US Oil Rig Count Dips As Prices Rise
Baker Hughes reported a 2-rig decrease to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 993, which is Continue Reading
Labor shortages in West Texas getting worse
The latest shale drilling boom is driving unemployment to the lowest levels in years in many of the areas that encompass the Permian Basin, a 17-county region that spans West Continue Reading
Weekly US gasoline exports breach 1 mil b/d amid weak Mexico production
US gasoline exports breached the 1 million b/d level in the week ended March 23, the fourth time this has happened and the first week it has ever occurred in Continue Reading
Texas-Sized Gas Conundrum Plagues America’s Busiest Oil Play
A pipeline shortage that’s leaving gas trapped in the Permian means prices for the fuel there are the lowest of any major US hub. (Bloomberg) — America’s most prolific oil Continue Reading
U.S. judge dismisses Exxon suit seeking to stop climate change probes
A federal judge on Thursday dismissed Exxon Mobil Corp’s lawsuit seeking to stop New York and Massachusetts from probing whether the company misled investors and the public about climate change Continue Reading
E.P.A. Prepares to Roll Back Rules Requiring Cars to Be Cleaner and More Efficient
The Obama-era rules to be reconsidered were designed to address global warming and put the United States at the forefront of global car-efficiency regulation. The Trump administration is expected to Continue Reading
Shale Breakevens Rise Amid Production Surge
U.S. shale companies are set to increase their capital expenditures by 20 percent this year, while also boosting their production guidance, according to Rystad Energy . Obviously, the Permian is Continue Reading
The Struggle Continues For Bankrupt Shale Drillers
Remember the wave of bankruptcies that hit shale E&Ps and oilfield services providers in the shale patch between 2015 and 2017? Over those two years, more than 120 oil and Continue Reading
U.S. Oil Interests In Jeopardy If Key NAFTA Provision Is Removed
A group of more than 100 GOP Senators and House Representatives has called on President Trump to keep investor protection provisions in NAFTA intact. Otherwise, the group says, U.S. investments Continue Reading
EV Battle Heats Up Amid Trump Tariffs
Electric vehicle makers have largely relied on aluminum to make their cars lighter in hopes of offsetting the weight of the battery pack and reducing overall weight in order to Continue Reading
$9.5B Deal Creates Biggest Player In The Permian
Concho Resources has struck a deal to acquire natural gas peer RSP Permian for US$9.5 billion in an all-stock deal that is the biggest acquisition in the sector since 2012. Continue Reading
An Energy Crisis Is Looming In South-East Europe
Since the dissolution of the Eastern Bloc, energy production in Southeast Europe (SEE) has been stymied by chronic underinvestment. As a result, infrastructure in the region is struggling to meet Continue Reading
Fifth Novatek icebreaker loads first cargo from Yamal LNG plant
Russia’s Novatek has loaded the first cargo from the Yamal LNG facility in northern Russia aboard the Vladimir Rusanov — the fifth specialized icebreaker vessel to enter service since the Continue Reading
Oil prices rise as OPEC seen continuing supply cuts through 2018
Oil prices rose on Thursday as the producer cartel OPEC and other suppliers look set to continue withholding output for the rest of the year and potentially into 2019. U.S. Continue Reading
Oil falls about 1 percent after surprise U.S. crude build
Oil prices fell about 1 percent on Wednesday after data showed U.S. crude inventories unexpectedly rose 1.6 million barrels last week, weighing on market sentiment. Brent June crude futures LCOc2 Continue Reading
Over-supply concerns drag oil lower early Wednesday
Over-supply concerns on Wednesday spoiled the rally that pushed oil prices above $70 per barrel in recent sessions, though continued recovery is expected. Crude oil prices spiked earlier in the Continue Reading
Barclays: Expect $51 Oil This Year
As oil continues to pair Monday gains on soaring U.S. crude inventory, Barclays is calling a $51-per-barrel price on WTI by the third and fourth quarters of this year, and Continue Reading
What Big Oil Can Learn From Typewriters
This logic may seem disjointed and even a little pithy, but there are parallels that run far deeper than you may think. Typewriters evolved into the new world of word Continue Reading
OPEC to stick to supply curbs despite oil rally to $71: sources
OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are Continue Reading
Four oil majors interested in Algeria offshore drilling: state agency
Oil majors Anadarko, Total, ENI and Statoil have expressed interest in helping Algeria start offshore drilling, according to state news agency APS which quoted the CEO of the North African Continue Reading
Saudi Aramco makes $10B handshake with U.S. firms
Oil and gas services company Schlumberger among the handful of companies involved in a multi-billion dollar investment forum with Saudi Aramco. Photo courtesy of Saudi Aramco March 28 (UPI) — Continue Reading
Iraqi oil minister mulls northern provincial reconstruction
Oil companies working in northern Iraq have been called on to assist with a reconstruction campaign that began after liberation from ISIS, the oil minister said. Iraqi Oil Minister Jabar Continue Reading
Rosneft to open research center in Qatar, as cooperation with OPEC members grows
Rosneft said Thursday that it has agreed to open a research and development center focusing on petrochemicals and shipbuilding technology in Qatar, following several meetings between Russian and Qatari officials Continue Reading
Nigeria: FAAC Meeting Deadlocked Over Discrepancies in NNPC Revenue
The three tiers of government couldn’t share revenue for the month of February owing to discrepancies of about N37.76 billion in revenue presented by the Nigeria National Petroleum Corporation (NNPC). Continue Reading
Nigeria: PENGASSAN, Oil Companies’ Dispute Deepens
The labour dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the oil service firms has worsened despite efforts by Petroleum Technology Association of Nigeria Continue Reading
Mexico expects $8 billion from offshore oil and gas auction
