Articles Posted by thackney

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  • Oilfield activity injects momentum into economy

    09/02/2014 5:10:34 AM PDT · by thackney
    Midland Reporter-Telegram ^ | August 31, 2014 | MellacEwen
    The impact of higher oil and gas activity, fueled by a run-up in crude prices, continued to flow into the general economies of Midland and Odessa in July. Karr Ingham, the Amarillo economist who prepares the Midland-Odessa Regional Economic Index for Midland Development Corp. and Security Bank, said the July index is 6.2 percent higher than the previous July. This is a higher increase than June, which was 5.8 percent above June 2013 levels. Ingham said the increased momentum comes at a time when the Midland-Odessa economy had been reporting shrinking growth rates. “It’s not like we were really seeing...
  • Iraq To Appeal US Court Decision On Kurdish Oil

    08/29/2014 8:24:13 AM PDT · by thackney · 11 replies
    Reuters via Rig Zone ^ | August 28, 2014 | Reuters
    The Iraqi oil ministry said on Thursday it would challenge a U.S. court decision that stopped U.S. Marshals from seizing some one million barrels of disputed Kurdish oil docked near Texas. On Monday, a U.S. district court ruled in favour of a request by Iraq's Kurdish region that a demand by the Iraqi government for U.S. authorities to seize the Kurdish oil shipment be scrapped. However, the court gave Baghdad 10 days to resubmit its case. "The ministry of oil is emphasising that it is preparing the amended request and will forward it in the required period," the oil ministry...
  • Fracking report clears way for California oil, gas leasing to resume

    08/29/2014 7:15:32 AM PDT · by thackney · 15 replies
    LA Times ^ | 8/28/2014 | JULIE CART
    The federal government will resume oil and gas leasing in California following a report released Thursday that found little scientific evidence that fracking and similar extraction techniques are dangerous. The Bureau of Land Management said the report — and additional environmental reviews — will allow it to begin leasing on public land next year. The announcement is welcome news for energy companies that have been shut out of the oil-rich San Joaquin Valley and Central Coast. But critics, including environmental organizations whose lawsuits led to a judge's order to halt leasing last year, said the analysis was rushed by the...
  • Exclusive: Morgan Stanley plans natural gas export plant in new commodities foray {CNG}

    08/29/2014 7:04:41 AM PDT · by thackney · 3 replies
    Reuters ^ | Aug 29, 2014 | ANNA LOUIE SUSSMAN
    Morgan Stanley has quietly filed plans to build and run one of the first U.S. compressed natural gas export facilities, the first sign the bank is plunging back into physical commodity markets even as it sells its physical oil business. In a 23-page application to the U.S. Department of Energy's Office of Fossil Energy submitted in May, the Wall Street bank outlined a proposal to build, own and operate a compression and container loading facility near Freeport, Texas, which will have capacity to ship 60 billion cubic feet a year of compressed natural gas (CNG). While the size of the...
  • Drilling Furiously: Chinese Energy Giants Turn Upbeat on Shale Gas

    08/29/2014 5:23:49 AM PDT · by thackney · 4 replies
    Reuters via Rig Zone ^ | August 29, 2014 | Charlie Zhu
    China's energy heavyweights Sinopec Corp and PetroChina have upgraded their outlook on the country's shale gas industry, citing steadily declining costs, but stopped short of predicting a near-term boom. China, estimated to hold the world's largest technically recoverable shale resources, is hoping to replicate the shale boom that has transformed the energy landscape of the United States. Industry experts caution that it would be much more difficult for China to monetise its shale gas reserves than the U.S. as it faces serious challenges from water shortages to complicated geological structure and a lack of infrastructure. But top executives at China's...
  • Growing global propylene demand leads to new projects

    08/29/2014 5:17:49 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | August 28, 2014 | Rhiannon Meyers
    Growing global demand is pushing a flurry of new construction, especially on the Texas Gulf Coast, of units for direct manufacture of propylene — a key chemical building block historically derived as a byproduct of other processes . In North America, propylene primarily has come from petrochemical plants using petroleum-derived naphtha as a feedstock. But that’s changing as the plants switch to ethane, a natural gas liquid that is now abundant and cheap because of the nation’s surging natural gas production. The ethane feedstock, however, produces little propylene. Propylene supplies have declined, contributing to occasional shortages, according to Enterprise Products...
  • Valero restarts ethanol plant

