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Keyword: oil

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  • 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...
  • Mapped: North Korea’s oil routes

    08/28/2014 3:34:42 AM PDT · by TigerLikesRooster · 7 replies
    NK News ^ | August 28th, 2014 | Leo Byrne and James Byrne
    Mapped: North Korea’s oil routes North Korea takes Russian oil while China's crude cut-off seems increasingly unlikely North Korea has stepped up oil imports from Russia with a growing fleet of tankers plying the country’s Far Eastern ports and terminals, NK News can reveal after a two-month investigation into the DPRK’s vessel movements and oil trading activities. The growing trade with Russia comes amid continuing reports that China has cut-off crude oil deliveries to North Korea. However, NK News has also found at least one North Korean crude oil tanker still regularly visiting Chinese terminals, indicating that trade is ongoing...
  • The Nail In The Petrodollar Coffin: Gazprom Begins Accepting Payment For Oil In Ruble, Yuan

    08/27/2014 12:25:39 PM PDT · by Rusty0604 · 15 replies
    Zerohedge ^ | 08/27/2014 | Tyler Durden
    Several months ago, when Russia announced the much anticipated "Holy Grail" energy deal with China, some were disappointed that despite this symbolic agreement meant to break the petrodollar's stranglehold on the rest of the world, neither Russia nor China announced payment terms to be in anything but dollars. In doing so they admitted that while both nations are eager to move away from a US Dollar reserve currency, neither is yet able to provide an alternative. This changed in late June when first Gazprom's CFO announced the gas giant was ready to settle China contracts in Yuan or Rubles, and...
  • 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...
  • US court scraps order to seize Kurdish crude from tanker near Texas

    08/27/2014 7:27:51 AM PDT · by DeaconBenjamin · 4 replies
    Hürriyet ^ | August/26/2014
    A U.S. court on Aug. 25 threw out an order to seize some 1 million barrels of disputed Iraqi Kurdish crude oil from a tanker near Texas, a move that could allow the cargo to be delivered and end a nearly month-long impasse. The United Kalavrvta tanker, carrying about $100 million worth of Kurdish crude, has been anchored in the Gulf of Mexico for weeks, as the Iraqi region of Kurdistan wages a legal battle over ownership with the central government of Iraq. At the request of Baghdad, the U.S. District Court for the Southern District of Texas in July...
  • 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....
  • 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....
  • Grain Piles Up, Waiting for a Ride, as Trains Move North Dakota Oil

    08/26/2014 8:57:37 AM PDT · by reaganaut1 · 33 replies
    New York Times ^ | August 25, 2014 | RON NIXON
    FARGO, N.D. — The furious pace of energy exploration in North Dakota is creating a crisis for farmers whose grain shipments have been held up by a vast new movement of oil by rail, leading to millions of dollars in agricultural losses and slower production for breakfast cereal giants like General Mills. The backlog is only going to get worse, farmers said, as they prepared this week for what is expected to be a record crop of wheat and soybeans. “If we can’t get this stuff out soon, a lot of it is simply going to go on the ground...
  • North Dakota: Legendary Among States. Residents happy with the economy, education, air quality

    08/26/2014 6:00:11 AM PDT · by SeekAndFind · 14 replies
    Gallup ^ | 08/27/2014 | by Art Swift
    WASHINGTON, D.C. -- "Oil boom" is probably the first phrase that comes to mind when one thinks about North Dakota. Yet North Dakotans see their state as much more than oil. They are highly satisfied with their schools, their air quality, their ability to find a quality job, and their overall standard of living. In Gallup's comprehensive survey of all 50 states, North Dakota ranks No. 1 on a variety of indicators spanning economics, public affairs, education, the environment, and well-being. In 2014, North Dakota is a complex, thriving state that is adapting rapidly to the economic and social factors...
  • Pioneer believes that through 2016 it can add more than 600 million BOE in proved reserves

