Chinese Company Makes a Splash in Texas Shale
Crude Oil Pipeline Chinese conglomerate Yantai Xinchao has US$1 billion to blow and is looking to buy oil-producing assets in the Permian Basin as it moves aggressively to expand its Continue Reading
The long twilight of the big oil companies
The annual meetings of some of the world’s largest oil companies this week were like therapy sessions for an industry that is suffering from existential angst. The international objective of Continue Reading
Texas production levels on the rise
Texas oil production for March was up 1 percent from the previous month, state data show, as crude oil prices staged a sustained recovery. The Railroad Commission of Texas, the Continue Reading
U.S. Oil Company Sets New Record with Second Bankruptcy in One Year
For the second time in less than a year, oil services provider Hercules Offshore is heading for Chapter 11 bankruptcy protection by entering a restructuring support agreement (RSA). The Wall Continue Reading
Maersk adds new rig to its fleet
Maersk Drilling said Friday it acquired a rig designed for harsh environments from struggling rival Hercules Offshore for deployment in the North Sea. Maersk entered into an agreement with a Continue Reading
Why Canada’s Oil Sand Producers Will Recover Quickly From The Wildfires
Alberta Oil Sands Factory Canada’s oil sands producers in the Fort McMurray region are watching the weather to determine if and when they can move the necessary people back to Continue Reading
Why The Bust For Offshore Drillers Might Last Another 2 Years
Atlantic Offshore Statoil cancelled a contract for a drillship with Seadrill, which it had intended to use for drilling operations in the Atlantic, near Newfoundland. The cancellation is the second Continue Reading
BP Seeks Longer Life for Thunder Horse with Water Injection
BP Plc is seeking to extend the production life of one of its biggest operated deepwater U.S. Gulf of Mexico fields with a major water injection project. The company announced Continue Reading
The Desperate Plight of Petro-States
Pity the poor petro-states. Once so wealthy from oil sales that they could finance wars, mega-projects, and domestic social peace simultaneously, some of them are now beset by internal strife Continue Reading
Oil Industry Headed for Record Third Straight Year of Cutbacks
Some Signs of Recovery Amid Uncertainty Global crude supplies will start to dwindle in as little as two years, boosting prices, as the industry cuts investment to weather the worst Continue Reading