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Keyword: oil

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  • U.S. Oil Well Shut-ins Start as Crude Rout Batters Small Producers

    01/27/2015 12:48:03 AM PST · by Up Yours Marxists · 4 replies
    Reuters ^ | January 27, 2015 06:16 GMT | Terry Wade and Anna Driver
    (Reuters) - Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn. As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its blistering growth and dialing back expansion plans. Now, with U.S. crude around $46 a barrel, operators are already closing some small old wells, known as strippers, and tens of thousands of similar wells are on the verge of...
  • Obama Disses Alaska

    01/26/2015 12:45:33 PM PST · by Sean_Anthony · 12 replies
    Canada Free Press ^ | 01/26/15 | Alan Caruba
    Sen. Murkowski: “I cannot understand why this administration is willing to negotiate with Iran, but not Alaska.” Fifty million Americans who live in the northeast will experience what is predicted to be a historic blizzard from Monday evening through Tuesday. Cities and towns will virtually or literally close down. People will be told to stay indoors for their safety and to facilitate the crews that will labor to clear the roads of snow. In other words, welcome to Alaska, a place that is plenty cold most of the year and which is no stranger to snow and ice. Alaska, however,...
  • Things Are Bad In Texas

    01/26/2015 10:14:39 AM PST · by blam
    BI ^ | 1-26-2015 | Myles Udland
    Myles Udland January 26, 2015 The crash in oil prices is weighing on Texas' economy. The January Texas manufacturing survey from the Dallas Fed was a huge miss, with the general business activity reading coming in at -4.4. Expectations were for the composite index to come in at 3.0, down from 4.1 in December. Factory activity in the region was flat in January. The big takeaway, however, is that as with last month, numerous business executives expressed concerns over how the crash in crude oil prices would affect results. One executive in the fabricated metal manufacturing sector said "multiple oil-related...
  • Obama Films Anti-Oil Drilling Video–From a Jet

    01/26/2015 9:14:56 AM PST · by Enlightened1 · 23 replies
    Breitbart ^ | 01/26/15 | Wynton Hall
    On Sunday, President Barack Obama released an anti-oil drilling environmental video shot aboard Air Force One–an aircraft that has a 53,611 gallon fuel capacity. The video, which shows Obama aboard Air Force One, is interspersed with scenes of arctic animals and wildlife landscapes, reports National Public Radio (NPR). It’s all part of Obama’s ANWR (Arctic National Wildlife Refuge) newly proposed plan to ban roads, permanent structures, vehicles, drilling, and mining on 12.28 million acres in ANWR. On Saturday, Obama flew Air Force One over 8,000+ miles to India to discuss global warming and other issues.
  • Things Are Bad In Texas: Crash in oil prices is weighing on economy.

    01/26/2015 8:14:04 AM PST · by SeekAndFind · 69 replies
    Business Insider ^ | 01/26/2015 | Myles Udland
    The crash in oil prices is weighing on Texas' economy. The January Texas manufacturing survey from the Dallas Fed was a huge miss, with the general business activity reading coming in at -4.4. Expectations were for the composite index to come in at 3.0, down from 4.1 in December. Factory activity in the region was flat in January. The big takeaway, however, is that as with last month, numerous business executives expressed concerns over how the crash in crude oil prices would affect results.
  • No fracking? Then no bonds, New Mexico bill says

    01/25/2015 8:06:46 PM PST · by CedarDave · 16 replies
    New Mexico Watchdog ^ | January 23, 2015 | Rob Nikolewski
    SANTA FE, N.M. — New Mexico receives about $2 billion a year in direct revenue from oil and gas production through severance taxes, property taxes and royalty and rental income. At the same time, a number of communities in the state have passed ordinances restricting oil and gas development. Now, as lawmakers start their 60-day legislative session, here comes a bill that’s sure to spark plenty of arguments. A state senator has introduced legislation that would strip severance tax bonds from communities that impose 25 percent or more in costs to mining as well as oil and natural gas production....
  • The Weekend Is Over And Crude Oil Is Getting Smoked Again ($44.45)

    01/25/2015 5:10:15 PM PST · by blam · 50 replies
    BI ^ | 1-25-2015 | Myles Udland
    Myles UdlandJanuary 25, 2015 Good evening! The weekend is over in New York and near 7:05 pm ET, the price of West Texas Intermediate crude oil was down another 2.5% to $44.45 a barrel.(snip)(snip)
  • Obama Proposes to Make ANWR a Wilderness

