More Oil & Gas News

Approval of the Keystone XL crude oil pipeline project should be based on its merits, and not linked to higher taxes or more regulations, John A. Barrasso (Wyo.), John Hoeven (ND) and 22 other US Senate Republicans said in a May 23 letter to US President Barack Obama.

FracFocus, the online registry of chemicals and other hydraulic fracturing ingredients, will become easier to use when its new version goes into operation on June 1, a witness said during the US Senate Energy and Natural Resources Committee’s final natural gas forum.

Statoil has agreed to acquire a 12% working interest in 5,549-sq-km Block 6 offshore Tanzania from Petrobras Tanzania Ltd., the operator.

Increased flexibility for operators remains an open question in a revised proposal for federal regulation of hydraulic fracturing, according to a May 23 legal update by Roger W. Patrick of the law firm Mayer Brown.

PetroBakken Energy Ltd., Calgary, has received shareholder approval for a name change, effective immediately, to Lightstream Resources. Ltd.

Crude prices continued falling but at a faster pace May 22, down 2% in the New York futures market on disappointing inventories, a stronger dollar, and lackluster progress in the US economy.

Virginia’s two US senators, Democrats Mark R. Warner and Timothy M. Kaine, introduced legislation that would revise the US Bureau of Ocean Energy Management’s 2012-17 Outer Continental Shelf program by restoring to the schedule a lease sale off the state’s coast.

The US House approved Rep. Lee Terry’s (R-Neb.) bill to bypass the White House and congressionally authorize construction of the Keystone XL crude oil pipeline’s northern segment by 241 to 175 votes on May 22.

European officials and industry leaders have taken steps toward reviving energy-market reform and setting long-term targets for renewable energy.

Qatar Petroleum International (QPI) agreed to acquire a 15% stake in Total E&P Congo, stating this reinforces its commitment to invest in Africa.

Oil prices fell with front-month crude down 0.6% in the New York futures market May 21 as the US dollar rallied in expectation the Federal Reserve Bank would maintain current efforts to stimulate the national economy.

The US Environmental Protection Agency proposed standards to reduce vehicle emissions and sulfur content in gasoline beginning in 2017. Comments on the so-called Tier 3 requirements will be accepted until June 13, EPA said on May 21.

Oil and gas production from tight shale formations clearly is a long-term phenomenon and not a short-term trend, Deloitte LLP officials told reporters. The financial services company found growing confidence in unconventional energy resources in a survey it conducted last year, said John England, a vice-chairman and leader of its oil and gas practice.

As the US debates exporting more plentiful natural gas from new liquefaction along the East and Gulf coasts, gas exports to Mexico in the past 3 years have doubled, according to a recent research note from Barclays.