    08/29/2014 5:14:28 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | August 28, 2014 | Vicki Vaughan
    Valero Energy Corp. has restarted production at a corn ethanol plant in Indiana that was shuttered more than two years ago by its previous owner. San Antonio-based Valero bought the plant in March from Illinois-based Aventine Renewable Energy Holdings Inc. for $34 million, boosting the number of its ethanol plants to 11. Valero has been preparing the plant for a restart since its purchase. Because the plant has been shuttered for almost two years, “it took a lot of preparation and maintenance,” Valero spokesman Bill Day said, but the company didn’t have to add any new equipment. During the time...
  • Kemp: Free Cash Flow Says Little About The Future Of Shale

    08/28/2014 12:48:01 PM PDT · by thackney · 2 replies
    Reuters via Rig Zone ^ | August 28, 2014 | John Kemp
    The independent companies at the forefront of the U.S. shale boom will finally earn enough from selling oil and gas to cover their capital expenditures next year, for the first time since 2008. Free cash flow, which measures operating cash flow minus capital spending, for the 25 leading independent oil and gas producers is expected to show a surplus of $2.4 billion in 2015, according to a consensus forecast in the Financial Times. That compares with a shortfall of around $9 billion in 2013 and $32 billion in 2012. ("Shale oil and gas producers' finances lift growth hopes" FT, Aug...
  • Rail deliveries of U.S. oil continue to increase in 2014

    08/28/2014 12:09:11 PM PDT · by thackney · 4 replies
    Energy Information Administration ^ | 8/28/2015 | Energy Information Administration
    The amount of crude oil and refined petroleum products moved by U.S. railroads increased 9% during the first seven months of this year compared with the same period in 2013. In July, monthly average carloadings of oil and petroleum products were near 16,000 carloads per week, according to the Association of American Railroads (AAR). The increase in oil volumes transported by rail reflects rising U.S. crude oil production, which reached an estimated 8.5 million barrels per day in June for the first time since July 1986. AAR estimates that more than half of the nearly 460,000 carloads tracked in its...
  • Germany's Energy Transition Dream at Risk of Becoming Nightmare

    08/28/2014 8:07:57 AM PDT · by thackney · 23 replies
    Rig Zone ^ | August 27, 2014 | Jon Mainwaring
    Wintershall's head of exploration and production warned Thursday that Germany's 'Energiewende' (or Energy Transition) dream of pursuing an economy powered by the wind and the sun is in danger of turning into a nightmare. Speaking to energy journalists at the ONS exhibition in Stavanger, Norway, Wintershall Executive Director Martin Bachmann said he was concerned about figures recently published by Statistics Norway that showed overall investment in Norway's petroleum sector will drop by EUR 6 billion ($7.9 billion) next year. "That is actually bad news for Europe's security of supply and I think Germany – as the biggest market in Europe...
  • Fire out after BP Whiting refinery explosion

    08/28/2014 5:53:26 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | August 28, 2014 | Collin Eaton
    An explosion shook BP’s biggest U.S. refinery late Wednesday in Whiting, Indiana, but appears to have left no serious injuries after a fire was extinguished. A spokesman for the Whiting Fire Department said Thursday a compressor at the refinery exploded, causing a blast that was felt at the station one-half mile away from the refinery. It caused a fire at the facility, but no injuries were reported, he said. One worker was taken to the hospital as a precaution, but was later released, BP spokesman Scott Dean said in an emailed statement. The London oil company said the fire was...
  • Shell sells some Nigerian onshore oil fields

    08/28/2014 5:26:30 AM PDT · by thackney · 6 replies
    Reuters ^ | August 27, 2014 | Ron Bousso and Tim Cocks
    Royal Dutch Shell said it had reached deals on some of the four Nigerian oil fields it has offered for sale as the oil major pushes ahead with divesting global assets to cut costs. Shell last year put up for sale its 30 percent shares in four oil blocks in the Niger Delta - Oil Mining Licences... - as well as a major pipeline, the Nembe Creek Trunk Line. "We have signed sales and purchase agreements for some of the oil mining leases, but not all that we are seeking to divest," a Shell spokesman said on Wednesday. In several...
  • Train delayed again? Blame the oil boom.