    01/25/2015 10:18:39 AM PST · by kristinn · 35 replies
    McClatchy ^ | Sunday, January 25, 2015 | Sean Cockerham
    The White House is proposing to designate the oil-rich coastal plain of the Arctic National Wildlife Refuge as wilderness permanently off limits to drilling. The proposal sets up a showdown with Alaska Republican Sen. Lisa Murkowski, chair of the Senate Energy and Natural Resources Committee, who said the White House also intends to put much of the Arctic Ocean off limits to drilling in the new five-year offshore leasing plan to be released this week. SNIP Obama’s proposal to designate 12.3 million acres of the Arctic National Wildlife Refuge as wilderness would require Congressional approval, and there is no chance...
  • Obama Seeks to Name Potentially Oil-Rich Part of Alaska Protected 'Wilderness'

    01/25/2015 11:20:14 AM PST · by jazusamo · 36 replies
    CNSNews ^ | January 25, 2015 | AP
    WASHINGTON (AP) — President Barack Obama is boosting protection of Alaska's Arctic National Wildlife Refuge and will ask Congress to designate more than 12 million acres as a wilderness area, including its potentially oil-rich Coastal Plain. The designation would seal off the area in Alaska's northeast corner from oil exploration and give it the highest degree of federal protection available to public lands. Obama and the Interior Department announced the effort Sunday.
  • Oil, Gas Salary Adjustments Amid Oil Price Decline

    01/25/2015 8:12:38 AM PST · by thackney · 18 replies
    Rig Zone ^ | January 23, 2015 | Gene Lockard
    As many energy industry companies revise their capital expenditures downward for 2015 amid the steep drop in crude oil values, they are making a variety of decisions with regard to worker compensation, according to Aon Hewitt, a global human resource company that tracks corporate performance, reward and talent. The slide in crude oil prices picked up speed late in 2014, about the time that financial decisions for 2015 were being made. As prices continued to dip, many companies within the industry revisited the budgeting process early in the new year in light of the current reality of sub-$50/barrel crude oil....
  • Video: Anadarko turns massive Gulf spar into marine habitat

    01/25/2015 7:46:15 AM PST · by thackney · 5 replies
    Fuel Fix ^ | January 23, 2015 | Collin Eaton
    Anadarko Petroleum Corp. has turned a 7,200-ton cell spar hull into a dark cave-like habitat for fish, sea anemones and other deep-sea creatures 200 miles off the coast of Louisiana. The Red Hawk spar facility, which began its operations in the Gulf of Mexico a decade ago, is a series of 560-feet-long steel cylinders used to keep Anadarko’s deep-water natural gas production equipment afloat. The Woodlands oil explorer hopes its $30 million investment to transform it into an artificial reef in late September will be a boon to the fishing industry that supports local economies along the Gulf Coast, said...
  • Global economy hopes raised after European stimulus

    01/24/2015 10:50:50 PM PST · by Tolerance Sucks Rocks · 18 replies
    12 News ^ | January 25, 2015 | Pan Pylas
    DAVOS, Switzerland (AP) - The global economic outlook just got brighter after this week's big stimulus from the European Central Bank, leading policymakers from around the world said Saturday. In a panel at the World Economic Forum in Davos, they said a perkier Europe, coupled with a prolonged period of low oil prices, could help shore up the global economy following a period of underperformance that has prompted many forecasters to reduce their growth forecasts. "Lower oil prices and the big decision by ECB could further improve world economic outlook," said Haruhiko Kuroda, governor of the Bank of Japan.
  • Keystone debate ends with Democrats' ire

    01/23/2015 1:01:55 PM PST · by Cincinatus' Wife · 8 replies
    CNN ^ | January 23, 2015 | Alexandra Jaffe
    Washington (CNN)Senators worked till midnight on Thursday moving through a series of amendments to a bill that would green-light construction of the controversial Keystone XL pipeline, but Senate Democrats wanted to stay longer. At least, they were frustrated with what they said was a double standard from Senate Majority Leader Mitch McConnell, who moved to end debate on the bill and set up a final vote next week after tabling a number of Democratic amendments. The Senate had already voted on 15 amendments, 10 of which were offered by Democrats and another five from Republicans. But Democrats cried foul at...
  • EPA Putting Electricity Grid At Risk

