North America ///
Millions of barrels of untapped oil that U.S. shale drillers discovered during the boom years are about to disappear from their inventories.
The U.S. Coast Guard is responding to a report of a platform fire near Breton Island, Friday.
Vanguard Natural Resources and Eagle Rock Energy Partners have entered into an agreement and plan of merger pursuant to which a subsidiary of Vanguard will merge into Eagle Rock for total consideration of $474 million in Vanguard common units and the assumption of Eagle Rock's net debt of $140 million as of Mar. 31.
OPEC will stick with the strategy of favoring market share over prices when it meets next month because rival producers are already starting to buckle.
Canadian Pacific Railway Ltd. cut its forecast for moving crude by rail for a second time in four months because of production delays and lower demand for the commodity.
This year’s total will probably be 100,000 to 140,000 carloads, Chief Operating Officer Keith Creel said Wednesday. Canadian Pacific had forecast 140,000 in January, a reduction from its original outlook of 200,000.
Canada’s oil sands industry faces an equal risk from its reputation as an environmental laggard, as from high operating costs, industry observers said.
The failure to win approval for pipelines like TransCanada Corp.’s Keystone XL and Enbridge Inc.’s Northern Gateway is tied to concerns about carbon emissions with oil production, Ed Whittingham, executive director of the Pembina Institute, said at the Bloomberg Economic Series Canada summit in Toronto. “The oil sands feeds into concern about the climate,” he said. “The primary driving concern is climate.”
At the height of the U.S. energy boom, Texas landowner John Baen received about $100,000 a month in royalty payments from companies producing oil and natural gas on his property.
Magnetrol International has released the Eclipse Model 706 guided wave radar (GWR) transmitter configured with Modbus protocol. The Modbus communications protocol is widely used in the unconventional oil and gas industry, where the ECLIPSE offers advanced liquid and interface level control to ensure accuracy, efficiency, reliability and ease of use for production applications.
Transocean Ltd. has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (PSC) and with BP Exploration & Production Inc. and BP America Production Co.
Verisk Analytics, Inc. has completed the acquisition of Wood Mackenzie Ltd. The purchase price was £1.85 billion (approximately $2.8 billion, net of foreign currency hedges).
Halliburton has reached an agreement with BP Exploration & Production Inc. to resolve remaining issues, which includes indemnities between the parties and dismissal of all claims against each other, relating to the April 20, 2010, Deepwater Horizon well incident in the Gulf of Mexico.
Oil climbed after U.S. crude stockpiles dropped as refineries bolstered operating rates. Crude inventories declined 2.67 MMbbl last week, according to the Energy Information Administration. Refinery operating rates rose for the third time in four weeks. Gasoline supplies unexpectedly fell ahead of the Memorial Day holiday, which heralds the start of the U.S. summer driving season.
NCS Multistage, LLC, has created a Corporate Technology Group that will focus on new technology R&D, including identifying and commercializing complementary technologies and services that will enable its customers to improve efficiency and maximize hydrocarbon recovery.
The new group combines NCS’ Emerging Technology, Engineering and Corporate Technical Services teams with Anderson/Thompson Reservoir Strategies, NCS’ newly formed reservoir engineering and consulting business.
HOUSTON -- Packers Plus Energy Services has launched of the ePLUS Retina monitoring system as a cost-effective solution for observing downhole events and their effects on the reservoir.
Houston-based National Oilwell Varco LP has won nearly $400,000 from Mud King Products Inc. after a bankruptcy judge found that Mud King paid an NOV employee to steal hundreds of NOV's secret mud pump blueprints that Mud King was using to start manufacturing Chinese knockoffs when the scheme was uncovered.
Frank J. Macchiarola, executive vice president of government affairs at America’s Natural Gas Alliance (ANGA), issued the following statement on the passage of Texas S.C.R. 32, a resolution to help protect America’s competitive advantage in energy markets:
“ANGA applauds the Texas Legislature’s passage of S.C.R 32. This bipartisan measure urges Congress and the president to advance policies that will enable America to export natural gas to ensure our nation’s competitive advantage in energy markets as a global energy leader.
The U.S. is about to change the global LNG market forever.
When the first tanker carrying LNG from shale fields leaves the Sabine Pass terminal in Louisiana in December, it will turn consumers into traders with more bargaining power. That will transform a market dominated by long-term contracts into one where spot trading gains prominence, similar to crude oil.
Since the first LNG cargo went to the U.K. from Algeria under a long-term contract in 1964, buyers opted for guaranteed supply, because the fuel was scarce. That’s changing, because gas from the Eagle Ford and other plays will transform the U.S. into the third-biggest exporter by 2020.
Oil’s rebound and more certainty around company valuations are keys to driving mergers and acquisitions activity next year given the pent-up demand for deals, bankers said Tuesday at an energy forum in Houston.
“The dam will break at some point,” Stephen Trauber, vice chairman and global head of energy at Citigroup Inc., said at the Mergermarket conference.
JP3 Measurement announces the launch of the industry’s first in-line, field deployable, optical vapor pressure analyzer - the Verax VPATM. For the first time, operators can measure vapor pressure in condensate and crude oil in real time with no sample conditioning.
Geodynamics Inc. has acquired the assets of Connor Oil Tools. Connor Oil Tools manufactures bridge plugs, setting tools and cement retainers from their facilities in Saginaw, Texas.