Keyword: oil

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  • NM oil production hit record high in 2018

    03/13/2019 1:17:32 PM PDT · by CedarDave · 11 replies
    The Albuquerque Journal ^ | March 13, 2019 | Kevin Robinson-Avila
    Southeastern New Mexico is riding a monster wave of oil production, with output flooding into a record of nearly 246 million barrels in 2018, according to the latest statistics from the state Oil Conservation Division. That’s up 42 percent over 2017, when New Mexico produced nearly 173 million barrels, also a record high at that time. And it’s nearly three times the 86 million barrels produced in 2012, when the modern technologies of hydraulic fracturing and horizontal drilling unleashed a years-long gusher from previously untapped shale oil reserves in the Permian Basin in southeastern New Mexico and West Texas. Natural...
  • Report to Congress on Political Crisis in Venezuela and U.S. Policy

    03/04/2019 5:42:43 PM PST · by Retain Mike · 2 replies
    U.S. Navy Institute ^ | March 1, 2019 11:56 AM | Congressional Research Service
    Venezuela has been in a deep crisis under the authoritarian rule of President Nicolás Maduro of the United Socialist Party of Venezuela (PSUV). Maduro was narrowly elected in 2013 after the death of populist President Hugo Chávez, who had served since 1999. Maduro’s regime has exhibited high levels of corruption and economic mismanagement, which have exacerbated the impact of a decline in global oil prices on the country’s economy. According to the International Monetary Fund, Venezuela’s economy contracted by 18% and inflation exceeded 1.37 million percent in 2018. Nevertheless, Maduro has used the courts, security forces, and electoral council to...
  • Surviving 285: Oil and gas boom wreaks havoc on southeast NM highways

    03/03/2019 4:54:30 PM PST · by CedarDave · 42 replies
    The Albuquerque Journal ^ | March 2nd, 2019 | Ollie Reed Jr.
    Figures compiled by Eddy County show there were 17 roadway fatalities in the county in both 2018 and 2017 and seven in 2016. In Lea County, according to the New Mexico State Police, there were 24 traffic fatalities in 2018, 12 in 2017 and 10 in 2016. “There have been, I think, eight deaths on that highway (N.M. 128) between Jal and Carlsbad,” said Jim Harris, 76, director of the Lea County Museum in Lovington. “And the road south of Jal (N.M. 18) is all tore up. You cannot believe the kinds of holes that are in it now. It’s...
  • The battle for Citgo: How Venezuela's opposition leaders seized control

    02/24/2019 3:41:13 PM PST · by RightGeek · 12 replies
    Reuters via Yahoo ^ | 2/22/2019 | Marianna Parraga
    Asdrubal Chavez, chief executive of Houston-based Citgo Petroleum Corp, boarded the Venezuelan-owned firm's corporate jet in Caracas on Jan. 30, after meeting with top officials of the embattled administration of socialist President Nicolas Maduro about the latest U.S. oil sanctions. Upon landing in the Bahamas - where Chavez has worked for about a year after being denied a U.S. visa - he had received word from Houston that it would be his last trip on a company plane and that his Citgo email account had been shut off. Day-to-day control of the company had passed to Citgo's top U.S. executive,...
  • U.S. Shale Oil Output to Hit Record 8.4 Million Bpd in March: EIA

    02/19/2019 1:43:23 PM PST · by Red Badger · 31 replies
    money.usnews.com ^ | Feb. 19, 2019, at 3:15 p.m. | by Devika Krishna Kumar, Jonathan Oatis, Marguerita Choy)
    NEW YORK - U.S. oil output from seven major shale formations is expected to rise 84,000 barrels per day (bpd) in March to a record of about 8.4 million bpd, the U.S. Energy Information Administration said in a monthly report on Tuesday. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 43,000 bpd to a record 4.024 million bpd in March. A shale revolution has helped boost the United States to the position of world's biggest crude oil producer, ahead of Saudi Arabia and Russia. Overall crude production...
  • With Iran squeezed out, U.S. oil takes on new rivals in Europe

    02/11/2019 10:04:09 AM PST · by Hojczyk · 23 replies
    Yahoo Finance ^ | February 11, 2019 | By Olga Yagova and Devika Krishna Kumar
    Only a few years ago, before the hydro-fracking and shale revolution overturned the economics of U.S. oil production, the United States was the world's largest oil importer by far and prohibited exports of oil by law. Now shipments of U.S. crude into Europe have just hit a new record. January imports were 630,000 barrels per day, still - behind Russia and Iraq but above other OPEC producers including Nigeria and Libya. Higher U.S. crude exports have been helped by lower supplies of Iranian and Venezuelan crude, which Washington has put under sanctions, scaring buyers across the world. In the whole...
  • Bill would freeze fracking permits during impact study(NM Environuts find way to pluck Golden Goose)

