To assert that the US government makes poor energy choices, as was done in this space last week, is not to argue that the government should do nothing at all with energy.
Traders were watching the Israeli-Lebanese war, supply disruptions in Iraq and Nigeria, and international wrangling over Iran’s nuclear ambitions when the next major energy crisis came whistling down from Alaska’s North Slope to blindside world markets.
World oil and NGL production capacity could increase by as much as 25% by 2015, with NGLs and extra-heavy oils accounting for much of the capacity growth, said Cambridge Energy Research Associates, Cambridge, Mass.
It quickly grew obvious that US regulators would expand their crude oil pipeline oversight after BP PLC announced 2 weeks ago that it had to shut down part of its Alaska North Slope system because of internal corrosion.
BP Exploration (Alaska) Inc. decided it could safety continue production from the Prudhoe Bay Western Operating Area (WOA), following review of WOA pipeline inspection data and extensive consultations with federal and state regulators.
Energy leaders on both sides of the US Capitol demanded more information on Aug. 10 as BP PLC moved ahead with plans to shut down much of its crude oil pipeline system on Alaska's North Slope.
House Energy and Commerce Committee Chairman Joe Barton (R-Tex.) questioned BP PLC’s commitment to safety, reliability, and responsible stewardship of US energy resources on Aug. 11.
The US Pipeline and Hazardous Materials Safety Administration (PHMSA) issued new orders to BP Exploration (Alaska) Inc. on Aug. 10, requiring additional rigorous inspections of the company's entire Alaskan North Slope crude pipeline network and outlining safety criteria that the BP PLC division must meet before it can restart its downed line there.
Occidental Petroleum Corp. has agreed to buy oil and gas properties, mainly in California and Texas, from Plains Exploration & Production Co., Houston, and certain subsidiaries, for $865 million.
The world’s first smart, wireless, multiwell, plunger controller with the capability of allocating natural gas and oil volumes while providing real-time well tests provided a means for optimizing production from wells in the Wattenberg gas field in Colorado.
The ConocoPhillips refinery in Ponca City, Okla., recently completed a project to increase refinery profitability through increased flexibility of its No. 1 crude and vacuum unit.
The planned implementation of the Medgaz Integrity Management System (MIMS) is expected to offer savings of 10-20% on pipeline maintenance through guaranteed up-time and risk reduction in operating the deepwater pipeline system.