Mexico’s government estimates more than $8 billion will be invested over the lifetime of oil and gas contracts awarded in shallow waters in the Gulf of Mexico. The government said Continue Reading
Chinese lender gets in line behind Alaska LNG project
A major Chinese bank is among the financial entities tasked with raising equity to develop a liquefied natural gas project in Alaska, the developer said. Alaska Gasline Development Corp. wants Continue Reading
U.S. Oil & Gas Exports Hit All-Time High
U.S. energy exports rose to record levels last year, with both petroleum and natural gas posting record-highs as the shale boom and the second full year of no restrictions on Continue Reading
The End Of The Status Quo In LNG Markets
Chinese state-owned oil and gas giant PetroChina is planning to replace its oil-linked long-term LNG contracts with shorter, more flexible deals, a senior company official said late last week as Continue Reading
Mexico May Have Just Held Its Last Oil Auction
In what may be Mexico’s last oil auction amid a possible presidential election shakeup, the Mexican authorities on Tuesday auctioned off 35 oil and gas areas, awarding its first blocks Continue Reading
Chinese electric carmaker sets up US assembly plant
SF Motors has become the latest Chinese-owned company to unveil plans to break into the US electric vehicle market, at a time when a growing tech threat from China has Continue Reading
Venezuela Tries To Pay Russian Debt With Cryptocurrency
If crisis-hit Venezuela was hoping to pay off its US$3.15-billion debt to Russia with its new cryptocurrency, those hopes have been shattered as the Russian Finance Ministry announces that it Continue Reading
U.S. crude stockpiles build unexpectedly as imports jump: EIA
U.S. crude oil stockpiles rose unexpectedly last week as imports soared, while gasoline and distillate inventories fell more than expected, the Energy Information Administration said on Wednesday. A pumpjack brings Continue Reading
U.S. oil producer costs climb with more drilling: Fed Survey
Oil and gas business activity continued to climb last quarter, driven by an improved oilfield services sector, but costs for goods and labor also rose, the Federal Reserve Bank of Continue Reading
IEA sees short-term bottlenecks for U.S. oil sector
Steel tariffs and the pace at which U.S. oil production is accelerating could act as a short-term throttle to momentum, the International Energy Agency said. The United States is on Continue Reading
Texas looks to cut red tape from oil sector
The state energy regulator in Texas said it was looking to cut back on some regulations in order to stimulate the economy through increased production. The Railroad Commission of Texas, Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the Week Ending March 23, 2018 U.S. crude oil refinery inputs averaged about 16.8 million barrels per day during the week ending March 23, Continue Reading
Will Lithium-Air Batteries Ever Become Viable?
Lithium-air batteries sound too good to be true—using the oxygen available in the air to produce electricity. Theoretically, they could become serious competitors to lithium-ion batteries; but so far, a Continue Reading
US EPA poised to weaken 2022-25 fuel economy targets
The Trump administration is expected to move to weaken US fuel economy standards for 2022-25 model year cars this week ahead of a regulatory deadline Sunday, setting up a confrontation Continue Reading
Permian mega-merger expected to save Concho on oil, gas drilling costs
Concho Resources’ $9.5 billion acquisition of rival independent oil and natural gas producer RSP Permian, announced Wednesday, will give the combined company the largest drilling program in the Permian Basin Continue Reading
Concho, RSPP to combine, create largest unconventional shale producer in Permian
Concho Resources Inc., Midland, will acquire RSP Permian Inc. (RSPP) in a $9.5-billion stock transaction to create the largest unconventional shale producer in the Permian basin. The combined company expects to run Continue Reading
EPA staffers get talking points playing down human role in climate change
President Trump shakes hands with EPA Administrator Scott Pruitt in June after announcing plans to withdraw the United States from the international Paris climate change accord. (Andrew Harnik/AP) Environmental Protection Continue Reading
Study Predicts Major Expansion of Offshore Wind along Atlantic coast
Almost every state along the Atlantic coast — 12 out of 14 — has offshore wind potential that exceeds its current electricity needs, according to a new study. Bringing the Continue Reading
Poland approves environmental license for new lignite deposit
Poland’s largest utility Polska Grupa Energetyczna (PGE) said Thursday it has received a positive environmental decision for a project to excavate the Zloczew lignite deposit, which could supply feedstock for Continue Reading
Oil prices fall on surprise U.S. inventory rise; China crude volatile
Oil prices fell on Wednesday, with Brent falling back below $70 per barrel and U.S. West Texas Intermediate crudes dipping below $65, pulled down by a report of increasing U.S. Continue Reading
Higher gas prices are the new normal
The beginning of spring and a big spike in crude oil prices means U.S. consumers are paying more for gasoline and should get used to it, analysts said. Motor club Continue Reading
Oil market ‘locked’, almost all funds expect further price rises: Kemp
Hedge funds had turned more bullish on the outlook for petroleum prices, even before the decision to replace the U.S. president’s national security adviser with an anti-Iran hawk was announced Continue Reading
Some oil exporting countries suggest six-month supply cut extension: Iraq’s Luaibi
A number of oil exporting countries have suggested a six-month extension to the oil supply cut deal agreed by OPEC countries and non-OPEC crude producers, Iraqi oil minister Jabar al-Luaibi Continue Reading
Oil Falls After API Reports Major Surprise Crude Inventory Build
The American Petroleum Institute (API) has reported a major surprise build of 5.321 million barrels of U.S. crude oil inventories for the week ending March 23, with the market expected Continue Reading
The Invisible Sweet Spot For Big Oil
Big Oil showed in its latest earnings that it has adapted to the lower-for-longer oil prices and is now making nearly as much profit as it did when oil prices Continue Reading