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Articles Posted by thackney

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  • COLUMN-Oil market proves mightier than OPEC: Kemp

    10/17/2014 5:11:41 AM PDT · by thackney · 11 replies
    Reuters ^ | Oct 15, 2014 | John Kemp
    There is nothing remotely surprising about the sharp fall in oil prices over the last four months, except perhaps the timing. The fundamental forces driving prices lower (rising supply outside OPEC from shale and sluggish demand growth as result of conservation and substitution) have been clearly visible for at least two years. "If the shale revolution can be sustained in the United States, and successfully exported to other countries, some combination of OPEC production cuts or lower oil prices to encourage demand and forestall more investment, will be inevitable by 2015-16," I wrote last year ("Saudi Arabia must decide response...
  • Cheap Oil Pops the Green Policy Bubble

    10/17/2014 5:04:17 AM PDT · by thackney · 14 replies
    Wall Street Journal ^ | Oct. 14, 2014 | HOLMAN W. JENKINS, JR.
    ...Tesla’s stock promptly dropped 8%... At $2.99, the price to which gasoline had fallen at some California stations last week, electric cars becoming a mass-market taste and not just an item for wealthy hobbyists recedes from probability. If Democrats especially start to find it politically no longer saleable to subsidize a toy for the rich, the company may be in real trouble. Since World War I, the retail price of gasoline has fluctuated in a band between $2 and $4 (using 2006 dollars as a benchmark). Since the 1970s, though, politicians have repeatedly wedded themselves to policies premised on the...
  • Eagle Ford expected to hit 1.6 million barrels next month

    10/16/2014 11:12:30 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | October 16, 2014 | Jennifer Hiller
    The Eagle Ford Shale is expected to make 1.61 million barrels of oil per day in November, up 42 percent from the year before, according to a new government report. The field is making around 1.58 million barrels of oil daily this month, according to the U.S. Energy Information Administration. The EIA shows production from the Eagle Ford and other major shale fields increasing even as the price of crude oil dips. The Permian Basin remains the nation’s most prolific oil field. It’s expected to make 1.8 million daily barrels of oil in November, up 30 percent from the same...
  • Report: Oil exports could drive manufacturing renaissance

    10/16/2014 4:31:04 AM PDT · by thackney · 20 replies
    Fuel Fix ^ | October 15, 2014 | Jennifer A. Dlouhy
    The oil and gas drilling boom has been good news for U.S. manufacturing, keeping factories supplied with cheap chemical feedstocks and powered by inexpensive energy. Now, a new report from The Aspen Institute and the Manufacturers Alliance for Productivity and Innovation says the United States can further drive the domestic manufacturing renaissance — and keep drill bits turning — by allowing energy companies to sell oil overseas. The paper hinges on the notion that if the United States eases longstanding restrictions on oil exports, it will prompt further crude production inside the country. “Higher levels of oil production require higher...
  • Oil And Gas Prices: How Low Will They Go?

    10/16/2014 4:21:33 AM PDT · by thackney · 30 replies
    Forbes ^ | 10/15/2014 | Brigham A. McCown
    Crude oil prices continue to slide with surging production and weakening economic news. Key benchmarks are near to at a four year low, with West Texas Intermediate (“WTI”) closing at $81.84, well below the $100 to $120 range reached between 2010 and 2012. In fact, the drops have been startling, with WTI closing down $3.90, or 4.77% today alone, and other key benchmarks have not fared better. Until recently, Brent Crude Oil has traded significantly higher than WTI. Surging production and better transportation options have significantly whittled away at the typical $10 to $20 per barrel spread over the last...
  • Kemp: The Saudi Oil Enigma

    10/14/2014 5:22:07 AM PDT · by thackney · 9 replies
    Reuters via Rig Zone ^ | October 14, 2014 | John Kemp
    ...In almost 20 years of writing about oil markets and the Middle East I have not come across anyone who could consistently offer a deep insight into the government's policymaking.... Diplomats and even some economists often assert Saudi Arabia upholds its part of the bargain, in part, by holding spare production capacity with which to meet disruptions in oil supplies from other producers. Only Saudi Arabia has the financial capability and the foresight to invest in spare capacity to help stabilise global oil prices. The problem is that there is almost no evidence to support this claim. Since the kingdom's...
  • Iran Slashes Oil Prices to Asia Following Saudi Cut, Lowest Level Since December 2008