    08/25/2014 4:15:19 PM PDT · by ckilmer · 15 replies
    fool.com ^ | August 25, 2014 | By Matt DiLallo
    3 Reasons Why Pioneer Natural Resources Stock Could Rise By Matt DiLallo | More Articles | Save For Later August 25, 2014 | Comments (0) Pioneer Natural Resources (NYSE: PXD  ) stock has gone up nearly 600% in just the past five years. That has crushed the market, which is up just over 92% over that same time period. Despite the market-crushing returns, there's still a lot of fuel left in Pioneer Natural Resources' tank. Here are three reasons why the stock could continue to rise.It's sitting on nearly 10 billion barrels of recoverable oil and gas Pioneer Natural Resources believes...
  • 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>
  • The Price of Oil Crushed Russia Once. Is It About to Happen Again?

    08/23/2014 9:42:34 PM PDT · by ckilmer · 34 replies
    fool ^ | August 23, 2014 | By Aimee Duffy
    The Price of Oil Crushed Russia Once. Is It About to Happen Again? By Aimee Duffy | More Articles | Save For Later August 23, 2014 | Comments (0) Russian oil pump. Photo credit: Wikimedia Commons/AcoderIn case you hadn't heard, Russia has an oil problem. The country is heavily dependent on oil tax revenue to fill its coffers, and trouble is brewing given today's low price for Russian crude. Consider these recent headlines from Reuters and The Moscow Times:"Russian oil prices fall below $100/barrel, straining budget""Struggling with Sanctions, Russia Faces Oil Price Crash"And if you go all the way back...
  • Ending ban on oil exports would mean cheaper gasoline, energy executive says

    08/22/2014 10:12:52 PM PDT · by ckilmer · 27 replies
    fuelfix.com ^ | August 22, 2014 at 7:51 pm | Vicki Vaughan
    Ending ban on oil exports would mean cheaper gasoline, energy executive says Posted on August 22, 2014 at 7:51 pm by Vicki Vaughan in Crude oil, Eagle Ford, Gasoline, LNG, Markets EmailPrint2 inShare (Jeff Pachoud/AFP/Getty) Should the government end its 40-year-old ban on exporting crude oil, the nation would enjoy benefits ranging from jobs to a decline in gasoline prices, an oil industry economist said in a talk this week in San Antonio.ConocoPhillips senior economist Helen Currie, citing a study by the energy consulting firm IHS Inc., said prices at the pump would fall by about 8 cents a gallon...
  • 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...
  • ISIS' thirst for oil could lead to 'global catastrophe' if unchecked, experts say

    08/21/2014 6:53:42 PM PDT · by 2ndDivisionVet · 21 replies
    Fox News ^ | August 21, 2014 | Joshua Rhett Miller
    Islamic State's thirst for blood has the world on edge, but its equally insatiable yearning for oil could prove a "catastrophe" for the global economy if the terror organization isn't stopped, experts say. The jihadist group, formerly known as ISIS, now controls seven oil fields and two small refineries in northern Iraq, bringing in as much as $2 million per day by selling up to 40,000 barrels via middlemen in illicit deals. The black market oil sells for roughly $25 to $60 per barrel, compared to the current market rate of $102, according to Luay al-Khatteeb, founder and executive director...
  • Legal battle brewing as Scio Township (MI) passes oil exploration moratorium

    08/21/2014 4:18:45 PM PDT · by cripplecreek · 25 replies
    Mlive.com ^ | August 21, 2014 | Ben Freed
    Scio Township and the West Bay Exploration Company are preparing to wade into uncharted legal waters after the township’s Board of Trustees passed a six-month moratorium banning oil exploration activity and drilling. The board passed the moratorium, along with a plan of action, by a vote of 7-0 at a special meeting Wednesday night at Scio Township Hall. According to the resolution, “during the moratorium period, no drilling operation shall be allowed in the township.” West Bay Exploration began drilling a 5,000-foot exploratory well at the corner of West Delhi Road and Miller Road this week and as of Wednesday...
  • Must-know: Tighter-than-expected oil supply in the future

