More Oil & Gas News

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.

MARKET WATCH: NYMEX crude oil priced dropped modestly pending inventory

Crude oil prices for June delivery dropped modestly on the New York market May 4, which analysts largely attributed to a lack of clear direction in trading activity pending the May 6 release of the US government’s weekly inventory report on oil and product supplies.

OTC: Federal, state cooperation vital for offshore energy development

US coastal states and the federal government will have to continue having an open and honest dialogue about the safe and reliable exploration and development of offshore oil and gas resources, panelists agreed May 5 in an opening session at the Offshore Technology Conference in Houston.

EOG Resources posts $170-million 1Q net loss

EOG Resources Inc., Houston, reported a first-quarter net loss of $169.7 million, down from net income of $660.9 million during first-quarter 2014.

Merit settles NEPA charges at Michigan gas processing operations

Merit Energy Co. agreed to pay an $885,000 fine and initiate a leak detection and repair (LDAR) program at its Kalkaska, Mich., natural gas processing plant to settle federal charges that it violated the National Environmental Policy Act, the US Department of Justice and Environmental Protection Agency jointly announced on May 1.

OTC: Petrobras has full government support, says Brazil’s energy minister

Petroleo Brasilierio SA (Petrobras) still has “full and unconditional support” from the Brazilian government, said Eduardo Braga, the country’s minister of mining and energy, to an industry luncheon on May 4 at the Offshore Technology Conference in Houston.

CERAWeek: Company, industry have transformed since Macondo, BP CEO says

Apr. 20 marked the 5-year anniversary of the Deepwater Horizon explosion in the deepwater Gulf of Mexico that took 11 lives and resulted in the costliest oil spill in US history, a somber occasion that Bob Dudley, BP PLC chief executive officer since the aftermath of the incident, took a moment to remember during an Apr. 21 IHS CERAWeek luncheon.

Nelson’s bill would bar seismic activity off entire Florida coast

Saying that it puts him at odds with the Obama administration, US Sen. Bill Nelson (D-Fla.) introduced legislation that on Apr. 30 would prohibit oil and gas seismic activity off Florida’s entire coast.

Kerry lists Artic challenges

US Sec. of State John F. Kerry tried to emphasize cooperation as he assumed the Arctic Council's chairmanship for the next 2 years on the United States' behalf. He also did not hide the urgent concern he feels about accelerating climate change in the Far North.

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