    10/10/2014 5:58:40 AM PDT · by thackney · 21 replies
    Wall Street Journal ^ | Oct. 10, 2014 | BENOÎT FAUCON
    Iran has reduced its oil prices to Asia to its lowest level since December 2008, hard on the heels of a similar Saudi cut last week, people familiar with the pricing said Friday... The National Iranian Oil Co. has cut its light crude oil price for Asian deliveries in November to a discount of 82 cents a barrel below the Oman/Dubai benchmark, the people said. The cut, which compares to a premium of 18 cents in October, is identical to a Saudi reduction of $1 a barrel last week for the Arab Light grade to Asia....
  • Price Fall Hastens Decline Of 'Big Oil' As Western Majors Retreat

    10/10/2014 5:29:11 AM PDT · by thackney · 22 replies
    Reuters via Rig Zone ^ | October 09, 2014 | Ron Bousso & Dmitry Zhdannikov
    This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms. Companies that were already deep in the red when the price of Brent was at $109 a barrel last year are having to redraw business plans for prices as low as $90. With promised shareholder dividends probably untouchable for now, they will have to divest, cut costs and borrow more against a smaller business just to make ends meet. And...
  • Venezuela Ordered To Pay Exxon $1.6B For Nationalization

    10/10/2014 5:18:06 AM PDT · by thackney · 13 replies
    Reuters via Rig Zone ^ | October 09, 2014 | Corina Pons & Alexandra Ulmer
    A World Bank arbitration tribunal on Thursday ordered Venezuela to pay Exxon Mobil Corp around $1.6 billion to compensate for the 2007 nationalization of its oil projects in the country. The amount is far below the up to $10 billion that Exxon had originally sought and the $6 billion at which the World Bank's International Centre for Settlement of Investment Disputes (ICSID) capped the case, excluding a tax claim. "The Tribunal has found that the expropriation was conducted in accordance with due process, that it was not carried out contrary to undertakings given to the claimants in this respect and...
  • Heating oil and propane expenditures projected to be lower than last winter

    10/09/2014 5:44:19 AM PDT · by thackney · 11 replies
    Energy Information Administration ^ | Oct. 8, 2014 | Energy Information Administration
    Heating oil and propane expenditures projected to be lower than last winter Autumn arrived in the Midwest and the Mid-Atlantic states last week as temperatures turned noticeably colder and snow fell across Wisconsin and Minnesota. Notwithstanding triple-digit temperatures in parts of California, the winter heating season has begun for much of the country, including the Midwest and the Northeast, where heating oil and propane are important heating fuels. Each October, EIA publishes an outlook for winter energy supply, demand, and prices as part of its October Short-Term Energy and Winter Outlook (STEO). EIA projects the retail price of heating oil...
  • Lower petrochemical use of propane driven by wider price spread between propane and ethane

    10/09/2014 5:37:47 AM PDT · by thackney · 14 replies
    Energy Information Administration ^ | OCTOBER 9, 2014 | Energy Information Administration
    Propane demand (measured as product supplied) is expected to be 100,000 barrels per day (bbl/d) lower on average in 2014 compared to 2013 because of reduced demand from petrochemical plants, according to EIA's Short-Term Energy Outlook. In contrast to propane used as a heating fuel in buildings during colder months and as a crop-drying fuel during the harvest season, both of which are highly seasonal and weather dependent, petrochemical consumption of propane has relatively little seasonality. Beginning in mid-2013, higher propane prices reduced demand from petrochemical users. This decline is evident after accounting for the seasonal variation in annual consumption:...
  • More efficient fracking means more oil and natural gas

    10/09/2014 5:22:18 AM PDT · by thackney · 4 replies
    Star Telegram ^ | Oct. 06, 2014 | SEAN COCKERHAM
    ...U.S. fracking boom is getting even bigger with advances in drilling... Each drilling rig in the Eagle Ford shale of south Texas is pumping an average of more than 400 barrels a day than in the dawn of the fracking boom seven years ago, according to the federal Energy Information Administration. The more efficient drilling has helped Texas to more than double its oil production in the past three years, topping three million barrels a day for the first time since the late 1970s. “The productivity of oil and natural gas wells is steadily increasing in many basins across the...
  • RPT-COLUMN-US refineries fast running out of flexibility on crude: Kemp

    10/09/2014 5:16:27 AM PDT · by thackney · 9 replies
    Reuters ^ | Oct 8, 2014 | John Kemp
    The United States imported more than 7 million barrels per day of crude oil during the first seven months of the year, despite the shale boom, according to the U.S. Energy Information Administration (EIA). Crude imports have fallen from a peak of almost 14 million barrels per day in 2006, but they still account for almost half the barrels processed by U.S. refineries. Some observers have expressed unease about lifting the ban on crude exports while the United States continues to rely on imports to meet such a high proportion of its needs. "With regard to the oil export question,...
  • Petrochemical boom pumps cash into local communities but strains infrastructure