    08/21/2014 4:09:40 PM PDT · by ckilmer · 24 replies
    marketrealist ^ | Aug 21, 2014 10:08 am EDT | Russ Koesterich, CFA
    Must-know: Tighter-than-expected oil supply in the future By Russ Koesterich, CFA - Disclosure • BlackRock  • Aug 21, 2014 10:08 am EDT First, here’s a quick look at my expectations for oil supply and demand. Currently, oil prices remain elevated because global demand has continued to climb, despite slower growth in China (FXI), and supply overall has been unexpectedly constrained by both geology and geopolitical unrest. Looking forward, oil supply is likely to remain constrained and oil demand is likely to continue to grow.Oil supply: There’s a good chance that future oil supply may be tighter than expected. Currently, oil prices...
  • 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...
  • Refracking brings 'vintage' oil and gas wells to life

    08/21/2014 9:24:35 AM PDT · by ckilmer · 26 replies
    samachar ^ | Aug 20, 2014,
    Refracking brings 'vintage' oil and gas wells to life Aug 20, 2014, 10.43AM IST (The development highlights…) HOUSTON/WILLISTON, NORTH DAKOTA: A fracking boom isn't enough for U.S. oil and gas producers - they're now starting the re-fracking boom.Wells sunk as little as three years ago are being fracked again, the latest innovation in the technology-driven shale oil revolution. Hydraulic fracturing, which has upended global energy markets by lifting U.S. crude oil output to a 25-year high, has been troubled by quick declines in oil and gas output. The development highlights how producers must constantly invest and tinker, both to...
  • Turn natural gas into gasoline for $1 per gallon

    08/21/2014 8:50:09 AM PDT · by ckilmer · 73 replies
    peakoil.com ^ | August 21, 2014
    Turn natural gas into gasoline for $1 per gallon The clear liquid flowing from a collection of pipes and wires in a Hayward industrial park smells just like gasoline, and for all practical purposes, it is.But it wasn’t made from crude oil. Instead, it came from natural gas, the fuel whose sudden abundance in America is reshaping the country’s energy landscape.Siluria Technologies says it can produce large quantities of gasoline, diesel, jet fuel and chemicals at a lower cost than traditional refineries and chemical plants. At today’s natural gas prices, Siluria’s technology could make gasoline at roughly $1 per gallon, according to...
  • 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’...
  • Pickens: Brent crude will be above $100 forever

    08/19/2014 12:54:27 PM PDT · by ckilmer · 5 replies
    cnbc ^ | 4 Hours Ago | Jackie DeAngelis
    Pickens: Brent crude will be above $100 forever Jackie DeAngelis | @JackieDeAngelis 4 Hours AgoCNBC.com 72 SHARES                         39COMMENTSJoin the Discussion Oil and gas entrepreneur T. Boone Pickens thinks international oil prices will stay high indefinitely—over $100 a barrel—despite recent declines in the futures market. Adam Jeffery | CNBC T. Boone Pickens At the Investools 4th Annual Investor Education Conference in Dallas, Pickens reminded investors that OPEC's largest producer, Saudi Arabia, needs oil prices to remain elevated in order to maintain its social spending programs; therefore, the Organization...
  • 5 Things Pioneer Natural Resources’ Management Wants You to Know

    08/18/2014 11:15:30 PM PDT · by ckilmer · 29 replies
    fool.com ^ | August 18, 2014 | By Matt DiLallo
    5 Things Pioneer Natural Resources’ Management Wants You to Know By Matt DiLallo | More Articles | Save For Later August 18, 2014 | Comments (0) Pioneer Natural Resources' (NYSE: PXD  ) management team earlier this month spent nearly 75 minutes discussing its second-quarter results with analysts and investors. The company believes it is sitting on more than 10 billion barrels of recoverable oil and gas in the Permian Basin. Here's what management wants investors to know about its plans to create value from that massive resource. No. 1: The water issue is slowly drying upOne reason for Pioneer Natural Resources' large...
  • Oil production in Permian causes pipeline bottleneck in Texas