    08/28/2014 5:13:33 AM PDT · by thackney · 19 replies
    Christian Science Monitor ^ | AUGUST 27, 2014 | Jared Gilmour
    If you’re stuck at a railroad crossing or trapped on a delayed Amtrak train, you might blame it on the US oil boom. US oil production is the highest in decades, and more and more crude is traveling by train. That is slowing shipments of grains, gravel, and even coal, as commodities and a resurgent oil industry compete for a finite amount of US rail. More oil pipelines could help ease the freight bottleneck, but those take time to build and have become controversial topics in the debate over the future of US energy. In the meantime, firms are taking...
  • U.S. liquid fuels production growth more than offsets unplanned supply disruptions

    08/27/2014 10:23:28 AM PDT · by thackney · 10 replies
    Energy Information Administration ^ | 8/27/2015 | Energy Information Administration
    Record-setting liquid fuels production growth in the United States has more than offset the rise in unplanned global supply disruptions over the past few years, although differences in quality and location suggest that the substitution may not be exactly 1-for-1. U.S. liquid fuels production, which includes crude oil, hydrocarbon gas liquids, biofuels, and refinery processing gain, grew by more than 4.0 million barrels per day (bbl/d) from January 2011 to July 2014, of which 3.0 million bbl/d was crude oil production growth. During that same period, global unplanned supply disruptions grew by 2.8 million bbl/d. U.S. production growth, the main...
  • Forecast: cheapest Labor Day gasoline since 2010

    08/27/2014 10:08:02 AM PDT · by thackney · 44 replies
    Fuel Fix ^ | August 27, 2014 | Ryan Holeywell
    Drivers hitting the roads during the upcoming holiday weekend will likely encounter good news: the cheapest Labor Day weekend gasoline prices since 2010. The forecast comes amid falling domestic and global crude prices, analysts at GasBuddy said. The benchmark price for U.S. crude is down nearly $9 per barrel since the Memorial Day weekend, and the the international price is down $7 in the same period. A downward trend in gasoline prices began in July and will likely continue through autumn, the gasoline price monitors said. Interestingly, the downward trend in crude comes despite several global conflicts in and around...
  • The reach of Qatar's clout

    08/27/2014 9:10:32 AM PDT · by thackney · 1 replies
    The Jerusalem Post ^ | 08/27/2014 | Michael Wilner
    No government has supported Hamas throughout its war with Israel more stridently than Qatar, hosting its leaders, funding its militarization, and, in recent weeks, blocking cease-fire efforts on Gaza brokered by Egypt and supported by the US. That might cause a modest rift between Washington and Doha, on opposite ends of the spectrum of the Israeli-Palestinian conflict. But neither country is so invested in challenging the policies of the other on Hamas to shake the foundations of the US-Qatar relationship, broadened well beyond what transpires in the Gaza Strip. The tiny state jutting into the Arabian Gulf, sitting on an...
  • Pickens: Pennsylvania natural gas production approaching that of Texas

    08/27/2014 5:55:28 AM PDT · by thackney · 13 replies
    Pittsburgh Business Times ^ | Aug 25, 2014 | Sam Kusic
    The oil and gas industry is the most dynamic industry in the U.S. and will remain so for a long time, according to T. Boone Pickens, chairman of BP Capital Management, who spoke Monday during Gov. Tom Corbett's Jobs 1st Summit in Pittsburgh. "What an opportunity for our country with 30 of our states being producing states," he said. Pickens said the country should take advantage of its energy resources and convert its fleet of commercial heavy-duty trucks over to natural gas. And it should form a strategic energy alliance with Canada and Mexico. Those two things he said could...
  • New $15bn coal mine in Australia to hire over 5,000 workers

    08/27/2014 5:14:08 AM PDT · by thackney · 1 replies
    Mining.com ^ | August 25, 2014 | Cecilia Jamasmie
    The developer of Australia’s US$15bn Carmichael coal mine, one of the world’s largest fossil fuel projects, said it will start hiring the over 5,000 people it needs for the construction phase beginning next year. With the announcement, Adani Group —an Indian conglomerate with interests spanning mining, energy and logistics— has doubled the estimates made when the coal mine and rail project got its final approval. Designed to eventually produce 60 million tonnes of thermal coal a year, the project consists of six open-cut pits and up to five underground mines, to supply coal-hungry Indian power plants with enough of the...
  • Texas lawmakers focus on oil boom

    08/27/2014 5:05:10 AM PDT · by thackney · 3 replies
    Houston Chronicle via Fuel Fix ^ | August 26, 2014 | Michael Brick
    In a preview of priorities for the next legislative session, state lawmakers at a hearing on Tuesday examined the ways the oil boom is changing life in Texas. Since the legislature last convened in 2013, budget officials have reported an unexpectedly large windfall from taxes on the petroleum industry, filling state coffers with a multi-billion dollar opportunity to address issues like the water shortage, transportation gridlock and troubled public schools. But industry practices have also wrecked roads, strained infrastructure, vexed police departments, drained water resources, polluted the air and set off knotty disputes among landowners, royalty claimants and oil companies....
  • Developer to Lease Ohio Site for Ethane Cracker

