More Oil & Gas News

OTC: Many variables dictate N. America’s emergence as a global energy force

North American businesses and governments must work together toward the collective goal of advancing the continent’s energy aspirations. That was the message delivered by producers and government officials during a May 5 panel discussion at the Offshore Technology Conference in Houston.

Crude export ban could endanger US oil renaissance, Encana CEO warns

The plunge in crude oil prices since last summer is creating adverse impacts sooner than expected, and could endanger the economic renaissance the US has undergone from its dramatically increased production if crude exports are not authorized soon, Encana Corp. Chief Executive Officer Douglas J. Suttles warned.

DNO doubles Tawke capacity, reports lower 1Q revenue

DNO ASA reported it has doubled to 200,000 bo/d the production capacity from Tawke field in the Kurdistan region of Iraq.

Schumer bill would phase out older rail tank cars within 2 years

US Sen. Charles E. Schumer (D-NY) said he would introduce legislation requiring US railroads to replace tank cars carrying crude oil and other hazardous substances more quickly than new US Department of Transportation rules require. His announcement came 2 days after US and Canadian railway transportation regulators jointly announced the regulations.

Hollub named successor as Oxy chief executive officer

Occidental Petroleum Corp. has approved a plan in which Vicki A. Hollub will succeed Stephen I. Chazen as the company’s chief executive officer following “a thorough transition period.” Chazen has served in the position since 2011.

Husky Energy reports net earnings of $191 million (Can.)

Husky Energy Inc. reported first-quarter net earnings of $191 million (Can.) compared with a loss of $603 million in the previous quarter and year-ago earnings of $662 million.

OTC: New IADC well-control training program targets individual jobs

An industry-wide collaboration enabled the International Association of Drilling Contractors to develop a new well-control training and assessment program that is targeted toward an individual’s actual job, IADC executives told an Offshore Technology Conference news briefing May 6 in Houston.

OTC: BSEE director says industry on probation as far as public trust

Industry must cooperate and collaborate with a number of international stakeholders to achieve the highest safety standards offshore, Brian Salerno, director of the Bureau of Safety and Environmental Enforcement, told an Offshore Technology Conference breakfast May 6 in Houston.

MARKET WATCH: NYMEX crude oil price climbs above $60/bbl

Crude oil prices for June delivery topped $60/bbl on the New York market May 5, and the upward momentum continued in early trading May 6 when prices reached $62/bbl for the first time since December 2014.

OTC: Shell determined to proceed with drilling in US Arctic

Despite numerous regulatory hurdles and impassioned resistance from environmentalists, Royal Dutch Shell PLC maintains that it is on track to drill two wells in the Chukchi Sea during drilling season this summer.

OTC: IHS’s Fryklund: Deepwater will be vital to maintaining global supply

A major challenge ahead for the offshore oil and gas industry will be figuring out how to fill the 50 million-b/d gap in liquids production that will be needed to match rising demand by 2040, IHS Energy Chief Upstream Strategist Bob Fryklund told attendees May 4 at the Offshore Technology Conference in Houston.

OTC: Nova Scotia draws deepwater interest with latest bid round

The Canadian province of Nova Scotia reported the addition of seven new offshore blocks in its deepwater region May 5 at the Offshore Technology Conference in Houston.

ESAI: Refinery closures could hit 2 million b/d by yearend 2016

Global refinery closures by yearend 2016 could be more than the previously announced 1 million b/d of capacity, Energy Security Analysis Inc. reported. “The total capacity at risk of closure by that time is as high as 2 million b/d,” ESAI Refining Manager Christopher Barber said.

OTC: Brazil’s 13th bid round will be concession model, energy minister says

Brazil will use a concession model rather than a production-sharing model in the country’s 13th bid round later this year. The 269 blocks to be auctioned in the fourth quarter are outside of the presalt area and can be explored by any operator without a Brazilian partner, said Eduardo Braga, Brazil’s minister of mining and energy.

OTC: Indonesia seeks paradigm shift in developing western deepwater assets

Indonesia is working to change the way it develops its oil and gas resources, according to Ir. I Gusti Nyoman Wiratmaja, Indonesia’s acting director general of oil and gas. “Our vision is to enact a paradigm shift in the way we develop our energy resources,” Wiratmaja said May 4 at an “Active Arena” panel discussion at the Offshore Technology Conference in Houston.

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