    10/08/2014 5:06:14 AM PDT · by thackney · 7 replies
    Fuel Fix ^ | October 7, 2014 | Rhiannon Meyers
    The surge of new construction projects in the petrochemical corridor east of Houston is pumping millions into local economies and adding thousands of new jobs, but also clogging area roadways and sending companies scrambling to find enough skilled workers. As chemical plants rush to take advantage of the cheap, abundant natural gas unleashed by the U.S. shale boom, industry and local communities like Baytown and Mont Belvieu have been forced to strike a delicate balancing act between embracing the flurry of new construction activity while maintaining good quality of life for residents. “We have problems 99 percent of the country...
  • EU Policy Makers Propose Scrapping Mandatory Tar Sands Label

    10/07/2014 1:42:01 PM PDT · by thackney · 5 replies
    Reuters via Rig Zone | October 07, 2014 | Barbara Lewis
    The European Commission on Tuesday proposed scrapping a mandatory requirement to label tar sands oil as highly polluting after years of industry opposition. The new proposal abandons one obstacle to Canada shipping crude from tar sands to Europe and is likely to draw strong criticism from environmental campaigners and Green politicians. It is suggested in a revised draft law on how refiners report the carbon intensity of the fuel they supply. The debate about labelling tar sands, also known as oil sands, dates back to 2009 when EU member states approved legislation with the aim of cutting greenhouse gases from...
  • EIA Sees Lower OPEC Output, Weaker Demand Growth In 2015

    10/07/2014 11:41:59 AM PDT · by thackney · 1 replies
    Reuters via Rig Zone ^ | October 07, 2014 | Jessica Resnick-Ault; Editing by Chizu Nomiyama and W Simon
    The U.S. Energy Information Administration trimmed its forecast of world oil demand growth next year and made even deeper cuts in its outlook for OPEC production, the latest signs of a shift toward surplus supplies next year. The EIA cut its 2014 global demand forecast to 91.47 million barrels a day, compared with 91.55 million bpd expected last month, according to a monthly report from the agency on Tuesday. As a result, it now expects consumption to rise by 1.24 million bpd, down 100,000 bpd from the previous month's report but still higher than the 1 mln bpd increase estimated...
  • Essay: Life as a female roughneck

    10/07/2014 11:36:11 AM PDT · by thackney · 17 replies
    Fuel Fix ^ | October 7, 2014 | Ryan Holeywell
    Carla Restivo, 61, is a drilling fluids technician working in Colorado for Sugar Land-based Hydro Resources. Oil and gas drillers pump lubricating liquid — known in the industry slang as “mud” — to their drill bits to help them move through layers of rock. Fluids technicians like Restivo help monitor and manage the type of mud that’s used in different phases of drilling process. Restivo started her career as a roughneck in 1976. That makes her relatively unique in the oil and gas industry, where, according to the American Petroleum Institute, fewer than 5 percent of blue collar jobs are...
  • Projected Winter Fuel Expenditures by Fuel and Region

    10/07/2014 7:53:22 AM PDT · by thackney · 17 replies
    Energy Information Administration ^ | October 7, 2014 | Energy Information Administration
    The average household winter heating fuel expenditures discussed in this STEO provide a broad guide to changes compared with last winter. However, fuel expenditures for individual households are highly dependent on local weather conditions, market size, the size and energy efficiency of individual homes and their heating equipment, and thermostat settings (see Winter Fuels Outlook table). Forecast temperatures based on the latest forecasts from the National Oceanic and Atmospheric Administration (NOAA) are much warmer than last winter east of the Rocky Mountains, with the Midwest 16% warmer, the South 12% warmer, the Northeast 11% warmer. However, last winter provides a...
  • How Low Can Oil Go? {Crude oil suffered a major technical breakdown in August...}

    10/07/2014 5:38:37 AM PDT · by thackney · 33 replies
    Barrons ^ | October 6, 2014 | MICHAEL KAHN
    In March, Barron’s Gene Epstein wrote a cover story arguing that crude oil prices were heading for a 25% decline, to $75 per barrel over the next few years (see Barron’s, “Here Comes $75 Oil,” March 29). It was a bumpy road to start, but it does look as if that prediction is going to be coming true perhaps as soon as next year. Light, sweet crude, recently near $90 a barrel, suffered a major technical breakdown in August. The next level of major support is in the $75-$79 area on the charts. Let’s start with a long-term chart to...
  • Proposed LNG plant aims to fuel drilling rigs, pressure pumpers

