” At issue is Seattle Mayor Ed Murray’s ruling this week that the city port must obtain a new land-use permit to serve as a home base for Shell’s...
  • 2 workers dead, 10 hurt in Mexico oil rig accident

    05/06/2015 4:41:50 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | May 5, 2015 | Associated Press
    An accident on an oil well-maintenance platform killed two workers and injured 10 off Mexico’s coast on Tuesday, company officials reported, blaming the incident on the collapse of one of the rig’s legs. State oil company Petroleos Mexicanos, or Pemex, said the Troll Solution rig was maneuvering to perform offshore maintenance at the time of the accident in the Bay of Campeche, in the Gulf of Mexico. Pemex blamed a structural failure in the leg. The rig was “listing” but had not sunk, the company said via Twitter.
  • In flood of subsea tools, shale-busting tech draws eyes at OTC

    05/06/2015 4:25:37 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | MAY 5, 2015 | Collin Eaton
    HOUSTON – High-horsepower pumps and big hydraulic fracturing trucks, the primary tools used to bust open U.S. shale rock, have carved out parking spaces of their own at the Offshore Technology Conference. They’re an attraction for foreign onlookers interested in the technology that brought a rush of American oil to market. But more and more, they’re a jumping off point for oil producers looking to break open hard sandstone reservoirs found in deeper offshore fields, like at Chevron’s Jack/St. Malo project in the Gulf of Mexico. Offshore producers have fractured conventional wells for decades, but advances in the landlocked U.S....