    08/26/2014 12:37:51 PM PDT · by thackney · 11 replies
    DownstreamToday via Rig Zone ^ | August 26, 2014 | Matthew V. Veazey
    Appalachian Resins, Inc. (AR) plans to lease approximately 50 acres of land in Salem Township, Ohio, to build an integrated 600 million pound per year ethylene/polyethylene production facility, the Houston-based firm announced in an emailed statement to DownstreamToday. "There is no difference in our development activities, we have essentially only moved across the Ohio River," James Cutler, AR's CEO, said Sunday after announcing his company's signing of a land lease letter of intent with the Monroe County (Ohio) Port Authority. "We will not be integrating with an existing operating (brownfield) facility but will be more of a 'greenfield' location. However,...
  • Domestic crude begins to cut into Saudi sales volumes

    08/26/2014 12:22:14 PM PDT · by thackney · 30 replies
    Fuel Fix ^ | Robert Grattan | Robert Grattan
    Since about 2009 and until just recently, Saudi Arabia shipped discounted crude to the U.S. in growing volumes even as total U.S. waterborne imports fell. But while Saudi Arabia isn’t about to exit the U.S. market, cheaper domestic crude oils are beginning to displace Saudi imports. Daily U.S. crude imports fell from 11.8 million barrels in 2010 to 9.8 million barrels in 2013. Over roughly the same period, U.S. daily oil imports from Saudi Arabia rose from an annual average of just under 1.1 million barrels to about 1.5 million barrels, according to data from the U.S. Energy Information Administration....
  • The World’s Most Dangerous Dams

    08/26/2014 10:15:39 AM PDT · by thackney · 36 replies
    Oil Price ^ | 25 August 2014 | Llewellyn King
    ...The first is the Mosul Dam, which stretches across the Tigris River in a valley north of Mosul, Iraq. As dams go, this one is a civil engineering horror. The dam was captured on Aug. 7 by the Islamic State, and retaken 10 days later by... Should the two-mile-wide dam fail, which is likely, Mosul would be wiped out and the damage would extend to Baghdad. Loss of life could reach 500,000, and millions could be deprived of water and power: an immense catastrophe piled on the daily pain of Iraq. The second dam, in southern Africa on the Zambezi...
  • Slow Going for Natural-Gas Powered Trucks

    08/26/2014 6:14:13 AM PDT · by thackney · 38 replies
    Wall Street Journal ^ | Aug. 25, 2014 | BOB TITA
    ...Higher purchase prices compared with diesel trucks, improved diesel fuel economy and continued scarcity of fueling stations are damping natural-gas-powered truck demand. About 10,480 of the heavy-duty trucks are expected to be sold this year, up 20% from the 8,730 sold last year, according to Power Systems Research. However, some forecasters had expected sales to about double to 16,000 vehicles this year amid the trucking industry's enthusiasm for natural gas a year ago. What happened? A big roadblock remains the premium for a heavy-duty gas truck—$50,000 more than the about $150,000 for a new diesel-powered truck. In theory, the payback...
  • As oil boom continues, there’s no end in sight for job growth

    08/25/2014 11:45:34 AM PDT · by thackney · 12 replies
    Dallas News ^ | 20 August 2014 | JAMES OSBORNE
    <p>Texas has surpassed 300,000 jobs in the oil and natural gas sector as the oil boom drives job growth for a fourth straight year.</p> <p>According to the data released this week by the U.S. Bureau of Labor Statistics, the state gained more than 20,000 oil and gas jobs since July 2013, its largest increase since April 2013.</p>
  • LyondellBasell plans new chemical plant for Texas Gulf Coast

    08/25/2014 10:13:40 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | August 25, 2014 | Rhiannon Meyers
    Capitalizing on abundant supplies of cheap natural gas liquids unlocked in the U.S. shale boom, LyondellBasell plans to build a chemical plant on the Texas Gulf Coast, the company announced Monday. With the capacity to produce 900 million pounds of propylene oxide and 2 billion pounds of tertiary butyl alcohol each year, the plant will be the largest of its kind for the Houston-based plastics, chemicals and refining giant, spokesman George Smalley said. The company operates several such plants in the Houston area. LyondellBasell did not disclose how much the plant will cost, but projects of similar size cost more...
  • Vancouver Port Authority gives go ahead for construction of controversial coal shipping facility