    10/07/2014 5:31:22 AM PDT · by thackney · 31 replies
    Fuel Fix ^ | October 6, 2014 | Rhiannon Meyers
    Drilling companies in the booming Permian Basin may soon have an option to power their heavy-duty equipment with the same stuff they’re pumping from the ground. Stabilis Energy, a Beaumont-based company that has been marketing liquefied natural gas to oil field companies, plans to partner with Flint Hills Resources to build a LNG plant in Odessa tailored toward providing fuel for high horsepower engines in drilling rigs and pressure pumpers. The companies did not disclose the cost of the project, which is expected to have a capacity of about 100,000 gallons of LNG per day. Pending final approval by the...
  • OPEC Members’ Discord Adds to Slide in Oil Prices

    10/06/2014 11:56:35 AM PDT · by thackney · 9 replies
    Wall Street Journal ^ | Oct. 5, 2014 | BENOÎT FAUCON and SUMMER SAID
    Discord at OPEC is turning into a price war, loosening the cartel’s grip on the oil market and exacerbating a recent steep selloff. Fissures have widened as Mideast turmoil frays political alliances and producers vie for customers amid a flood of oil from the U.S. and slowing growth in Asia. “No one is telling anyone what they are up to,” one Gulf oil official said. Saudi Arabia this week unilaterally lowered the price it charges for crude scheduled for delivery next month—without the typical consultation with other members of the Organization of the Petroleum Exporting Countries, according to OPEC officials....
  • Searching for a possible endangered species in the Eagle Ford Shale

    10/06/2014 10:11:13 AM PDT · by thackney · 14 replies
    San Antonio Express-News ^ | 10/6/2014 | Jennifer Hiller
    Few people have heard of the spot-tailed earless lizard, once common in South Texas. But the rare lizard’s likely habitat includes large swaths of the Eagle Ford Shale, the prolific oil and gas field south of San Antonio. A 2010 petition by an environmental group to list the spot-tailed earless lizard as a federally protected species is hanging in limbo. “Basically the proverbial you-know-what is going to hit the fan if they propose to list it,” said Melinda Taylor, executive director of the Center for Global Energy, International Arbitration and Environmental Law at the University of Texas at Austin School...
  • More oil trains heading to N.J.

    10/06/2014 7:15:06 AM PDT · by thackney · 20 replies
    NorthJersey.com ^ | October 5, 2014 | SCOTT FALLON
    The owner of the state’s largest refinery is investing heavily in rail transportation to haul oil across the country to its Linden plant, ensuring that more trains carrying millions of gallons of volatile Bakken crude will be traveling through New Jersey. The Houston-based energy giant Phillips 66 recently opened a new rail facility at its Bayway Refinery and began accepting shipments of crude in August. The company intends to build its own rail shipping center near the abundant oil fields of North Dakota and plans to almost double its rail fleet to 3,700 tanker cars to bring more oil to...
  • As global oil futures tumble, U.S. cash crude traders ask: What glut?

    10/06/2014 7:05:22 AM PDT · by thackney · 28 replies
    Reuters ^ | Oct 6, 2014 | CATHERINE NGAI AND JONATHAN LEFF
    An unusual disconnect has emerged in the U.S. oil market, with headline futures slumping to levels below $90 a barrel even as traders in the physical crude market report surprisingly robust demand and strong pricing. In New York and London, big funds and speculators have turned very bearish on prices due to signs of weakening demand in China and Europe, steady exports from Iraq and Libya and a rallying dollar. U.S. futures have fallen 17 percent since mid-June and hit $88.18 per barrel on Thursday, the lowest since April 2013. Among cash traders in Houston and Calgary, where batches of...
  • EIA: US industrial gas demand to rise 4% in 2015

    10/06/2014 5:58:29 AM PDT · by thackney · 1 replies
    Oil & Gas Journal ^ | 10/03/2014 | OGJ editors
    Relatively low prices of natural gas have contributed to steady increases in US industrial gas consumption since 2009, especially as a feedstock for chemical production. According to the US Energy Information Administration’s most recent Short-Term Energy Outlook, growth in US industrial demand will continue through 2015, with consumption averaging 21.3 bcfd in 2014 and 22.1 bcfd in 2015, a 4% increase, boosted by newly proposed chemical plants. Two methanol plants are set to begin service this year—a small facility in Pampa, Tex., and another in Geismar, La. A handful of fertilizer plants have begun service, and an expansion is planned...
  • Eagle Ford, Permian drilling production surges