    01/23/2015 11:58:15 AM PST · by Tolerance Sucks Rocks · 15 replies
    The Daily Caller ^ | January 22, 2015 | Mike Duncan
    When the temperature dips below freezing, reliable electricity becomes more than a matter of convenience but a matter of life and death. Unfortunately, the reliability of our electric grid is at-risk due to EPA regulations that are shutting down America’s coal plants.Existing EPA regulations already have led to the scheduled shutdown of nearly 20 percent of the U.S. coal fleet. EPA’s newest carbon regulations being finalized this summer will lead to even more shutdowns. With coal responsible for generating nearly 40 percent of America’s electricity, these shutdowns will further strain our nation’s electricity grid and could leave many Americans in...
  • 7 On, 7 Off - The Roughneck Life

    01/23/2015 9:48:47 AM PST · by thackney · 32 replies
    Oil Pro ^ | 1/22/2015 | Alec Rothman
    So your off week is about over with. It went by too fast again and there is some work to be done before going back to the rig. You still need to do your laundry and pray that at least half of that oil base will come off this time in the wash. You still need to go food shopping - you know the usual grub: protein shakes, cold cuts, bread, eggs, steaks, etc. And, you need to fill up that darn 20+ gallon tank of gas for your 4x4 work truck that you're going to drive on your way...
  • Oil Majors Seek To Claw Back Costs From Service Firms

    01/23/2015 8:13:07 AM PST · by thackney · 4 replies
    Reuters via Rig Zone ^ | January 22, 2015 | Dmitry Zhdannikov
    Global oil majors say they are demanding cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds of billions on cost overruns in the last five years. Cost overruns and delays were the main reason why oil majors generated less cash than shareholders expected when oil was over $100 per barrel.... While keen to avoid accusations of ganging up to force terms on suppliers, they are exploring measures that are likely to put further pressure on services companies such as Schlumberger and Halliburton, which have already cut thousands of jobs as business...
  • Mitch McConnell Did Something Last Night to Senate Dems That Has Them Furious

    01/23/2015 7:01:55 AM PST · by cotton1706 · 66 replies
    theblaze.com ^ | 1/23/15 | Pete Kasperowicz
    Sen. Mitch McConnell (R-Ky.) late Thursday left Democrats angry and sputtering on the Senate floor, as he used his new power as majority leader to brush off several Democratic amendments in an effort to speed up work on a bill to approve the Keystone pipeline. McConnell has so far made a point of allowing amendment votes, something Democrats barely allowed for the last few years. Earlier Thursday, McConnell boasted that the Senate had already held more amendment votes on the Keystone bill than Democrats allowed during all of 2014. “We’ve actually reached a milestone here that I think’s noteworthy for...
  • Senate’s marathon Keystone debate ends in anger

    01/23/2015 7:04:41 AM PST · by cotton1706 · 15 replies
    politico.com ^ | 1/23/15 | Elena Schor
    The new, freewheeling Senate of Majority Leader Mitch McConnell presided over an agitated debate on the Keystone XL pipeline that churned into Friday’s wee hours and ended with aggrieved Democrats crying Koch. Around midnight, a seemingly endless series of amendment votes and quorum calls shifted as McConnell moved to end debate on a bill that would yank President Barack Obama’s authority over the proposed oil pipeline — after quickly disposing of five Democratic amendments. Story Continued Below . . Blindsided Democrats accused the Kentucky Republican of shutting down a Senate that he had promised to run in a more open...
  • Death of King Unlikely to Alter Saudi Oil Policy

    01/23/2015 5:22:12 AM PST · by thackney · 3 replies
    Wall Street Journal ^ | Jan. 23, 2015 | RUSSELL GOLD, NICOLE FRIEDMAN and LYNN COOK
    Saudi Arabia has charted a long-term course to drive down oil prices and maintain its major share of the global market—and a change of who is on the throne in Riyadh won’t likely alter this course, energy experts said. Even after the death of King Abdullah, announced early Friday, the kingdom is likely to continue to pump crude in the face of a global glut, which has helped push prices down by more than 55% since last June. Surrounded by unrest and uncertainty in the Middle East, Saudi Arabia is protecting itself by exploiting its big advantages—huge oil reserves and...
  • OPEC, Oil Companies Clash At Davos Over Price Collapse

