Keyword: oil

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  • Obama: Assad Shooting At American Planes Would Lead To His Overthrow

    09/14/2014 8:51:34 AM PDT · by GonzoII · 57 replies
    NYT/BI ^ | Sep. 14, 2014, 10:12 AM | Michael B Kelley
    President Barack Obama would seek to overthrow the regime of Bashar al-Assad if American planes were attacked upon entering Syrian air space, Peter Baker of The New York Times reports. If Assad's troops fired at American planes entering Syrian airspace, "Obama said he would order American forces to wipe out Syria’s air defense system," Baker reports. "He went on to say that such an action by Mr. Assad would lead to his overthrow, according to one account."
  • Denton extends drilling moratorium until 2015; vote on frack ban looms

    09/12/2014 1:53:51 PM PDT · by 2ndDivisionVet · 10 replies
    The Dallas Business Journal ^ | September 10, 2014 | Nicholas Sakelaris
    Land-use conflicts between Barnett Shale wells and homes continues to pose a “major impediment” to Denton’s future quality of life and economic development, gas well administrator Darren Groth told the City Council Tuesday. The Council agreed, voting unanimously Tuesday to approve a moratorium on gas wells applications and permits through Jan. 20. This moratorium is separate from the Nov. 4 referendum to ban hydraulic fracking in the city of Denton, a first for Texas. The four-and-a-half-month extension gives city staff time to iron out problems with the city ordinance to prevent a repeat of what happened in the Vintage neighborhood...
  • Oil demand growth slips to 'remarkable' 2½-year low

    09/12/2014 1:47:17 PM PDT · by Lorianne · 39 replies
    CNBC ^ | 11 September 2014 | Matt Clinch
    Demand growth in the oil markets will be more subdued than previously expected, according to the International Energy Agency, which has once again downgraded its projections for the rest of the year. "The recent slowdown in demand growth is nothing short of remarkable," the IEA said in a new monthly report on Thursday morning. "While demand growth is still expected to gain momentum, the expected pace of recovery is now looking somewhat more subdued." Additionally, global oil demand growth for has been lowered to 900,000 million b/d in 2014 and 1.2 million b/d for 2015. The pronounced slowdown in demand...
  • Energy Minister: Half of Scottish Oil Reserves Yet to Be Exploited

    09/12/2014 12:24:40 PM PDT · by Lorianne · 19 replies
    RIA Novosti ^ | 10 September 2014 | Mark Hirst
    Scotland’s oil and gas sector is facing a bright future as half of oil reserves remain to be exploited, the Scottish Government's Minister for Energy, Enterprise and Tourism Fergus Ewing said Wednesday, commenting on a new study. Earlier, world leading oil expert Professor Alex Kemp, by using detailed financial modelling, predicted significant discoveries in Scottish oil sector made over the next 30 years. “His new predictions – based on that modelling – show a bright future for Scotland’s oil and gas sector for decades to come – with 99 new economic discoveries over the next three decades,” Ewing told RIA...
  • Barnet Shale still alive

    09/12/2014 6:12:36 AM PDT · by q_an_a · 7 replies
    Dallas Business Journal ^ | 9.10.2014 | Nicholas Sakelaris
    The Barnett Shale generates $11.8 billion in gross product per year and 107,650 permanent jobs for North Texas, according to economist Ray Perryman.
  • Eastern Europe Braces for Energy Shortages as Russian Gas Flows Fall

    09/12/2014 5:20:30 AM PDT · by McGruff · 18 replies
    The Wall Street Journal ^ | Sept. 12, 2014 | Sean Carney
    A fall in gas flows from Russia to two Eastern European countries this week has sent a chill through the region as it prepares for possible energy shortages this winter. Slovakia's gas distributor SPP said Thursday its daily gas intake from Russia fell 10% below contracted levels starting late Wednesday. Polish gas company PGNiG said its gas flows from Russia had fallen 45% below its contracted daily volumes by Thursday.
  • The Scary Amount of Oil Money ISIS Makes Every Day