    08/25/2014 5:11:12 AM PDT · by thackney · 11 replies
    Stockhouse ^ | 8/22/2014 | The Canadian Press
    Metro Vancouver' port authority has approved construction of a controversial coal-shipping facility in a major marine terminal. Fraser Surrey Docks has been given a permit by Port Metro Vancouver to build the facility along the Fraser River that will handle four million metric tonnes of coal each year. Environmentalists, many residents and the region's medical health officers have expressed concerns about the effect on air quality and potential harm to the surrounding environment. Peter Xotta, of Port Metro Vancouver, says the decision was not taken lightly but a comprehensive review found there were no unacceptable risks from the development. Fraser...
  • Plains All American to build pipeline from Cushing to Memphis

    08/22/2014 5:11:04 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | August 21, 2014 | Vicki Vaughan
    Valero Energy Corp.’s Memphis, Tenn., refinery will begin receiving more low-cost domestic crude oil in two years as part of a plan by another company to build a pipeline to the plant. Houston-based Plains All American Pipeline LP said Thursday it plans to build a pipeline that would deliver as much as 200,000 barrels a day of crude oil to Valero’s Memphis plant when it’s completed in late 2016. The 440-mile, 20-inch pipeline will link Plains’ Cushing, Okla., terminal to Valero’s plant and cost an estimated $900 million. Locally based refiner Valero holds an option until January 2016 to buy...
  • Repeal fails, tax reform upheld {Alaska Oil Tax}

    08/21/2014 2:00:33 PM PDT · by thackney · 13 replies
    Alaska Journal of Commerce ^ | 2014.08.21 | TIM BRADNER
    A referendum to roll back an oil production tax change made in 2013 was defeated by voters in the state’s primary election held Aug. 19. Ballot Measure 1, which would have reinstated the state’s previous tax known as ACES that was repealed in 2013, was voted down 52 percent to 48 percent, or a margin of about 6,800 votes, the Division of Elections reported in late results with 98.6 percent of the votes counted. Earlier in the evening of Aug. 19 the “yes” votes had a thin majority of a few hundred for repeal with about 25 percent of the...
  • Petroleum Engineers See Highest Increase in Median Average Salary

    08/21/2014 12:00:52 PM PDT · by thackney · 1 replies
    Rig Zone ^ | August 21, 2014 | Karen Boman
    Petroleum engineers experienced the highest increase in median annual salary since 2011, according to a recent report from the American Geosciences Institute (AGI). In 2013, the median average salary for petroleum engineers was $132,000, and had increased by more than $10,000 since 2011, according to the Aug. 12 report, which quoted data from the U.S. Bureau of Labor Statistics. Since 2011, all geoscience occupations – with the exception of atmospheric and space scientists, geographers, environmental science and protection technicians, engineering postsecondary teachers, and atmospheric, earth, marine and space sciences post-secondary teachers – recorded increases in their median annual salaries, while...
  • Eagle Ford wave lifts Blue Dolphin Energy refinery

    08/21/2014 5:30:24 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | August 21, 2014 | Vicki Vaughan
    The Eagle Ford Shale is boosting the fortunes of Blue Dolphin Energy Co., which took a chance when it bought a rusty, mothballed refinery in the small town of Nixon about seven years ago. Blue Dolphin bought the plant out of bankruptcy before the promise of the Eagle Ford was apparent. The company spent tens of millions refurbishing the plant and restarted it in early 2012. Nixon, which is about 54 miles east of San Antonio, straddles Gonzales and Wilson counties in a booming part of the shale play. The plant buys every drop of its crude oil from drillers...
  • Gulf Coast to benefit from refinery retrofits

    08/21/2014 5:27:02 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | August 21, 2014 | Rhiannon Meyers
    The Texas Gulf Coast will be ground zero for a push to equip refineries to handle a flood of light crude unlocked in the U.S. shale boom, but the investments will be relatively conservative, a petrochemical consultant said Wednesday. Refiners won’t spend the big bucks they dropped when they retooled to handle heavy, high-sulfur crude several years ago, largely because it’s cheaper and simpler to modify a refinery to process lighter crude, said Jim Jones, senior vice president at Dallas-based petrochemical consulting firm Turner, Mason and Company. “It won’t be a $5 billion investment, it will be a couple million...
  • Investigators release Quebec train disaster report