    01/22/2015 5:26:41 AM PST · by thackney · 18 replies
    Reuters via Rig Zone ^ | January 21, 2015 | Dmitry Zhdannikov
    OPEC defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up. The strain the halving of oil prices since June is putting on producers was laid bare when non-member Oman voiced its first direct, public criticism of the Organization of the Petroleum Exporting Countries' November decision not to cut production but instead to focus on market share. Oil prices have collapsed to below $50 a barrel as a result of a large supply glut,...
  • Rickards: Brace For Financial Storm 6x Larger Than 2008

    01/21/2015 12:09:48 PM PST · by alexmark1917 · 38 replies
    Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown... The next financial collapse, already on our radar screen, will not come from hedge funds or home mortgages. It will come from junk bonds, especially energy-related and emerging-market corporate debt. The Financial Times recently estimated that the total amount of energy-related corporate debt issued from 2009-2014 for exploration and development is over $5 trillion. Meanwhile, the Bank for International Settlements recently estimated that the total amount of emerging-market dollar-denominated corporate debt is over $9 trillion. Energy-sector...
  • 12 Signs That The Economy Is Really Starting To Bleed Oil Patch Jobs

    01/21/2015 7:17:17 PM PST · by Kartographer · 31 replies
    theeconomiccollapseblog. ^ | 1/20/15 | Michael Snyder
    #1 It is being projected that the U.S. oil rig count will decline by 15 percent in the first quarter of 2015 alone. And when there are less rigs operating, less workers are needed so people get fired. #2 Last week, 55 more oil rigs shut down. That was the largest single week decline in the United States in 24 years. #3 Oilfield services provider Baker Hughes has announced that it plans to lay off 7,000 workers. #4 Schlumberger, a big player in the energy industry, has announced plans to get rid of 9,000 workers. #5 Suncor Energy is eliminating...
  • Low Oil Price Brings Layoffs at Energy Firm Baker Hughes (BHI)

    01/21/2015 2:45:39 PM PST · by SeekAndFind
    ABC News ^ | 01/21/2015 | Richard Davies
    Falling gasoline prices may be great for consumers, but they’re tough on energy firms and their workers. The latest layoffs announcement comes from the oilfield services firm Baker Hughes, which plans to cut 7,000 employees — 11 percent of its workforce. Global oil prices have plunged 60 percent since last June, making some drilling operations unprofitable. “While market demand ended up being more resilient in the fourth quarter than many had predicted, the recent declines seen in rig counts will clearly affect results in 2015,” said company CEO Martin Craighead. Speaking to analysts about the layoffs, he said, “This is...
  • Eni warns oil may shoot up to $200 without Opec cuts {in 4~5 years}

    01/21/2015 10:02:40 AM PST · by thackney · 48 replies
    BBC ^ | 21 January 2015 | BBC
    talian oil group Eni has warned oil could shoot up to $200 a barrel if the Opec cartel fails to cut supplies. Eni's chief executive, Claudio Descalzi, said the oil industry would cut capital spending by 10-13% this year because of slumping prices. He said that would create longer-term shortages and sharp price rises in four to five years' time. Mr Descalzi was speaking at the World Economic Forum in the Swiss resort of Davos. He said: "Opec is like the central bank for oil which must give stability to the oil prices to be able to invest in a...
  • Commentary: What I think about when I think about crude {causes for price}

    01/21/2015 9:29:32 AM PST · by thackney · 10 replies
    Fuel Fix ^ | January 21, 2015 | Matt Smith
    Japanese novelist Haruki Murakami was so consumed by running he combined two of his loves to write a book called ‘What I Talk About When I Talk About Running‘. Although an odd concept, it’s actually quite a compelling read. Not only did I think this title was really great (although paraphrased from Raymond Carver), but it also reminded me of my own rather obsessive compulsions. So here are some of the things that I currently think about when I think about crude oil.–Global economic growth. Crude oil demand growth is highly dependent upon economic growth, and specifically from emerging markets....
  • Oman Oil Minister Slams OPEC Policy on Prices, Market Share