    09/12/2014 5:10:33 AM PDT · by ilovesarah2012 · 19 replies
    dailysignal.com ^ | September 11, 2014 | Kelsey Harkness
    President Obama, laying out his strategy last night to defeat the Islamist jihadists known as ISIS, stressed that “it will take time to eradicate a cancer” such as the terrorist group represents in the Middle East. One hurdle in the way of Obama’s intention to work with allies to “degrade and ultimately destroy” ISIS (also known as ISIL and the Islamic State) is the brutal organization’s control of oil fields in Iraq and Syria. ISIS uses that oil wealth to help finance its terror operations. According to the Iraq Energy Institute, an independent, nonprofit policy organization focused on Iraq’s energy...
  • Brent oil extends slump to 2-year low; U.S. crude bounces

    09/11/2014 9:31:34 AM PDT · by GonzoII · 4 replies
    Reuters ^ | Thu Sep 11, 2014 9:50pm IST | Robert Gibbons
    (Reuters) - Benchmark Brent crude dropped to a two-year low on Thursday, falling for a sixth straight session as increasing supply and signs of weakening demand countered worries that conflicts in the Middle East could curb output. ... Brent for October was down 66 cents at $97.38 a barrel at 11:38 a.m. EDT (1538 GMT) It fell as low as $96.72, its weakest since July 2012. U.S. crude was up 35 cents at $92.17 a barrel, turning higher after sliding to $90.43, its lowest since May 2013. Brent hit a high above $115 in June as Islamist insurgents swept across...
  • Islamic State’s Ultimate Goal: Saudi Arabia’s Oil Wells

    09/11/2014 8:49:30 AM PDT · by Sean_Anthony · 8 replies
    Canada Free Press ^ | 09/11/14 | Claude Salhani
    The capture of oil wells in Syria and Iraq has made the group financially self-sufficient. Now it's all or nothing For the terrorist group known as the Islamic State, Syria and Iraq were a good place to start their campaign, but in order to survive and prosper it knew from the outset that it had no choice but to set its sights on the ultimate prize: the oil fields of Saudi Arabia. It is in that direction that the battle for control of the world’s largest oil fields is currently heading. Islamic State—which has its origins in al-Qaeda—knows fully well...
  • US, EU Ready New Sanctions to Stop Oil Exploration in Russia

    09/11/2014 7:46:40 AM PDT · by thackney · 5 replies
    Reuters via Rig Zone ^ | September 11, 2014 | Timothy Gardner
    The United States and European Union plan to stop billions of dollars in oil exploration in Russia by the world's largest energy companies including Exxon Mobil Corp and BP Plc, U.S. government sources said. The planned sanctions over Russia's aggression toward Ukraine would ban U.S. and European companies from cooperating with Russia on searching its Arctic territory, deep seas or shale formations for crude, said two U.S. officials who spoke on condition of anonymity because the measures have not been made public. The measures, which one of the sources said represented "preliminary thinking," would expand sanctions the Obama administration announced...
  • Islamic State’s Ultimate Goal: Saudi Arabia’s Oil Wells

    09/10/2014 11:21:27 AM PDT · by SeekAndFind · 44 replies
    OIL PRICE ^ | 09/10/2014 | By Claude Salhani
    For the terrorist group known as the Islamic State, Syria and Iraq were a good place to start their campaign, but in order to survive and prosper it knew from the outset that it had no choice but to set its sights on the ultimate prize: the oil fields of Saudi Arabia. It is in that direction that the battle for control of the world’s largest oil fields is currently heading. Islamic State -- which has its origins in al-Qaeda – knows fully well that in order to sustain itself as a viable and lasting religious, political, economic and military...
  • COLUMN-Worst time for Saudi Arabia's giant new oil refinery: Russell

    09/10/2014 9:43:33 AM PDT · by thackney · 5 replies
    Reuters ^ | Sep 10, 2014 | Clyde Russell
    If you could pick the worst set of circumstances in which to start up a giant, export-oriented oil refinery, you might well have them right now. Saudi Aramco and joint venture partner Sinopec have started test runs at their 400,000 barrel per day (bpd) Yanbu refinery, located in the oil-rich Middle Eastern kingdom. This puts the new plant on schedule to begin commercial exports in November, possibly even by the second half of October, according to trade sources. Yanbu will be the second major refinery to come online in Saudi Arabia in little more than a year, following the September...
  • OPEC Says World Will Need Less of Its Oil Next Year

