More Unconventional News

PwC: Low oil prices might drive surge in restructuring in 2015

Feb 6, 2015

Mergers and acquisitions (M&A) in the oil and gas industry hit 10-year highs in terms of deal value and volume in 2014, according to a report from PwC US.

PAA to expand Delaware basin crude pipeline systems

Feb 5, 2015

Plains All American Pipeline LP (PAA) plans to build two Delaware basin crude oil pipelines and related gathering systems, to expand its existing Blacktip pump station, and to build a 20-in. OD loop line from Blacktip station to Wink, Tex.

Oil-price collapse may aggravate producing nations’ other problems

Feb 5, 2015

The recent global crude-oil price plunge could be aggravating underlying problems in Mexico, Colombia, and other Western Hemisphere producing nations, speakers suggested during a Feb. 4 discussion at the Woodrow Wilson International Center for Scholars.

Alberta’s premier seeks more North American energy integration

Feb 5, 2015

Better policy integration and cooperation will be needed for Canada, Mexico, and the US to fully realize the North American energy renaissance’s potential, Alberta Premier Jim Prentice said. Unfortunately, trends are leading more toward fragmentation and confrontation, he warned.

Deloitte studies oil supply growth for 2015-16

Feb 4, 2015

A Deloitte MarketPoint analysis suggested large-field projects, each producing more than 25,000 b/d, could bring on 1.835 million b/d in oil supply this year of which 635,000 b/d would be from members of the Organization of Petroleum Exporting Countries and the rest from non-OPEC productions.

EPA suggests DOS reconsider Keystone XL climate impact conclusions

Feb 3, 2015

The US Department of State might want to reconsider its conclusions regarding potential climate impacts from the proposed Keystone XL crude oil pipeline because crude oil prices have fallen so dramatically, a US Environmental Protection Agency official suggested.

Gazprom Neft starts shale oil production in western Siberian field

Feb 3, 2015

JSC Gazprom Neft reported start of shale oil production from the Bazhenov formation during tests of two wells in southern Priobskoye field in central western Siberia. Tests are planned for two other wells.

Anadarko reports 2014 loss, remains upbeat about Wattenberg

Feb 3, 2015

Anadarko Petroleum Corp. announced a 2014 net loss of $1.75 billion, or $3.47/share diluted, including a net loss of $4.05 billion associated with the settlement of litigation involving its subsidiary, Tronox Inc., yet company executives remained upbeat about production growth.

EnLink agrees to purchase Coronado Midstream for $600 million

Feb 2, 2015

EnLink Midstream has agreed to acquire Coronado Midstream Holdings LLC, which owns natural gas gathering and processing facilities in the Permian basin, for $600 million.

Antero trimming, delaying Marcellus drilling

Feb 2, 2015

Antero Resources Corp., Denver, has announced a $1.8 billion budget for 2015, which is down 41% from 2014. The independent said it plans to defer completions in the Marcellus during the second and third quarters to limit natural gas volumes sold into low-price markets.

Syncrude sees additional $260-400 million in possible budget cuts

Feb 2, 2015

The estimate for capital expenditures has also been reduced to $451 million net to COS, which includes $104 million of remaining expenditures on major projects and incorporates $110 million in cost reductions.

Novel upgrading technology cuts diluent use, capital costs

Feb 2, 2015

A novel bitumen upgrading process that decreases the amount of diluent required for pipeline transportation and reduces overall operating costs has been proven in a 100-b/d demonstration plant in Pennsylvania.

EIA: Stable oil outlook seen despite near-term rig-count reduction

Feb 2, 2015

According to data from Baker Hughes Inc., between the weeks ended Oct. 31, 2014, and Jan. 23, 2015, the number of active onshore drilling rigs in the Lower 48 dropped 16%, reflecting the sharp decline in oil prices over the last quarter of 2014.

BHI: Texas anchors 90-unit plunge in US rig count

Jan 30, 2015

The US drilling rig count plunged 90 units—a majority of which were in Texas—to settle at 1,543 rigs working during the week ended Jan. 30, Baker Hughes Inc. reported.

Victoria extends drilling, fracing ban

Jan 30, 2015

The new Victorian Labor government of premier Daniel Andrews has extended the coal seam gas (CSG) exploration and hydraulic fracturing ban in the state and launched another parliamentary inquiry.

Oxy cuts capital budget by a third

Jan 30, 2015

In the midst of falling oil prices, Occidental Petroleum Corp., Houston, expects to reduce its total capital spending for 2015 to $5.8 billion from $8.7 billion in 2014.

PwC: Low oil prices might drive surge in restructuring in 2015

Jan 29, 2015

Mergers and acquisitions (M&A) in the oil and gas industry hit 10-year highs in terms of deal value and volume in 2014, according to a report from PwC US. The record breaking year was primarily driven by a significant level of deals valued at more than $1 billion, especially in second-half 2014.

ASMP report lists routes to shale-stimulated manufacturing rebound

Jan 29, 2015

The US shale oil and gas renaissance has created a manufacturing rebound that could produce even more jobs and stimulate further economy growth with the right conditions, the American Shale & Manufacturing Partnership said in a recent report.

Cenovus trims additional $700 million from capital budget

Jan 28, 2015

Cenovus Energy Inc., Calgary, will defer $700 million in additional capital expenditures originally planned for 2015 until crude oil prices recover, targeting a revised budget of $1.8-2 billion, the company says.

Carrizo cuts drilling, completion spending by 35%

Jan 27, 2015

Carrizo Oil & Gas Inc., Houston, is cutting its drilling and completion capital expenditure plan for the year by 35% to $450-470 million, but expects to keep oil production roughly flat with last year’s fourth quarter.

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