    10/06/2014 5:09:54 AM PDT · by thackney · 13 replies
    Fuel Fix ^ | October 3, 2014 | Vicki Vaughan
    Spurred by drilling across Texas and led by the Eagle Ford Shale and Permian Basin, crude oil production in Texas rose more than 23 percent in August compared to August 2013, according to the Texas Petro Index. Oil production totaled an estimated 95.56 million barrels in August compared with 77.6 million barrels in August 2013, according to economist Karr Ingham, who developed and maintains the Texas Petro Index. In addition, the 307,700 employees who are estimated to work for drilling and oil-field service companies surpassed 300,000 for the second time since the index was launched in 1995. Employment rose 8.3...
  • Rail congestion 'crisis' related to Bakken oil likely to be long-term problem

    10/02/2014 7:03:29 AM PDT · by thackney · 14 replies
    MinnPost ^ | 10/01/14 | Brian Lambert
    The rate of North Dakota oil trains crossing Minnesota got another working over yesterday. At KMSP-TV, Tim Blotz says, “Bakken oil now rolls through Minnesota at a rate of more than 15 trains a day, but on a rail system that has limited space, other critical freight — including grain, Taconite, and propane — is often left off track. Rep. Joe Atkins, of Inver Grove Heights, described the issue as ‘a growing crisis’ at a packed legislative hearing. Even so, it's not a simple blame game. … The troubles for Amtrak aren't just the delays, but the length of them....
  • SaskPower Unveils First Commercial-Scale, Coal-Fired Power Plant to Capture Carbon

    10/02/2014 5:19:21 AM PDT · by thackney · 3 replies
    The Energy Collective ^ | October 1, 2014 | Doug Vine
    For the first time ever, a large-scale, coal-fired power plant is capturing carbon dioxide to keep it from being released into the atmosphere – a milestone for a technology critical to addressing climate change. Canadian electric utility SaskPower has switched on unit 3 at its Boundary Dam power plant, about 10 miles from the North Dakota border, and will hold an official grand opening Oct. 2. Following a $1.2 billion retrofit, the 46-year-old, 110-megawatt coal unit is now on course toward capturing 90 percent of its carbon emissions. Other upgrades reduce nitrous oxide emissions and capture 100 percent of the...
  • Energy Quote of the Day: 'We are Still Assessing the Outcome of the Attack on the Refineries'

    10/02/2014 5:11:19 AM PDT · by thackney · 2 replies
    The Energy Collective ^ | October 1, 2014 | Jared Anderson
    The US military partnered with Saudi Arabia and the UAE on air strikes that bombed 12 “teapot” refineries in eastern Syria reportedly used as part of ISIS’ underground oil operations. These small modular refineries – producing 300 to 500 barrels per day of refined products – are major sources of funding for the extremists, generating “as much as $2 million per day,” according to a US Central Command release. “We are still assessing the outcome of the attack on the refineries, but have initial indications that the strikes were successful.” – US Central Command It’s been reported that ISIS is...
  • Treasury official outlines plan to bankrupt ISIS

    10/02/2014 5:06:21 AM PDT · by thackney · 17 replies
    The Hill ^ | 10/01/14 | Rebecca Shabad
    A Treasury Department official on Wednesday said the administration is trying to cut off funding to the Islamic State in Iraq and Syria (ISIS) by leveling sanctions against people who do business with the group. David Cohen, undersecretary for terrorism and financial intelligence at the Treasury Department, said administration officials are on the lookout for people who buy oil from ISIS. “At some point, there is someone who is purchasing this oil that they're going to refine and try and sell. Those people have relationships with the banking sector. Those are people who we're identifying,” Cohen said on CNN. “We...
  • A Vote for Energy Is a Vote for America

    10/02/2014 5:02:25 AM PDT · by thackney · 5 replies
    Real Clear Energy ^ | October 2, 2014 | David Holt
    When Americans hit the polls in a few weeks, job growth and the overall economy will be the most important issue in deciding whom they vote for Congress, a recent CBS News/New York Times polls says. A CNN/ORC poll echoed similar sentiments, as did a Bloomberg national poll, NBC News/Wall Street Journal poll, and Kaiser Family Foundation Health Tracking Poll. Trepidations about the economy, these polls show, are shared by all Americans – Democrats, Republicans, Independents, blue states, red states. We all have these worries. But what often flies under the radar is the significant role energy production plays in...
  • Oil, Rail Industries Want 7 Years To Fix Tank Cars