    09/10/2014 7:45:13 AM PDT · by thackney · 13 replies
    Wall Street Journal ^ | Sept. 10, 2014 | BENOÎT FAUCON
    OPEC said demand for its crude oil will be lower than expected next year, with a surge in U.S. output potentially bringing its production to levels not seen since the past decade. In its monthly oil-market report, the Organization of the Petroleum Exporting Countries said it had lowered the estimate of demand for its crude by 200,000 barrels a day for 2015 and by the same amount for this year. As a result, markets will need 300,000 barrels a day less of OPEC crude next year, it said. OPEC's statement comes after the Brent oil contract—the most widely traded international...
  • Recognizing The Golden Age Of Texas Oil And Gas While We're In It

    09/10/2014 5:24:53 AM PDT · by thackney · 8 replies
    Forbes ^ | 9/09/2014 | David Blackmon
    James Lebas, former chief revenue estimator for the Texas Comptroller’s office, made news recently when he told the state’s House Committee on Energy Resources that, working with the Comptroller’s office, he had determined that output from the oil and natural gas industry now accounts for fully one-third of the entire Texas economy. Given that the Texas economy would rank 12th among all nations on earth, that’s an amazing amount of economic activity for one industry to provide. Yet, it should not surprise anyone who has really been paying attention to the phenomenal boom the industry has undergone in Texas since...
  • 8 Facts About U.S. Crude Oil Production

    09/10/2014 5:20:25 AM PDT · by thackney · 9 replies
    Brookings Institution ^ | September 9, 2014 | Charles K. Ebinger and Heather Greenley
    The skyrocketing growth of unconventional oil and natural gas production in the United States has ignited an intense debate on the impact of energy exports on U.S. energy and economic security and its foreign policy. In “Changing Markets: Economic Opportunities from Lifting the U.S. Ban on Crude Oil Exports,” Charles Ebinger and Heather Greenley worked with National Economic Research Associates (NERA) to examine the economic and national security impacts of lifting the ban on crude oil exports. Learn eights facts about U.S. crude oil production within the key findings outlined below, and download the full report. U.S. Economic Benefits Key...
  • Long supply chain keeps oil industry pumping

    09/09/2014 5:37:34 PM PDT · by thackney · 5 replies
    Fuel Fix ^ | September 9, 2014 | Jennifer A. Dlouhy
    America’s energy renaissance isn’t brought to you by Big Oil. That’s the message the American Petroleum Institute sent Tuesday, as it released a report documenting the nearly 30,000 businesses across the nation that supply the oil and gas industry with equipment and services. Erik Milito, API’s upstream director, said the report illustrates “the true breadth and scope of the industry’s positive impact throughout the country.” “What we’re trying to show is more of the teamwork approach that goes to energy, where it’s not just an operator or a producer that is involved in safe and responsible development,” Milito added. “It’s...
  • IEO2014: World liquid fuels consumption to rise 38% by 2040

    09/09/2014 2:23:02 PM PDT · by thackney · 27 replies
    Oil & Gas Journal ^ | 09/09/2014 | OGJ editors
    n the 2014 edition of its International Energy Outlook (IEO2014), the US Energy Information Administration projected world liquid fuels consumption to rise 38% by 2040. The agency also pointed out that world markets for petroleum and other liquid fuels have entered a period of dynamic change—in supply and demand. “The potential for growth in demand for liquid fuels is focused on the emerging economies of China, India, and the Middle East, while liquid fuels demand in the US, Europe, and other regions with well-established oil markets seems to have peaked,” EIA said. In countries outside the Organization for Economic Cooperation...
  • Musings: After Hiatus, Keystone XL Pipeline Battle Resumed Friday

    09/09/2014 9:17:30 AM PDT · by thackney · 7 replies
    PPHB via Rig Zone ^ | September 09, 2014 | G. Allen Brooks
    In the chambers of the Nebraska Supreme Court in Omaha, a hearing was held Friday about the decision by Lancaster County District Judge Stephanie F. Stacy claiming that the law under which the state’s governor had approved the route of the Keystone XL pipeline was unconstitutional. The judge, in a case brought by three landowners, decided that LB1161, the law passed by the state’s legislature at the end of its session in 2011 that shifted the approval of the pipeline route from the state’s Public Service Commission (PSC) to the governor, was unconstitutional, and as such the judge instituted a...
  • Rosneft Struggles To Grow As Sanctions Hit Russia's Oil Champion