    08/20/2014 6:27:56 AM PDT · by thackney · 14 replies
    Fuel Fix ^ | August 19, 2014 | Associated Press
    The weak safety culture of a now-defunct railway company and poor government oversight were among the many factors that led to an oil train explosion that killed 47 people in Quebec last year, Canada’s Transportation Safety Board said in a new report released Tuesday. TSB chair Wendy Tadros said 18 factors played a role, including a rail company that cut corners and a Canadian regulator that didn’t do proper safety audits. The safety board issued its report 13 months after a runaway train carrying 72 carloads of volatile oil from North Dakota derailed, hurtled down an incline and slammed into...
  • Texas price gap widens as oil production rises

    08/19/2014 12:55:11 PM PDT · by thackney · 18 replies
    Fuel Fix ^ | August 19, 2014 | Robert Grattan
    The gap between crude oil prices in the major trading centers of Midland, Texas and Cushing, Okla. ballooned to $19 Tuesday morning, the widest point this year and second-highest on record. On Tuesday morning, the price for crude oil hit a low of $77.48 per barrel in Midland. In Cushing, the benchmark pricing point for U.S. crude contracts, the price was $96.48. Worldwide crude prices fell, Bloomberg reported, after Iraqi and Kurdish forces regained control of a key dam in Iraq and slowed the advance of Islamic State militants. Midland prices are further depressed because production growth in West Texas’...
  • Hoping for its own shale gale, China seeks U.S. know-how

    08/19/2014 9:15:19 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | August 17, 2014 | FuelFix.com
    Chinese oil companies are giving U.S. firms a bigger stake in exchange for the tools and technology of hydraulic fracturing, and many of those tools are made in Texas, or nearby. The Chinese hope hydraulic fracturing can launch a shale production gusher as it has in the United States–although China’s formations are deeper, and some are especially challenging because they’re in remote deserts or near densely populated cities. But the Chinese government is eager to reduce the country’s thick air pollution, and one step in that direction would be power plants that run on cleaner-burning natural gas instead of coal....
  • Whither BP’s behemoth? {AK North Slope, Liberty, monster rig}

    08/15/2014 2:06:33 PM PDT · by thackney · 12 replies
    Petroleum News | Week of August 17, 2014 | Wesley Loy
    As company works up new Liberty development plan, big rig remains sidelined - - - - It’s been five years since BP shipped a gigantic, specially designed drilling rig to Alaska’s North Slope to develop the offshore Liberty oil field. But the rig has yet to drill a well. It’s just sitting there. Exactly what BP plans to do with the behemoth, constructed by Parker Drilling Co., remains to be seen. But one thing seems apparent - it won’t be used for the Liberty project. BP has indicated as much in correspondence this year with the federal Bureau of Ocean...
  • EIA: Eagle Ford to cross 1.5 million daily barrels in September

    08/14/2014 11:46:48 AM PDT · by thackney · 22 replies
    Fuel Fix ^ | August 14, 2014 | Jennifer Hiller
    The U.S. Energy Information Administration expects that the Eagle Ford Shale will produce 1.51 million barrels of crude oil and other liquids daily in September. It would be a gain of around 31,000 daily barrels over August production for the South Texas field, according to the EIA’s latest Drilling Productivity Report, released this week. The EIA data track the major U.S. shale fields — the Eagle Ford, Permian Basin, Bakken, Marcellus, Haynesville and Niobrara. This month the agency added the Utica region in eastern Ohio, a rapidly growing natural gas field, to its Drilling Productivity Report. Most of the country’s...
  • Ukraine 'may cut Russia energy for Europe'

    08/14/2014 4:51:52 AM PDT · by thackney · 9 replies
    The Australian ^ | AUGUST 10, 2014 | DPA
    Ukraine has warned it might cut Russian oil and gas flows to Europe and ban Russian airlines from crossing its airspace, as Moscow criticised the country for suspending a ceasefire at the crash site of MH17. The measures are part of a sanctions bill targeting Russia that will be submitted to parliament, Prime Minister Arseniy Yatsenyuk said in Kiev. Yatsenyuk explained it could include complete or partial bans on transit of all manner of resources, including energy resources and overflights. Ukraine is the key country for the transport of Russian oil and gas to Europe. Previous energy disputes have resulted...
  • Two Myths Associated With U.S. Shale Oil