    01/21/2015 7:56:25 AM PST · by thackney · 7 replies
    Reuters via Rig Zone ^ | January 21, 2015 | Rania El Gamal & Andrew Torchia
    Oman oil minister Mohammad bin Hamad al-Rumhy sharply criticised OPEC's production policy on Wednesday, saying it was creating volatility in the market without benefiting oil producers and that his country was suffering. In November, OPEC decided to keep its output unchanged despite sliding prices. Analysts believe the policy is being engineered by Saudi Arabia and other top Gulf producers to protect their market share against higher-cost suppliers outside OPEC, such as U.S. shale oil producers. Oman is a significant oil producer but it lacks the huge oil and financial reserves of its Gulf neighbours, and it is not an OPEC...
  • Stakeholders Seek Nigeria’s Withdrawal from OPEC

    01/21/2015 6:33:16 AM PST · by thackney · 3 replies
    This Day Live ^ | 20 Jan 2015 | Ejiofor Alike
    Stakeholders in Nigeria’s oil and gas sector have queried the relevance of Nigeria’s membership of the Organisation of Oil Exporting Countries (OPEC) and urged President Goodluck Jonathan to withdraw the country from the cartel. These stakeholders gathered at the weekend in Lagos at a symposium organised in honour of a former Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Ayodele Marinho, who celebrated his 80th birthday. They argued that OPEC as presently constituted serves only the interest of Saudi Arabia and its Gulf allies, which have contributed in the plummeting prices of crude oil because of a selfish...
  • Oil/Immigration Accord

    01/20/2015 10:45:30 PM PST · by backtothestreets · 3 replies
    me | 01/20/2005 | me
    Does anyone recall an accord that states that every nation importing oil from opec, the bulk of which comes from the middle east, must allow a certain number of muslim immigrants into their nation. I first read of this maybe 8 to 10 years ago. I do not know if it was true. That is why I am seeking it now, to verify.
  • Why Didn't the Media-Proclaimed Experts Predict the Oil Price Plunge?

    01/20/2015 6:38:02 PM PST · by servo1969 · 32 replies
    RushLimbaugh.com ^ | 1-20-2015 | Rush Limbaugh
    RUSH: This is a good point here. A story by Alex Pollock at Real Clear Markets: "Why Did No One Predict the Oil-Price Collapse?" This interests me. "We have just had a free fall in one of the most important prices in the world-the price of oil. Looking back, we are keenly aware that it dropped about 60% from its 2014 high to its recent low. Although some people thought the price of oil would go down, nobody (at least nobody that I can find) publicly predicted anything like this big a drop. Why? Oil prices went from $108 a...
  • Environmental Groups Seeking More Protection For Sage Grouse ( CO & Utah )

    01/20/2015 5:15:34 PM PST · by george76 · 9 replies
    CBS Denver ^ | January 20, 2015 | Donna Bryson
    Two environmentalist groups filed suit Tuesday seeking stronger protection for a bird found only in Colorado and Utah ... The Center for Biological Diversity and the Western Watersheds Project said in court papers that the U.S. Fish and Wildlife Service should go back and produce an “adequate finding” on the status of the Gunnison sage grouse ... The threatened designation could result in restrictions on oil and gas drilling, agriculture, recreational and other land uses. ... both camps will be watching litigation closely, in part to see how it might influence policy on the more common greater sage grouse. The...
  • Oil falls again as IMF cuts forecast; Iran hints at $25 oil

    01/20/2015 2:46:49 PM PST · by Berlin_Freeper · 24 replies
    reuters.com ^ | Jan 20, 2015 | Barani Krishnan
    Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.
  • Baker Hughes to lay off 7,000 after record-breaking quarter

    01/20/2015 12:08:41 PM PST · by Rodamala · 23 replies
    Fuel Fix ^ | January 20, 2015 at 6:11 am | Robert Grattan
    HOUSTON — Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter. The announcement came shortly after the oil service company reported that its net income for the three months ending Dec. 30 rose to a record high of $663 million, or $1.52 a share. After adjustments to exclude deconsolidation of a joint venture, the company reported an earnings per-share of $1.44. In the same period of 2013, Baker Hughes reported $248 million in profit. The layoffs...
  • Baker Hughes' to Lay Off 7K Workers Amid Oil Slump (Booming Economy!)