    08/17/2014 8:05:45 PM PDT · by ckilmer · 13 replies
    rigzone ^ | Tue Aug 12, 2014 12:56pm EDT | Catherine Ngai
    Oil Production In Permian Causes Pipeline Bottleneck In TexasCatherine Ngai|Tuesday, August 12, 2014 NEW YORK, Aug 12 (Reuters) - Oil production from the burgeoning Permian Basin of West Texas is outpacing pipelines' ability to transport oil to the Gulf Coast, causing coastal refiners to pay an additional premium to acquire oil.On Monday, that bottleneck caused oil for delivery at Midland, Texas <WTC-WTM> to trade at nearly $20 a barrel less than Gulf Coast benchmark Light Louisiana Sweet <WTC-LLS>, the deepest discount in 17 months. It was little changed on Tuesday.The deep discount is a consequence of the U.S. shale revolution, which...
  • Why This Oil Baron Thinks U.S. Oil Production Could Double

    08/17/2014 3:17:37 PM PDT · by ckilmer · 47 replies
    fool.com ^ | August 17, 2014 | Adam Galas
    Why This Oil Baron Thinks U.S. Oil Production Could Double By Adam Galas | More Articles August 17, 2014 | Comments (0) America's oil production is on a roll. After peaking in November of 1970 at 10 million barrels per day (bpd) and declining for nearly 40 years to a low of just 5 million bpd in 2008, today's oil production has soared 67%. The Energy Information Administration (EIA) is expecting another 13.6% increase by 2016 to 9.5 million bpd, before production tapers off in 2020. This miracle has been made possible by soaring shale oil production out of Texas...
  • Islamist militants ‘executed 700 tribe members’ in Syria

    08/17/2014 12:32:18 AM PDT · by Brad from Tennessee · 9 replies
    France24 ^ | August 16, 2014 | Reuters
    Militants from the Islamic State Organisation have in the past two weeks executed 700 members of a tribe in eastern Syria, the majority of them civilians, a human rights monitoring group said on Saturday. The Syrian Observatory for Human Rights, which has tracked violence on all sides of the three-year-old conflict, said that reliable sources reported beheadings were used to execute many of the al-Sheitaat tribe, which is from Deir al-Zor province. The conflict between the group of fighters calling itself Islamic State (formerly known as Islamic State of Iraq and Greater Syria, or ISIS) and the al-Sheitaat tribe, who...
  • Trampling on Coal Country Families

    08/16/2014 11:50:09 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | August 16, 2014 | Paul Driessen
    Between 1989 and 2010, Congress rejected nearly 700 cap-tax-and-trade and similar bills that their proponents claimed would control Earth’s perpetually fickle climate and weather. So even as real world crises erupt, President Obama is using executive fiats and regulations to impose his anti-hydrocarbon agenda, slash America’s fossil fuel use, bankrupt coal and utility companies, make electricity prices skyrocket, and “fundamentally transform” our economic, social, legal and constitutional system. Citing climate concerns, he has refused to permit construction of the Keystone XL pipeline, and blocked or delayed Alaskan, western state and offshore oil and gas leasing and drilling. He’s proud that...
  • 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...
  • Russian oil giant seeks funds earmarked for pensions

    08/14/2014 1:45:36 PM PDT · by Berlin_Freeper · 6 replies
    Reuters ^ | Aug. 14, 2014 | Katya Golubkova and Dmitry Zhdannikov
    Russia's Rosneft , which produces more oil than Iraq or Iran, is seeking a $42 billion loan from a fund earmarked for Russian pensions to help it weather Western sanctions imposed over Moscow's role in Ukraine. Analysts expected the Russian government to turn down the proposal by the world's largest listed oil producer, one fifth owned by BP and run by a close ally of President Vladimir Putin, unless political pressure is brought to bear. It was one of the most stunning of several proposals for the Russian state to help firms hit by U.S. and European sanctions over Moscow's...
  • 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...
  • 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....
  • Oil and gas company debt soars to danger levels to cover shortfall in cash