    08/14/2014 4:44:03 AM PDT · by thackney · 17 replies
    Forbes ^ | 8/12/2014 | Steve Banker
    Myth Number 1: The U.S. is approaching energy independence. There is no doubt we are in the midst of a shale oil revolution. But the growth of production has led to reporting that might charitably be described as overly optimistic. In fact, the Wall Street Journal reported today, in an article entitled Democrats Warming to the Energy Industry, “Since March 2008, oil production has increased 58% and natural-gas output has risen 21%, making the U.S. the world’s largest producer of both fuels, according to federal and international agency statistics.” I don’t know which federal statistics that reporter was looking at....
  • Ukraine Promises Smooth Russian Gas Transit to Europe

    08/12/2014 11:28:17 AM PDT · by thackney
    Rig Zone ^ | August 11, 2014 | Reuters
    kraine state gas grid Naftogaz said it would continue uninterrupted pumping of Russian gas exports to Europe through its territory even if Ukraine imposes its own sanctions on Russia. "Naftogaz affirms its readiness to continue smooth transit of natural gas to European consumers," Chief Executive Andriy Kobolev said in a statement on Monday. Ukraine Prime Minister Arseny Yatseniuk said last week that parliament would debate sanctions against Russia on Tuesday, which could include bans on Russian gas and sanctions against Russian banks. Russia halted gas supplies to Ukraine in June due to disagreements over pricing, but Russian gas transit through...
  • After Offshore Oil Failure, Cuba Shifts Energy Focus

    08/12/2014 5:29:23 AM PDT · by thackney · 5 replies
    Rig Zone ^ | August 11, 2014 | Reuters
    Cuba has shifted its focus away from offshore oil, concentrating on renewable energy and improving output from onshore wells due to a lack of interest by foreign companies for further deepwater exploration,... With so much oil readily available around the world, oil companies...see little incentive in drilling off the Caribbean island, delaying the Cuban dream of oil wealth that could inject vigor into its socialist revolution... Russia's state-run Rosneft and the China National Petroleum Company separately agreed last month to help Communist-run Cuba extract more oil along the traditional northwest heavy oil belt, but did not sign on to deepwater...
  • Douglas-Westwood: 'Australian LNG - A Lost Cause?'

    08/12/2014 5:19:09 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | August 12, 2014 | Douglas-Westwood
    Douglas-Westwood, a UK-headquartered provider of energy business strategy, research and commercial due-diligence services, commented on "Australian LNG - A Lost Cause?" in its latest edition of DW Monday. DW MONDAY: "AUSTRALIAN LNG - A LOST CAUSE?" Recent news headlines on the liquefied natural gas (LNG) sector in Australia seem to be centered around its unsustainable rising costs. Woodside Petroleum had to ditch plans last year for its Browse LNG plant, which had gone way over budget at an estimated cost of $80 billion. In the interest of continuing the development, Woodside and its partners have now turned to floating LNG...
  • Declare a Ceasefire in EPA's War on Coal

    08/11/2014 6:40:38 AM PDT · by thackney · 8 replies
    American Thinker ^ | August 11, 2014 | William F. Shughart II
    Before we become too optimistic about the prospects for using renewable energy sources to curb carbon emissions, it’s worth looking at a study commissioned by the U.S. Chamber of Commerce, which should give pause to even the most confident advocate of action against climate change. The study forecasts that new EPA regulations -- regulations intended to cut carbon emissions by 30% from coal-, oil- and natural gas-fired plants by 2030 -- will lead to higher energy costs, fewer jobs, and slower economic growth in the United States. That, in turn, will lower Americans’ standards of living. A typical household could...
  • Russia starts drilling its northernmost oil well

    08/11/2014 5:39:49 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | August 10, 2014 | Associated Press
    Russia has begun drilling on its northernmost oil well, in the Kara Sea off the northern coast of Siberia. The well is part of a joint project between the Russian state-owned oil company Rosneft and Exxon Mobil to develop the region’s oil reserves, which are estimated at up to 100 billion barrels.
  • Kinder Morgan to unite a house divided in $44 billion deal

    08/11/2014 5:27:27 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | August 10, 2014 | Collin Eaton
    Houston billionaire Richard Kinder is fusing all the pieces of his fragmented pipeline empire into one company, Kinder Morgan Inc., in a $44 billion transaction that ranks among the largest in U.S. history. In a move that would end nearly two decades of delegating its main operations to subordinate firms, Houston-based Kinder Morgan said Sunday it is planning to buy out three companies it controls indirectly for $44 billion in cash and stock, bringing its network of North American pipelines and energy storage terminals under one corporate roof. It also will assume $27 billion in debt. Taken together, the three...
  • Companies take a big step toward LNG export plant in Louisiana