    09/09/2014 8:59:51 AM PDT · by thackney · 2 replies
    Reuters via Rig Zone ^ | September 09, 2014 | Katya Golubkova, Soldatkin & Dmitry Zhdannikov
    ...faces unprecedented challenges to its long-term expansion and modernization plans.... Last week Rosneft said it would cut staff to reduce costs: Kommersant business daily said Rosneft's Moscow headquarters would see cuts of up to 25 percent from the current 4,000. These would be the first significant job losses at a company that swelled via the acquisition of rivals such as YUKOS, pushed into bankruptcy some ten years ago by the government of President Vladimir Putin. Since then Rosneft's output has risen 10-fold to exceed 4 million barrels per day or four percent of global supply. But last week it reported...
  • Gulf Coast drives surge in U.S. exports of petroleum products

    09/09/2014 7:12:27 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | September 9, 2014 | Rhiannon Meyers
    The Gulf Coast is driving a surge in U.S. exports of petroleum products as refineries run at near-record levels, according to recent reports. In June, the United States on average exported 3.7 million barrels per day of gasoline, distillate, jet fuel, petroleum coke and hydrocarbon gas liquids, according to the most recent data available. That’s an increase of 17 percent, or 543,000 barrels per day, from the same time last year, the Energy Information Administration said in a newly released analysis. Nearly three-quarters of that growth came from the Gulf Coast, where refineries remain “extremely competitive” against their global counterparts...
  • Israel looks to Texas for energy investment, expertise

    09/09/2014 5:45:53 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | September 9, 2014 | FuelFix.com
    Israel is hoping to lure U.S. exploration and production companies to take advantage of its new offshore opportunities. So far, Houston’s Noble Energy is the only U.S. player there, after its discovery of major gas fields below the Mediterranean Sea. Reporter Rhiannon Meyers details how Israel is searching for inspiration and expertise in Texas. “Ultimately, Texas is the hub of the global oil and gas industry,” Joshua Beagelman, who is organizing the nation’s first international oil and gas conference in the fall, told her.
  • Russia's PM Signals $40B State Help for Rosneft

    09/08/2014 10:13:26 PM PDT · by Rabin · 5 replies
    RigZone ^ | September 08, 2014 | Reuters Staff
    Russian oil production, the major source of government revenue (40 + percent) of state revenues, may decline ..., the Energy Ministry said on Monday. Russia's economy (is) heavily dependent on crude exports and on the brink of collapse. Oil production has been broadly in decline this year mostly due to the depletion of West Siberia's oilfields.
  • Vietnam building deterrent against China in disputed seas with submarines

    09/08/2014 6:15:26 PM PDT · by 2ndDivisionVet · 19 replies
    Reuters ^ | September 7, 2014 | Greg Torode, Megha Rajagopalan, Martin Petty, Tommy Wilkes & Dean Yates
    Vietnam will soon have a credible naval deterrent to China in the South China Sea in the form of Kilo-class submarines from Russia, which experts say could make Beijing think twice before pushing its much smaller neighbor around in disputed waters. A master of guerrilla warfare, Vietnam has taken possession of two of the state-of-the-art submarines and will get a third in November under a $2.6 billion deal agreed with Moscow in 2009. A final three are scheduled to be delivered within two years. While communist parties rule both Vietnam and China and annual trade has risen to $50 billion,...
  • Venezuelan socialism accomplishes the impossible, starts importing oil

    09/08/2014 8:03:07 AM PDT · by SeekAndFind · 16 replies
    American Thinker ^ | 09/08/2014 | Thomas Lifson
    The country claiming the world’s largest oil reserves is now reduced to importing oil. Walter Russell Meade of The American Interest compiles the information: The management acumen of Venezuela’s President Nicolas Maduro continues to amaze. Reuters: Algeria is in talks to export crude oil to fellow OPEC member Venezuela, Algerian Energy Minister Youcef Yousfi said on Tuesday, confirming a Reuters report. Last week, a document from Venezuela’s state-run energy company PDVSA seen by Reuters showed Venezuela was considering importing crude oil for the first time and could use Algerian light crude as blending stock to boost sales of its own...
  • Venezuela Set To Import Oil