    01/20/2015 12:05:20 PM PST · by tcrlaf · 34 replies
    Fox Biz ^ | 1-20-2015 | Rueters
    Oilfield services provider Baker Hughes Inc said it expects to lay off about 7,000 employees, days after industry leader Schlumberger Ltd said it would cut jobs as drilling activity slows due to a steep fall in oil prices. Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending. Schlumberger said last week it would cut 9,000 jobs, or about 7 percent of its workforce.
  • Oil Sinks Stocks Again as Iraqi Output Hits Record High

    01/20/2015 9:45:57 AM PST · by John W · 13 replies
    thestreet.com ^ | January 20, 2015 | Keris Alison Lahiff
    NEW YORK (TheStreet) -- Another sharp fall in crude oil prices triggered a broad-based selloff in U.S. stocks on Tuesday, overshadowing earlier positive momentum from a four-day European rally. Crude reversed significant gains on Friday after Iraq reported record levels of oil output and the International Monetary Fund cut its two-year forecast for the global economy. West Texas Intermediate was down 3.8% to $46.83 a barrel by midday. Commodity futures lost Friday's temporary stability as Iraq's oil minister Adel Abdul Mahdi said the country was producing 4 million barrels of crude a day and plans to boost exports. Separately, Iran's...
  • Now It's Halliburton's Turn - Coming Workforce Reductions At Big Red Will Impact Thousands

    01/20/2015 9:46:05 AM PST · by thackney · 6 replies
    Oil Pro ^ | 1/20/2015 | Joseph Triepke
    Following Schlumberger's 9,000 lay-offs announced last week and Baker Hughes' 7,000 earlier this morning, Halliburton said today that it will execute workforce reductions similar to its peers during the first quarter. Halliburton COO Jeff Miller said: "We have already taken the initial steps on headcount internationally. As North America (NAM) activity falls, we will make adjustments in the US as well. We expect our headcount reductions to be in-line with our primary competitors. We will minimize discretionary spending. There is likely to be more restructuring in first quarter as we put initiatives in place to temper the impact of the...
  • Threatened bird showing up at higher elevations [ Colorado: yellow-billed cuckoo ]

    01/20/2015 6:54:00 AM PST · by george76 · 31 replies
    Grand Junction Media ^ | January 19, 2015 | Dennis Webb
    Expert says western yellow-billed cuckoo may be more prevalent than first thought. Paonia ornithologist Jason Beason likes to say that there are a lot of cuckoos out there. The line is good for laughs at presentations like the talks he gave in the Roaring Fork Valley last week, and it accurately reflects the fact that dozens of species of cuckoos populate the Earth in both the Old and New Worlds. These include birds people might not immediately think of as being cuckoos, such as the greater roadrunner in the southwestern United States. But in the case of the cuckoo of...
  • Samir Kamal, Libya’s governor for oil cartel Opec for the past two years, has disappeared

    01/20/2015 7:01:57 AM PST · by thackney · 1 replies
    Upstream ^ | 20 January 2015 | Upstream
    Full Title: Samir Kamal, Libya’s governor for oil cartel Opec for the past two years, has disappeared in Tripoli. The senior manager at the country’s Ministry of Oil has not been seen since leaving his place of work on Thursday afternoon, numerous media reports say. Reports in Libya suggest he was abducted and had resisted attempts by some individuals to profit from his position as a representative of the major North African producer at Opec. The Vienna-headquartered 12-member organisation has so far resisted pressure to slash output amid continued oil price weakness. Earlier this month Kalam told Reuters: "Something should...
  • On to Plan B as Oil Work Stalls in Texas

    01/20/2015 6:43:19 AM PST · by thackney · 32 replies
    New York Times ^ | JAN. 19, 2015N | CLIFFORD KRAUSS
    ...businesses and workers are bracing for the worst. A Mexican restaurant has started a Sunday brunch to expand its revenues beyond dinner. A Mercedes dealer, anticipating reduced demand, is prepared to emphasize repairs and sales of used cars. And some well-off oil company managers are cutting back at home, rethinking their vacation plans and cutting the hours of their housemaids and gardeners. Dexter Allred, the general manager of a local oil field service company, began farming alfalfa hay on the side some years ago in the event that oil prices declined and work dried up. He was taking a cue...
  • Baker Hughes to lay off 7,000 in coming months