    10/01/2014 7:23:30 AM PDT · by thackney · 32 replies
    AP via Rig Zone ^ | September 30, 2014 | Joan Lowy
    The oil and railroad industries are urging U.S. regulators to allow them as long as seven years to retrofit existing tank cars that transport highly volatile crude oil, a top oil industry official said Tuesday. The cars have ruptured and spilled oil during collisions, leading to intense fires... ...jointly asking the Department of Transportation for six to 12 months for rail tank car manufacturers to gear up to retrofit tens of thousands of cars and another three years to retrofit older cars.... ...also want three years after that to retrofit newer tank cars manufactured since 2011, known as "1232 cars,"......
  • Russia can drill in Arctic, even without Exxon – energy official

    10/01/2014 5:21:38 AM PDT · by thackney · 13 replies
    RT ^ | September 29, 2014 | RT
    Drilling in the Kara Sea will continue into next year, even if sanctions prevent US firm ExxonMobil from participating, Russia’s Deputy Energy Minister Kirill Molotsov said Monday. According to Molotsov, Russia can independently go ahead with the necessary drilling in the Kara Sea in 2015 with the help of drilling platforms owned by Russian companies. Russia’s largest oil company, Rosneft has opened a large deposit of oil and gas in the area. "In total, we have about eight units of 100 percent Russian-owned platforms,” the deputy energy minister said. In the event Exxon leaves, work in the Arctic will continue,...
  • The logic in exporting U.S. oil

    10/01/2014 5:11:33 AM PDT · by thackney · 35 replies
    Washington Post ^ | September 28, 2014 | Robert J. Samuelson
    ...By all logic, we should be working to sustain the boom. We aren’t, and therein lies a classic example of how good policy is held hostage to bad politics and public relations. What would promote continued exploration is a lifting of the current U.S. ban on exporting crude oil. Let producers sell into the world market. But that seems (wrongly) an unjustified giveaway to industry. The public perceptions are atrocious. Hardly anyone expected the oil boom, with some notable exceptions — prominently Harold Hamm, who pioneered North Dakota’s Bakken field. “Fracking” (the injection of pressurized water into fields to make...
  • Fracking is evolving, showing industry can do better

    09/30/2014 9:24:15 AM PDT · by thackney · 12 replies
    Houston Chronicle ^ | September 29, 2014 | Chris Tomlinson
    Fracking is evolving. There are mutant wells in the Eagle Ford that are producing four times more oil and gas than hydraulically-fractured wells did in 2010. In Pennsylvania, the wells are using less water because drillers are recycling. And in North Texas, the number of earthquakes have dropped dramatically since the good people of Azle through a fit and convinced the Texas Railroad Commission to hire a seismologist to investigate. When you include the demand that drillers take more care in completing their wells to avoid contaminating the ground water, the only conclusion is that the oil and gas industry...
  • Dominion welcomes final FERC approval for Cove Point LNG

    09/30/2014 7:17:47 AM PDT · by thackney · 3 replies
    LNG Industry ^ | 30/09/2014 | Katie Woodward
    Dominion Energy has welcomed the Federal Energy Regulatory Commission’s final approval to site, construct, and operate the Cove Point LNG liquefaction and export project. “We are pleased to receive this final approval that allows us to start constructing this important project that offers significant economic, environmental and geopolitical benefits,” said Diane Leopold, President of Dominion Energy. “This order is based on more than two years of thorough, exhaustive analysis by FERC along with numerous other federal and state agencies. It also reflects a robust public input process. Dominion is dedicated to constructing a safe, secure, environmentally compatible and reliable export...
  • EXXONMOBIL INCREASES WOLFCAMP POSITION IN PERMIAN BASIN

    09/30/2014 4:52:56 AM PDT · by thackney · 2 replies
    Oil & Gas Financial Journal ^ | September 19, 2014 | Exxon Mobil Corp.
    Exxon Mobil Corp. (NYSE:XOM) has entered into a non-monetary exchange agreement with LINN Energy LLC (NASDAQ: LINE) to add 17,800 net acres in the Permian Basin to its US oil and natural gas portfolio managed by subsidiary XTO Energy Inc. “Our operated-acreage position in the Midland Basin Wolfcamp core is now around 120,000 net acres. We continue to increase drilling activity in the play, currently operating six horizontal rigs, and are very encouraged by initial well results.” In the exchange, LINN Energy will receive interest in about 500 net acres from ExxonMobil’s South Belridge Field near Bakersfield, California. In the...
  • GE gets $500M price tag for gas turbines in Texas