    09/08/2014 5:30:51 AM PDT · by thackney · 18 replies
    American Interest ^ | September 6, 2014 | WALTER RUSSELL MEAD
    The management acumen of Venezuela’s President Nicolas Maduro continues to amaze. Reuters: Algeria is in talks to export crude oil to fellow OPEC member Venezuela, Algerian Energy Minister Youcef Yousfi said on Tuesday, confirming a Reuters report. Last week, a document from Venezuela’s state-run energy company PDVSA seen by Reuters showed Venezuela was considering importing crude oil for the first time and could use Algerian light crude as blending stock to boost sales of its own extra-heavy oil. “Yes, we are in talks,” Yousfi told Reuters when asked whether Algeria was planning to export crude oil to Venezuela. He declined...
  • Botched safety test, extra drilling key to “reckless” BP ruling

    09/08/2014 5:26:02 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | September 5, 2014 | Collin Eaton
    A federal judge’s ruling that BP was reckless in the lead-up to the Gulf of Mexico oil spill hinged on mishandling of well integrity tests and a decision to drill deeper than was deemed safe, among other factors the judge said were “motivated by profit.” For years, the London oil company has been waging courtroom warfare over the events before the worst oil spill in U.S. history, pointing to alleged mistakes by cement contractor Halliburton and rig operator Transocean, which owned the Deepwater Horizon rig where 11 workers died in an explosion as the disaster unfolded. U.S. District Judge Carl...
  • Under Putin's gaze, Gazprom starts mega-pipeline to China

    09/08/2014 12:37:53 AM PDT · by RC one · 1 replies
    UK Reuters ^ | 9/1/14 | Vladimir Soldatkin
    (Reuters) - President Vladimir Putin on Monday oversaw the start of construction on a giant pipeline that is due to ship $400 billion (240.78 billion pounds) worth of Russian gas to China in the three decades after flows begin in 2019.The 4,000 km (2,500 mile) "Power of Siberia" pipeline, being built by state-controlled Gazprom (GAZP.MM), forms a key part of the Kremlin's energy strategy, symbolising Russia's attempts to wean itself off dependence on European markets that account for most of its exports."Just now, we along with our Chinese friends are starting the biggest construction project in the world," Putin told...
  • Gasoline Prices in Delaware Averaging $1.71

    09/07/2014 11:17:22 PM PDT · by 2ndDivisionVet · 19 replies
    WILMINGTON, Del. (AP)- Gasoline prices in Delaware continue to plummet as the price of crude oil has fallen nearly 70 percent from its mid-summer high. AAA Mid-Atlantic says the average price for a gallon of regular in Delaware is $1.71....
  • Crude oil rail shipments set record pace

    09/05/2014 5:02:30 AM PDT · by thackney · 16 replies
    Fuel Fix ^ | September 4, 2014 | Michael Brick
    Rail shipments of crude oil rose to 119,634 carloads in the most recent fiscal quarter, an increase of more than 10 percent over the 106,605 shipments in the comparable period last year, according to figures released Thursday by the American Association of Railroads. The association, an industry trade group, called it the busiest quarter ever for crude oil shipments by rail. In the single month of August, shipments rose 25 percent compared to the previous August. Shipments of other commodities showed more modest gains. As oil production has soared past pipeline capacity, trains have become a favored alternative for the...
  • Following The Anti-Oil Money: Tides, Dicaprio, Saudi Arabia?

    09/04/2014 8:18:47 PM PDT · by PingPongChampion · 15 replies
    Poletical ^ | September 2nd, 2014 | R. Rados
    Journalist James O'Keefe recently tricked actors Ed Begley Jr. and Mariel Hemingway into accepting fake Middle Eastern money to help fund an anti-fracking film in Hollywood. Neither Begley or Hemingway knew they were being duped and secretly filmed. Both actors agreed to hide the fact that their film would be funded by Middle Eastern interests. O'Keefe also captured Hollywood producers explaining methods of hiding the funding, referring to various “non-profit groups” that would help keep Middle Eastern funding under wraps. The full undercover video can be watched right here. The idea that Middle Eastern countries like Saudi Arabia would invest...
  • The US Shale Experience: A Script for Mexico?