    01/20/2015 5:37:26 AM PST · by thackney · 9 replies
    Fuel Fix ^ | January 20, 2015 | Robert Grattan
    Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter. The announcement came shortly after the oil service company reported that its net income for the three months ending December 30 rose to an adjusted $629 million, or an adjusted earnings per share of $1.44 in 2014. In the same period of 2013, Baker Hughes reported $248 million in profit. The company said it expects to book a one-time charge in the next period in the range...
  • Exxon begins production from Russian field

    01/20/2015 5:33:28 AM PST · by thackney · 3 replies
    Fuel Fix ^ | January 19, 2015 | Robert Grattan
    Exxon Mobil Corp. said Monday it has begun producing from the third and final field of its Russian Sakhalin-1 project. The Sakhalin-1 project is a joint venture with several Russian oil and gas companies and is operated by Exxon Neftegas Ltd. The third field, Arkutun-Dagi, is expected to reach a peak production of 90,000 barrels per day, Exxon Mobil said in its announcement. Exxon Neftegas owns a 30 percent interest in the field and Japan’s Sakhalin Oil and Gas Development Co. Ltd. holds another 30 percent interest. India’s ONGC Videsh Ltd. also holds a 20 percent interest and several affiliates...
  • Senate tees up votes on Keystone XL, exports, climate

    01/20/2015 5:21:22 AM PST · by thackney · 9 replies
    Fuel Fix ^ | January 20, 2015 | Jennifer A. Dlouhy
    The fate of the oil that flows through the Keystone XL pipeline and the source of the steel used to make it are set to be decided this week in the U.S. Senate. The chamber is expected to vote on as many as three amendments to GOP-backed legislation to authorize the TransCanada Corp. pipeline on Tuesday, with more than four dozen other possibilities on the horizon. Few are without controversy, and many are meant to send a message or put senators in a difficult spot, casting votes on such issues as protectionism, oil spills and climate change. The first three...
  • The myth of the methane menace

    01/19/2015 8:58:15 PM PST · by Tolerance Sucks Rocks · 30 replies
    The Washington Times ^ | January 18, 2015 | Stephen Moore
    Last week the Environmental Protection Agency (EPA) announced major new regulations on the emissions of methane into the air from oil and gas production. It calls methane a “potent” pollutant and its new rules would require a 45 percent reduction by 2025 from 2012 levels. Most Americans support these new rules, according to polling from environmental groups. This isn’t surprising. Methane sounds like a dirty and dangerous pollutant and even deadly if leaked into water or the air. However, methane is just another term for the main component of natural gas. Drillers have a powerful motive to stop leakage on...
  • Potentially endangered bat could change pipeline project

    01/19/2015 1:04:39 PM PST · by TurboZamboni · 26 replies
    lacrosse tribune ^ | 1-19-15 | AP
    ST. PAUL, Minn. (AP) — A potentially endangered species of bat could become a major obstacle to the proposed Sandpiper oil pipeline in northern Minnesota. The U.S. Fish and Wildlife Service is considering whether to declare the northern long-eared bat an endangered species because the spread of the white-nosed syndrome disease has reduced its population. In that case, Enbridge could be forced to postpone its pipeline project or chose a different route. The current proposal would carry crude from the North Dakota oilfields to Superior, Wisconsin and would run through the bats' habitat. Enbridge has already taken steps to avoid...
  • Anadarko pumps first oil at Lucius field in the Gulf

    01/19/2015 9:55:31 AM PST · by thackney · 35 replies
    Fuel Fix ^ | January 19, 2015 | Collin Eaton
    Anadarko Petroleum Corp. has harvested the first barrels of petroleum at its deep-water Lucius project in the Gulf of Mexico, one of the biggest startups expected in the U.S. offshore region this year. The Woodlands-based oil explorer’s massive Lucius production facility includes a 23,000-ton truss spar, which is a 110-foot-diameter floating cylindrical hull that can handle up to 80,000 barrels of oil and 450 million cubic feet of natural gas a day. The Lucius field, named after an heir to the Roman throne, houses 300 million barrels of oil equivalent about 230 miles offshore in 7,200 feet of water. The...
  • Iran sees no OPEC shift toward a cut, says oil industry could withstand $25 crude