    09/29/2014 12:38:59 PM PDT · by thackney · 32 replies
    Fuel Fix ^ | September 29, 2014 | Collin Eaton
    General Electric’s new high-efficiency gas turbines, fired at temperatures 200 degrees hotter than an erupting volcano, will see their U.S. debut at two gas power plants near Houston and Dallas. The New York industrial conglomerate said Monday it is getting paid more than $500 million to build four of its most advanced gas turbines and other equipment to power two of Exelon Corp.’s planned combined-cycle gas turbine units at its existing gas-fired plants in Texas. Combined-cycle units are more flexible than plants that rely only on gas or coal. GE’s new 440,000 horsepower gas turbines, each as powerful as about...
  • Massive Arctic Oil Discovery - Rosneft Elated, XOM Adheres To Sanctions

    09/29/2014 10:54:40 AM PDT · by thackney · 48 replies
    Oil Pro ^ | 9/28/2014 | Jeff Reed
    Rosneft and ExxonMobil have discovered oil in an area that may turn out to contain more hydrocarbons than the US Gulf of Mexico. Over a month ago, Oilpro member Jeffrey Lareau reported that ExxonMobil and Rosneft had begun drilling a $700 million well in the Kara Sea in the Arctic, despite intensified measures taken by the US and EU against Russia for its actions in Ukraine. The Universitetskaya-1 well (Russia's northernmost well) is the first of as many as 40 offshore wells Rosneft said it planned to drill in order to assess the potential of the unexplored Arctic by 2018....
  • Monitoring Group: Air Strikes Hit Oilfields & Islamic State Bases in Syria

    09/26/2014 1:00:21 PM PDT · by thackney · 11 replies
    Rig Zone ^ | September 26, 2014 | Reuters
    Air and missile strikes, thought to be carried out by U.S.-led forces, hit oilfields and Islamic State bases in the eastern Syrian province of Deir al-Zor overnight and early Friday, a monitoring group said. U.S.-led forces started bombing Islamic State militants in northern and eastern Syria on Tuesday. The United States has been bombing bases of the al Qaeda splinter group in Iraq since last month. The Friday morning air strikes hit Islamic State bases and positions on the outskirts of the city of al-Mayadin, said the Britain-based Syrian Observatory for Human Rights, which monitors the conflict through a network...
  • TAPS and Keystone Have Similar Environmental Issues But One Critical Difference

    09/25/2014 9:46:00 AM PDT · by thackney · 4 replies
    Oil Pro ^ | 9/25/2014 | Allen Brooks
    The proposed 1,200-mile Keystone XL pipeline from Hardisty, Alberta, Canada to Steele City, Nebraska may be the second most famous crude oil pipeline in American history after the 800-mile Trans-Alaska Pipeline. One has yet to be built while the other has been operating since 1977, but the two pipelines share a common history marked by environmental controversy in its approval process. The TAPS line, as the Trans-Alaska Pipeline became known as, was proposed in 1969 to move the recently discovered Alaskan North Slope oil to the Lower 48 market via tanker from the Port of Valdez. The Prudhoe Bay oil...
  • Saudi Arabia uses largest amount of crude oil for power generation since 2010

    09/25/2014 5:50:26 AM PDT · by thackney · 9 replies
    Energy Information Administration ^ | SEPTEMBER 24, 2014 | Energy Information Administration
    Saudi Arabia is one of a handful of countries that burn crude oil directly for power generation, according to the Joint Organizations Data Initiative (JODI). During the summer, Saudi Arabia typically experiences an increase in electricity consumption as domestic demand for air conditioning rises. Saudi Arabia burned 0.9 million barrels per day (bbl/d) of crude oil in July, the highest ever recorded in JODI data for the month of July and the highest overall since August 2010. Saudi Arabia used an average of 0.7 million bbl/d of crude oil for power generation during the summers from 2009 to 2013. During...
  • Mexican cartels steal billions from oil industry

    09/25/2014 5:43:01 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | September 25, 2014 | Associated Press
    Mexico overcame 75 years of nationalist pride to reform its flagging, state-owned oil industry. But as it prepares to develop rich shale fields along the Gulf Coast, and attract foreign investors, another challenge awaits: taming the brutal drug cartels that rule the region and are stealing billions of dollars’ worth of oil from pipelines. Figures released by Petroleos Mexicanos last week show the gangs are becoming more prolific and sophisticated. So far this year, thieves across Mexico have drilled 2,481 illegal taps into state-owned pipelines, up more than one-third from the same period of 2013. Pemex estimates it’s lost some...
  • Suncor sends its first tanker of Western Canada heavy crude to Europe