    02/05/2019 10:16:28 AM PST · by CedarDave · 21 replies
    While driving at night through Counselor, on U.S. 550, the horizon takes on a dusky illumination, almost like daylight, said Samuel Sage, a member of the Navajo Nation’s Counselor Chapter House, at a news conference. Bright light flares from natural gas being burned off as part of oil and gas production have become increasingly common in northwestern New Mexico, particularly since 2013 said Sage. Sage was among several environmental advocates who gathered at the state Capitol in support of a bill that, if passed, would create a four-year moratorium on any new state permits for hydraulic fracturing — a type...
  • Russia’s policy on Venezuela influenced by CEO of oil giant

    02/05/2019 9:49:30 AM PST · by CondoleezzaProtege · 3 replies
    Radio Poland ^ | Feb 4 2019
    Russia is now "so deeply invested in the Maduro regime that the only realistic option is to double down." Financial Times' Alexander Gabuev says that Rosneft owns two offshore gas fields in Venezuela and holds stakes in assets boasting more than 20 million tonnes of crude. Caracas owes Rosneft USD 3 billion. Venezuelan opposition leader Juan Guaido last month declared himself interim president, winning the backing of the United States. Russia, meanwhile, supported Venezuela’s socialist leader Nicolás Maduro, who has led the oil-rich nation since 2013. The Kremlin is extending help to Maduro while the United States is imposing sanctions...
  • Apache and the Alpine High: Changing the Way the Oilfield Works

    02/04/2019 11:46:05 AM PST · by EyesOfTX · 40 replies
    Shale Magazine ^ | David Blackmon
    The Alpine High has always been there — well, it’s been there for several hundred million years, anyway — just waiting for the right team of scientists to come along and find it. As things turned out, it took a team staffed by people with little or no prior experience in the Permian/Delaware Basin to make the discovery. I first interviewed Keenan in August, 2016, shortly after Apache had made the initial announcement of the major new discovery, for a piece published on Forbes.com. During that interview, Keenan pointed to his team’s lack of previous experience in the region as...
  • Why Electric Vehicles Don’t Spell the End for the Internal Combustion Engine

    02/01/2019 10:44:58 AM PST · by EyesOfTX · 33 replies
    DB Daily Update ^ | David Blackmon
    The Afternoon Campaign Update (Because The Campaign Never Ends) Answering reader mail. – A reader in Houston emailed me this morning (david.blackmon@dbdailyupdate.com) with an energy-related question that is very timely. Here follows the email and answer I provided: Email: David, I really enjoyed listening to your appearance on the BYU podcast and reading this article: 7 Key Things To Know About Oil and Gas Your last point contained this tidbit that caught my attention: “The reality is that, despite the growing intervention into the auto market by electric vehicles, the demand for gasoline and crude oil in the U.S. continues...
  • A Republican N.J. lawmaker just switched parties. Here’s why she’s now a Democrat

    01/28/2019 6:46:42 PM PST · by usafa92 · 38 replies
    NJ.com ^ | 1/28/2019 | Brent Johnson
    Dawn Marie Addiego has served in the state Senate since 2010. (Courtesy) Republicans' power in New Jersey just shrunk again. In a rare and unexpected move, longtime Republican state Sen. Dawn Marie Addiego announced Monday she is switching parties and becoming a Democrat. “As gridlock in Washington dominates the news, it has become increasingly clear that in order to effect change you have to be part of the discussion and not on the outside looking in,” Addiego, who has represented South Jersey’s 8th District since 2010, said in a statement. “The people of the 8th District did not elect me...
  • Top liberal think tank suddenly distressed by all that money it took from a foreign government

    01/27/2019 12:14:59 PM PST · by bitt · 24 replies
    washington examiner ^ | 1/25/2019 | beckett adams
    One of the most prominent and politically active left-wing think tanks in the United States, the Center for American Progress, has announced that it will no longer accept funding from the United Arab Emirates, the Guardian reported Friday. “With a rising undemocratic tide around the world, and serious questions about which side of that struggle our own president stands on, it seemed clear that all Americans should take extra steps and leave no doubt where they stand,” a spokesperson for the liberal organization told the Guardian. The spokesperson added, “This funding never impacted any CAP position or policy, but everybody...
  • Oil and gas industry on edge (NM radical green Dems plan to rein in industry)

    01/22/2019 10:33:27 AM PST · by CedarDave · 21 replies
    The Albuquerque Journal ^ | January 21, 2019 | Kevin Robinson-Avila
    New Mexico’s oil and gas industry is facing significant regulatory reforms under the state’s new Democratic-dominated government, and it’s got producers on edge. That includes potential legislative amendments to New Mexico’s Oil and Gas Act to let the state Oil Conservation Division directly impose penalties and fines on operators who violate environmental laws, plus statutory changes in leasing policies to allow royalty rates for production on state lands to rise from 20 percent to 25 percent. The state’s first rules and regulations to control methane emissions in oil and gas operations are also on the horizon. “Folks down here are...
  • America's oil boom is terrible for the climate