    09/04/2014 10:18:40 AM PDT · by thackney · 12 replies
    Forbes ^ | 9/03/2014 | Kenneth B Medlock III
    The ongoing energy reform in Mexico has been touted as opening the possibilities for a massive production increase from shale formations in the Burgos and Sabinas basins, largely because the assessments of technically recoverable resources reported by the US Energy Information Administration are so substantial. But, we should be careful not to put the proverbial “cart in front of the horse.” Specifically, as the US success story shows, although the geology (the cart in this case) might be very promising, there are a number of above ground issues (the horse) that must be aligned for large-scale successes to be realized....
  • Problems for natural gas trucks go beyond fueling

    09/03/2014 10:50:00 PM PDT · by george76 · 8 replies
    Watchdog ^ | September 3, 2014 | Arthur Kane
    In addition to the fueling problem, workers for Colorado’s Department of Natural Resources and Colorado Parks and Wildlife may have difficulties doing their jobs because of Compressed Natural Gas fuel tanks on trucks, ... When state fleet was pushing CPW to buy the vehicles, there were concerns for the employees out in the field. “That is additional cost to the agency and inefficiency,” CPW fleet manager Michelle Arnold wrote in January 2013. “The decreased hauling capacity because of CNG fueling tanks in the back of the bed of the pickups is going to severely limit if not totally preclude the...
  • Soros Signals Argentina’s Shale is Biggest Place to Be

    09/03/2014 7:36:19 PM PDT · by bananaman22 · 11 replies
    Oilprice.com ^ | 04/09/2014 | James Stafford
    One of the world’s legendary investors is upping his bet on Argentina’s shale oil and gas industry in a show of confidence for shale production in South America’s largest unconventional prize —and a big boost for both supermajors and smaller players making big waves in the heart of new discovery areas. George Soros has doubled his stake in YPF SA, the state-owned oil company in Argentina, which sits atop some of the world’s largest shale oil and gas resources, and is about to get even larger following a new discovery over the last couple of weeks of a second key...
  • US net oil import dependence tested new lows in June

    09/03/2014 5:22:26 AM PDT · by thackney · 7 replies
    Platts ^ | September 2, 2014 | John Kingston
    We hadn’t written about the monthly EIA statistics on US oil supply and demand for a while because they’d gotten kind of dull. The big movements recorded month after month, particularly in product export growth and net import dependence, had fallen into a bit of a predictable range. That changed in June. The EIA released numbers from that month today. US petroleum import dependence in June dropped to 4.659 million b/d. That’s only the second time in the post-shale era that number had been less than 5 million b/d. And the last time the US recorded a number that low...
  • 5 protesters blocking oil train arrested

    09/03/2014 4:58:08 AM PDT · by thackney · 27 replies
    Fuel Fix ^ | September 2, 2014 | Associated Press
    Five people have been arrested after demonstrated blocked railroad tracks at a Burlington Northern Santa Fe yard in Everett. Railroad spokesman Gus Melonas says two women and three men were taken to the Snohomish County Jail after refusing to leave a protest of train shipments of oil and coal and proposed export terminals in the Northwest... The group Rising Tide Seattle erected a tripod of poles over the tracks with a woman perched on top....
  • Report: Households See Electricity Prices Rising At Record Levels

    09/02/2014 5:16:20 PM PDT · by george76 · 42 replies
    Daily Caller ^ | 09/02/2014
    Electricity prices are on the rise across the country, according to federal government data. The average price has risen more than 3 percent since the same time last year — the highest year-over-year growth for the first half of the year since 2009. According to the U.S. Energy Information Administration, residential electricity prices — what households pay to keep the lights on — averaged 12.3 cents per kilowatt hour for the first half of this year. This is 3.2 percent above the average price this time last year. New England, however, saw prices rise significantly more than the national average....
  • Oil, Gas Companies Laying Groundwork for the Internet of Things

    09/02/2014 12:10:45 PM PDT · by thackney · 5 replies
    Rig Zone ^ | September 02, 2014 | Karen Boman
    At this stage, companies are building programs internally to address how they will adopt Internet of Things technologies and how to get the most benefits in terms of managing risks, reducing costs and bringing in new revenues, said Serhii Konovalov, who leads Cisco’s O&G Global Industry Solutions Practice and O&G Innovations, in an interview with Rigzone. Officials with Software AG are also seeing oil and gas companies starting to lay the framework and mapping their business processes to prepare their organizations for Internet of Things monitoring solutions. Software AG, which focuses on helping companies, including oil and gas companies, become...
  • Tropical Storms Bear Down On Mexico From Both Coasts