    01/19/2015 8:59:42 AM PST · by SleeperCatcher · 11 replies
    Reuters ^ | 01/19/2015 | Michelle Moghtader
    Iran sees no sign of a shift within OPEC toward action to support oil prices, its oil minister said, adding its oil industry could ride out a further price slump to $25 a barrel. The comments are a further sign that despite lobbying by Iran and Venezuela, there is little chance of collective action by the 12-member OPEC to prop up prices - entrenching the reluctance of individual members to curb their own supplies.
  • Enbridge, Enterprise deliver high-volume Canadian crude to the Houston area

    01/19/2015 8:36:44 AM PST · by thackney · 6 replies
    Houston Business Journal ^ | Jan 16, 2015 | Jordan Blum
    Canada-based Enbridge Inc. (NYSE: ENB) and Houston-based Enterprise Products Partners LP (NYSE: EPD) celebrated Jan. 16 the beginning of delivery of Canadian tar sands crude oil to the Houston area through a new pipeline system. While the Keystone XL pipeline remains mired in political debate, Enbridge and Enterprise on Dec. 21 delivered the first high-volume Canadian crude to Freeport, Texas through the newly completed Seaway Pipeline system twin loop and the new Flanagan South pipeline. The two pipeline systems connect in Cushing, Oklahoma, with the new Seaway loop delivering up to 450,000 barrels of oil a day of Canadian crude...
  • Output stopped at Yemen's Masila oilfields in Hadramout

    01/19/2015 8:20:16 AM PST · by tcrlaf · 8 replies
    Reuters ^ | 1-19-2015 | Reuters
    (Updates with output from Shabwa field, Belhaf gas facility stopping) Jan 19 (Reuters) - Oil companies in Yemen's Hadramout and Shabwa provinces, including the main gas export facility at Belhaf, have suspended operations amid protests over the seizure of a presidential aide by Shi'ite fighters who control the capital Sanaa, local officials said on Monday. The Shi'ite Houthis seized President Abd-Rabbu Mansur Hadi's chief of staff, Ahmed Awad bin Mubarak, a native of the southern Shabwa province, on Saturday amid a dispute over a proposed new constitution that threatens to bring down the government. "Several oil firms with small production...
  • China's Yards Brace for Leaner Times as Oil Slump Sours Rig Building Spree

    01/19/2015 8:20:16 AM PST · by thackney · 2 replies
    Reuters via Rig Zone ^ | January 19, 2015 | Brenda Goh & Rujun Shen
    For China's shipyards, the oil rig market that was supposed to be a blessing is in danger of becoming a curse. As crude prices slide, oil producers are slashing new project spending. With a near 40 percent slice of a global market worth tens of billions of dollars, Chinese rig builders that offered juicy financing terms and discounts to leapfrog Asian rivals in recent years are now the most exposed to a slowdown. Diversifying to pull out of a downturn in traditional shipbuilding, China's state and privately owned yards have lured orders away from regional peers, building scores of rigs...
  • Beaumont event touts benefits of Keystone XL

    01/19/2015 5:02:28 AM PST · by thackney · 6 replies
    Beaumont Enterprise via Fuel Fix ^ | January 16, 2015 | Eric Besson
    Despite an oversupply of crude oil that has halved trading prices and led the U.S. to consider lifting a 40-year-ban on crude exports, completing the northern leg of the Keystone XL pipeline remains a priority, U.S. Sen. John Cornyn said Friday in Beaumont. “We know that as global demand goes up, prices will go up,” Cornyn, R-Texas, said. “I think we ought to take advantage of the opportunity we’ve been given because great innovative drilling techniques devised in the United States and the great natural resources we have … help grow our economy and help keep America safe.” Cornyn delivered...
  • BNSF adds oil trains, changes route in Nebraska

    01/19/2015 4:59:37 AM PST · by thackney · 6 replies
    Lincoln Journal Star ^ | January 19, 2015 | Richard Piersol
    BNSF Railway more than tripled the number of trains it moved through Nebraska with a million gallons of oil or more aboard late last year and has changed its route to bypass Lincoln, at least for some trains. Reports filed with the Nebraska Emergency Management Agency show that late last year BNSF expanded the number of oil trains it was required to report from three per week in July to a range of seven to 14 per week. Railroads must report trains that carry at least a million gallons of oil -- about 35 tank cars -- from the Bakken...