    01/19/2019 7:11:04 AM PST · by Libloather · 73 replies
    CNN ^ | 1/18/19 | Ivana Kottasová
    London (CNN Business) America's push for oil and gas supremacy could lead to a "climate catastrophe," a new report has warned. The report by Oil Change International said that the United States is set to "unleash the world's largest burst" of carbon emissions from new oil and gas development if it goes ahead with its plans to expand drilling. "At precisely the time in which the world must begin rapidly decarbonizing to avoid runaway climate disaster, the United States is moving further and faster than any other country to expand oil and gas extraction," the report said.
  • U.S. Refiners Rush To Buy Heavy Oil As Trump Looks To Punish Maduro

    01/18/2019 1:48:01 PM PST · by bananaman22 · 24 replies
    Oilprice.com ^ | 01-18-2019 | Irina
    Refiners in the United States are stocking up on heavy crude, pushing prices higher, as the Trump administration prepares to slam more punitive measures on Caracas after the inauguration of Nicolas Maduro as president of Venezuela for a second term after elections considered illegitimate by Washington. Reuters reports that officials from the presidential administration met with oil industry executives to discuss the measures on the table, including the suspension ofrefined product exports to Venezuela or Venezuelan crude oil imports into the United States. Gulf Coast refiners have a limited choice of supplier when it comes to heavy crude. Besides local...
  • ‘Authorities,’ media don’t understand petroleum economics

    01/17/2019 11:32:28 PM PST · by brownwill6767 · 12 replies
    Midland Reporter Telegram ^ | 1/15/19 | Daniel Fine
    The United States and its southwest tight and shale oil has changed from dependence on world oil to domination. News of the size of oil reserves in the Delaware Basin (New Mexico’s share of the Permian) while OPEC was deciding how many barrels it will cut from the world market to lift prices caused epic confusion — and revelations of how little “authorities” and the media understand petroleum economics. The New Mexico media, which relies mainly on interviews with petroleum industry spokespersons, got it wrong. Recommended Video Government numbers came out as 46 billion barrels (Permian total) with 26 in...
  • One Billion Barrels of Oil Discovered off US Coast

    01/10/2019 9:46:15 AM PST · by DeathBeforeDishonor1 · 78 replies
    Hot Air ^ | 1/10/19 | Savannah Pointer
    British Petroleum announced this week that it had identified a drilling area capable of producing 1 billion barrels of oil in the Gulf of Mexico. The discovery was made thanks to what the company referred to as “recent BP breakthrough in seismic imaging” used for oil exploration. And the announcement came only days after Bloomberg reported that the United States had become became a net exporter of oil for the first time in decades. In a news release, BP announced it expected to grow its gulf production to around 400,000 barrels of oil per day in the next decade. “BP’s...
  • Russian Nordstream 2 Pipeline Losing Support in Germany (Thank Trump!)

    01/09/2019 12:19:01 PM PST · by CondoleezzaProtege · 12 replies
    OilPrice.com ^ | January 08, 2019 | Nick Cunningham
    The Nord Stream 2 pipeline is running into some trouble amid withering opposition from the Trump administration. As it stands, Russia still needs to ship large volumes of gas to Europe via Ukraine. Nord Stream 2 would allow Russian gas to bypass Ukraine, giving Russia more leverage to meddle in Ukraine while still reliably delivering gas to Europe. Merkel has been supportive of the project, not least because several major western European companies have stakes in the pipeline, including Royal Dutch Shell, as well as major German companies Wintershall and BASF. Last year, Merkel, under intense pressure from the Trump...
  • Is Iran Exaggerating The Demand For Its Oil?

    01/08/2019 3:29:28 PM PST · by bananaman22 · 8 replies
    Oilprice.com ^ | 08-01-2018 | Haley
    After the United States pulled out of the Obama-era Iran nuclear deal and re-imposed and added to sanctions last year, the Trump administration granted waivers to eight countries who were already established buyers to continue buying specified amounts of Iranian oil for 180 days. Now, however, a senior Iranian energy official in Tehran says that these countries are not making use of the waivers and are instead complying fully with the strict zero-oil sanctions. According to Iran's deputy oil minister for trade and international affairs Amir Hossein Zamaninia, "China, India, Japan, South Korea and other countries that were granted waivers...
  • Why Goldman Just Drastically Slashed Its Oil Price Prediction

    01/07/2019 7:36:43 AM PST · by bananaman22 · 8 replies
    Oilprice.com ^ | 01-07-2019 | Irina
    Goldman Sachs reduced its outlook for oil prices this year citing abundant supply, Bloomberg reports, quoting a note to clients. The investment bank’s analysts now expect Brent crude to average US$62.50 a barrel this year, down from an earlier projection of US$70 a barrel. West Texas Intermediate, according to Goldman Sachs, will average US$55.50 a barrel, compared with an earlier estimate of US$64.50 a barrel. The price outlook revision was motivated by expectations of another glut despite the OPEC+ production cuts aimed at removing 1.2 million bpd from the global market and continued growth in U.S. shale oil production, as...