    08/11/2014 4:08:43 PM PDT · by Lorianne · 19 replies
    Telegraph (UK) ^ | 11 August 2012 | Ambrose Evans-Pritchard
    The world’s leading oil and gas companies are taking on debt and selling assets on an unprecedented scale to cover a shortfall in cash, calling into question the long-term viability of large parts of the industry. The US Energy Information Administration (EIA) said a review of 127 companies across the globe found that they had increased net debt by $106bn in the year to March, in order to cover the surging costs of machinery and exploration, while still paying generous dividends at the same time. They also sold off a net $73bn of assets. This is a major departure from...
  • Thanks to Obama, Iran’s Economy Is Booming

    08/12/2014 7:18:37 AM PDT · by SJackson · 6 replies
    FrontPage Magazine ^ | August 12, 2014 | Majid Rafizadeh
    Thanks to Obama, IranÂ’s Economy Is BoomingPosted By Majid Rafizadeh On August 12, 2014 @ 12:30 am In Daily Mailer,FrontPage | 1 Comment According to the latest statistics, IranÂ’s economy is being stabilized, with oil exports increasing by approximately 30 percent. This economic recovery has emboldened and empowered the ruling clerics in the Islamic republic who are fighting several proxy wars in the Middle East by funding and arming Hamas and sending troops to Iraq to ensure the power of the Shiite coalition of Prime Minister Nori Al Maleki and by supporting the Assad regime financially, politically, militarily, and 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...
  • IEA Lower 2014 Oil Demand Growth Forecast on Global Economic Outlook

    08/12/2014 2:29:25 AM PDT · by OldGuard1 · 4 replies
    The Wall Street Journal ^ | Aug. 12, 2014 | Summer Said
    IEA Lower 2014 Oil Demand Growth Forecast on Global Economic Outlook Watchdog Cuts Estimate As Second Quarter Demand Growth Fell to Lowest Level in Two Years *** World oil demand will rise less than previously thought in 2014, due to a lower outlook for the global economy and demand growth in the second quarter falling to its lowest level in more than two years, the IEA energy watchdog said Tuesday. In its monthly oil-market report, the International Energy Agency—which advises industrialized nations on oil policies—trimmed its projection for growth in global demand this year to 1 million bbl/d... ... "Despite...
  • Ukraine may force changes in Russian gas transit to Europe.

    08/11/2014 6:48:17 PM PDT · by wetphoenix · 13 replies
    Reuters via Yahoo! ^ | Pavel Polityuk
    KIEV (Reuters) - Ukraine said European companies would have to agree on a major revision of gas contracts with Russia if Kiev imposes sanctions on Moscow and Gazprom, a measure that may lead to disruption in gas transit to Europe. 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. Ukraine gas grid Naftogaz said on Monday that the sanctions could limit or even exclude some companies from piping gas through the country, which would allow other firms to take over...
  • Obama opens rift with greens: Moving toward opening the Atlantic Ocean to drilling

    08/11/2014 2:22:45 PM PDT · by SeekAndFind · 5 replies
    The Hill ^ | 08/11/2014 | Laura Barron Lopez
    President Obama is moving toward opening the Atlantic Ocean to drilling in a major shift in U.S. policy that cuts against the administration's efforts to reduce global warming. Environmental groups applauding the president's pursuit of new power plant rules meant to reduce climate change are now preparing for a major battle over authorizing drilling in the Atlantic, and possibly the Arctic and Pacific oceans. President Obama is moving toward opening the Atlantic Ocean to drilling in a major shift in U.S. policy that cuts against the administration's efforts to reduce global warming. Environmental groups applauding the president's pursuit of new...