    08/08/2014 11:16:42 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | August 7, 2014 | Ryan Holeywell
    Sempra Energy, GDF Suez and other investors in the Cameron LNG project have made their final investment decision on the project and intend to move forward with it, the companies announced this week. The facility will be located at Sempra Energy’s existing Cameron LNG import terminal in Hackberry, La. It is expected to cost around $10 billion. “Today’s commitments from our project sponsors and international banks put us one step closer to delivering domestic natural gas to America’s trading partners in Europe and Japan,” Sempra LNG president Octavio M.C. Simoes said in a statement. The facility will have three liquefaction...
  • Battle of the Fuels: Will Natural Gas Replace Diesel?

    08/08/2014 4:28:32 AM PDT · by thackney · 22 replies
    Motely Fool ^ | July 28, 2014 | Jonathan Cook
    The U.S. Energy Information Administration (EIA) administrator, in his March report to the Committee on Energy and Natural Resources of the U.S. Senate, stated that EIA analysis shows that during the next 25 years, natural gas will grow dramatically in use by freight trucking and other commercial transportation modes. Source: EIA, Annual Energy Outlook 2014.The New York Times profiled the freight truck natural gas conversion process in an April 2013 article and recently reported plans by the Obama Administration to impose tough new fuel efficiency standards for big trucks, potentially reducing diesel's competitiveness.In addition, NGV Today, the publication for the...
  • Permian’s Oil Surge Creates Need for Pipelines

    08/08/2014 4:22:20 AM PDT · by thackney · 10 replies
    Fox Business ^ | August 07, 2014 | Matthew Rocco
    With crude gushing from the Permian Basin, companies are ramping up efforts to build pipelines and better capitalize on the production surge. Drillers have been producing oil in the Permian for some eight decades. But in recent years, the Texas formation’s central region, which consists of the Delaware and Midland basins, became a hotbed for shale oil. The Permian is now the top oil-producing area in the U.S., accounting for 18% of the nation’s total output in 2013. Based on data from the Energy Information Administration, the Permian recorded production of 1.35 million barrels per day last year. The region...
  • Ukraine Will Destroy Itself w/o Russia

    08/08/2014 4:17:08 AM PDT · by thackney · 17 replies
    Real Clear Energy ^ | August 8, 2014 | James Stafford
    Ukraine doesn’t need Russia to take it down—Kiev is doing fine destroying itself, most recently with a new tax code that doubles taxes for private gas producers and promises to irreparably cripple new investment in the energy sector at a time when reform and outside investment were the country’s only hope. Ukrainian President Petro Poroshenko on August 1 signed off on a new tax code that effectively doubles the tax private gas producers in Ukraine will have to pay, calling into question any new investment, as well as commitment from key producers already operating in the country. The stated goal...
  • Mexican lawmakers approve overhaul ending Pemex monopoly

    08/07/2014 12:23:57 PM PDT · by thackney · 12 replies
    Fuel Fix ^ | August 6, 2014 | Robert Grattan
    The Mexican Congress has passed sweeping legislation intended to revitalize the country’s anemic energy industry by opening it to private competition and ending a 75-year state monopoly. After weeks of debate and a constitutional amendment, legislators approved this week the majority of the new laws and are expected to finalize the remaining items in the coming days. The energy overhaul is the most sweeping of a broad set of economic measures promised by Mexican President Enrique Peña Nieto. Mexico’s oil and gas industry has been largely left out of the latest oil boom, despite the general consensus that the country...
  • Marcellus Region production continues growth

    08/05/2014 5:04:27 AM PDT · by thackney · 2 replies
    Energy Information Administration ^ | 8/5/2014 | Energy Information Administration
    Natural gas production in the Marcellus Region exceeded 15 billion cubic feet per day (Bcf/d) through July, the first time ever recorded, according to EIA's latest Drilling Productivity Report. The Marcellus Region, mostly located in West Virginia and Pennsylvania, is the largest producing shale gas basin in the United States, accounting for almost 40% of U.S. shale gas production. Marcellus Region production has increased dramatically over the past four years, increasing from 2 Bcf/d in 2010 to its current level. The rig count in the Marcellus Region has remained steady at around 100 rigs over the past 10 months. Given...