    09/24/2014 10:32:24 AM PDT · by thackney · 23 replies
    Reuters ^ | Sep 23, 2014 | Reuters
    Canada's largest oil and gas producer, Suncor Energy Inc, is shipping its first ever tanker of Western Canadian heavy crude from Canada's East Coast to Europe, a company spokeswoman said on Tuesday. Suncor spokeswoman Sneh Seetal confirmed Reuters shipping data that shows the aframax tanker Minerva Gloria was set to pick up a cargo of crude oil from the port of Sorel-Tracy on the St. Lawrence River in Quebec. Seetal declined to comment on where in Europe the crude cargo is going, citing commercial confidentiality. According to Reuters data it will be discharged in the Mediterranean. The crude was delivered...
  • Panel: Don’t expect high natural gas prices any time soon

    09/24/2014 7:44:25 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | September 23, 2014 | Ryan Holeywell
    Natural gas prices aren’t going to surge any time soon, panelists said at a Houston forum Tuesday, which could be good news for consumers adopting the fuel source as an alternative to gasoline and diesel — but not necessarily welcome news for producers. “2015 is going to be bad for gas,” said Dan Pickering, co-president of the energy investment firm Tudor, Pickering Holt and Co., at the forum hosted by the law firm Winston & Strawn. Since the middle of 2010, the spot price for domestic natural gas generally has remained under $5 per million British thermal units, except for...
  • Shale boom buoys businesses far removed from oilfields

    09/24/2014 5:30:31 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | September 23, 2014 | Rhiannon Meyers
    From steel pipe manufacturers to companies that produce sand and gravel, the U.S. shale boom is buoying businesses far removed from the oil and gas fields, a new study finds. These companies are benefiting from the huge investments needed to explore, produce, process and transport oil and gas unlocked from previously inaccessible dense rock formations through advances in hydraulic fracturing and horizontal drilling, according to the findings by Houston-based energy analyst firm IHS. The boom has been most generous to companies working in states with the most oil and gas activity, but the economic boost has also trickled down to...
  • Clean Energy’s Dirty Secrets

    09/24/2014 5:26:04 AM PDT · by thackney · 5 replies
    National Review ^ | September 23, 2014 | Rupert Darwall
    Renewable energy has become a potent rallying cry uniting Hollywood and the Beltway. “We can move our economy town by town, state by state to renewable energy and a sustainable future,” Leonardo DiCaprio says in his eight-minute climate movie Carbon, released in August. In his fiscal-showdown speech during his first term, in April 2011, President Obama put Paul Ryan’s proposals for a 70 percent cut in clean energy at the top of his list of reprehensible and unnecessary reductions. “These aren’t the kind of cuts you make when you’re trying to get rid of some waste or find extra savings...
  • Dangers Aside, Railways Reshape Crude Market

    09/23/2014 1:05:22 PM PDT · by thackney · 31 replies
    Wall Street Journal ^ | Sept. 21, 2014 | RUSSELL GOLD and CHESTER DAWSON
    In May 2008, a locomotive with a grizzly bear painted on its side pulled into a railroad siding next to an abandoned grain elevator in the ghost town of Dore, N.D. The engine, property of the Yellowstone Valley Railroad, hitched up a couple of tank cars of crude from nearby oil wells and set off on a thousand-mile journey to Oklahoma. Dore would never be the same—and neither would the U.S. energy industry. Until then, most oil pumped in North America moved around the continent in pipelines. Suddenly, and just as the oil industry began a period of unprecedented growth,...
  • Higher Permian production, constrained infrastructure increase spread between WTI oil hubs

    09/23/2014 12:47:48 PM PDT · by thackney · 2 replies
    Energy Information Administration ^ | SEPTEMBER 23, 2014 | Energy Information Administration
    Increasing production of crude oil in the Permian Basin in western Texas, and parts of New Mexico, has outpaced pipeline infrastructure to move the crude to refineries, causing prices for crude in the Permian Basin (at Midland, Texas) to fall below similar crudes priced at Cushing, Oklahoma. While the price difference between Midland and Cushing has been increasing for almost a year, recent refinery outages in the region caused it to widen substantially. Several infrastructure projects that will allow more crude to flow from the Permian to the U.S. Gulf Coast are expected to come online soon, which should cause...
  • What energy exports are doing for Houston's job surge

    09/23/2014 8:05:01 AM PDT · by thackney · 24 replies
    Houston Business Journal ^ | Sep 16, 2014 | Jordan Blum
    U.S. energy exports, much of which come from the Houston region, represent a large chunk of the nation's overall export growth in the coming years, according to a new national HSBC Bank USA report. The banking report notes that Houston will see an additional job creation surge going forward partially because of energy exports that target emerging foreign markets. HSBC specially mentions that "chemical plant expansions and liquefied natural gas terminal upgrades, coupled with the opening of Mexico's energy industry to foreign investment, will result in a new export boom for Houston and will create more than 55,000 new jobs."...