    09/02/2014 11:56:02 AM PDT · by thackney · 12 replies
    Rig Zone ^ | Sep 2, 2014 | Reuters
    Two separate tropical storms closed in on Mexico from both the Pacific and Atlantic Oceans on Tuesday, risking a double hit on the country a year after a pair of storms converged to cause major flooding that killed over 100 people. Tropical Storm Dolly, which formed in the southern Gulf of Mexico early Tuesday, is likely to strengthen slightly in the next 24 hours until it reaches the mainland, the U.S. National Hurricane Center (NHC) said. The severe weather has already forced the closure of two of the major crude oil export terminals used by Mexican state-run oil company Pemex....
  • Oilfield activity injects momentum into economy

    09/02/2014 5:10:34 AM PDT · by thackney · 1 replies
    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...
  • Oil tanker 'vanishes' with $100M cargo off Texas

    09/02/2014 4:29:12 AM PDT · by Enlightened1 · 54 replies
    WFAA ^ | 08/31/14 | Neal Colgrass
    The U.S. Coast Guard has lost track of a Kurdish tanker carrying $100 million in disputed oil off the coast of Texas, the Independent reports. Headed for Galveston, the United Kalavyrvta was anchored at least 60 miles off-shore when it vanished from radar screens. The ship's haul fell under legal dispute when Iraq filed a lawsuit in U.S. courts, urging American officials to grab the ship's oil in Galveston because it belongs to Iraq, not the Kurdish National Government.
  • A Big Summer Story You Missed: Soaring Oil Debt

    08/29/2014 1:58:24 PM PDT · by ckilmer · 12 replies
    resilience.org ^ | 8/29/2014 | by Andrew Nikiforuk,
    A Big Summer Story You Missed: Soaring Oil Debt by Andrew Nikiforuk, originally published by The Tyee  | TODAY Over 100 of the world's largest energy companies are running out of cash. Photo of Keystone pipeline in Nebraska by Shannon Ramos. Creative Commons licensed.Some of the summer's biggest news stories took place in the bombed schools of Gaza, the abandoned hospitals of the Democratic Republic of Congo, the wheat fields of eastern Ukraine and the bloody mountains of northern Iraq.But one of the most important made virtually no headlines at all, and seemed to only appear on the website of...
  • Mystery of the missing tanker: Ship carrying $100million in Kurdish oil vanishes from radar screens

    08/29/2014 9:36:25 AM PDT · by ColdOne · 38 replies
    dailymail.co.uk ^ | 8/29/14 | Jack Crone for MailOnline and Louise Boyle and Reuters
    full title....Mystery of the missing tanker: Ship carrying $100million in Kurdish oil vanishes from radar screens 60 miles off the coast of Texas A tanker loaded with $100 million of crude oil that has been at the center of a dispute over Iraq's oil billions vanished off the coast of Texas on Thursday. The Kurdish tanker disappeared from Coast Guard radar screens following a month of legal wrangling over whether it can offload its cargo in the U.S. As the disintegration of Iraq amid mounting violence continues, the semi-autonomous regime in Kurdistan – in the north of Iraq – is...
  • 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...
  • Disputed Kurdish oil tanker mysteriously goes dark off Texas coast

    08/29/2014 5:38:21 AM PDT · by TigerLikesRooster · 19 replies
    Reuters ^ | Aug. 29, 2014 | Terry Wade and Anna Louie Sussman
    Disputed Kurdish oil tanker mysteriously goes dark off Texas coast Reuters By Terry Wade and Anna Louie Sussman A tanker near Texas loaded with $100 million of disputed Iraqi Kurdish crude has disappeared from satellite tracking, the latest development in a high stakes game of cat-and-mouse between Baghdad and the Kurds. The AIS ship tracking system used by the U.S. Coast Guard and Reuters on Thursday showed no known position for the United Kalavrvta, which was carrying 1 million barrels of crude and 95 percent full when it went dark. The AIS ship tracking system used by the U.S. Coast...
  • Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    08/29/2014 12:43:49 AM PDT · by wetphoenix · 9 replies
    Exeminer ^ | August 27, 2014 | Kenneth Schortgen Jr
    Aug. 27 will officially go down as a red letter day in the history of reserve currencies and dollar hegemony in how oil and gas are purchased throughout the world. In a new announcement from the Russian business media source, Kommersant, Gazprom has conducted the first sale of oil in a currency other than the dollar, and will henceforth open their purchase window to accept both Roubles and Yuan for the exchange of oil and gas products. Beginning today with an 80000 ton oil shipment from their Arctic fields, Gazprom Neft agreed to new terms on the sale and transfer...
  • 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...
  • 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...