North America ///

Obama seeking $204.9 million for BSEE in proposed budget

President Obama’s fiscal year (FY) 2017 budget request for the Bureau of Safety and Environmental Enforcement (BSEE) is $204.87 million, a $196,000 increase above the FY 2016 enacted level, and includes $96.34 million in current appropriations and $108.53 million in revenue from rental receipts, cost recoveries, and inspection fees.

Anadarko slashes dividend 81% to weather oil-price crash

Anadarko Petroleum Corp. slashed its dividend by 81%, joining a parade of oil and natural gas drillers cutting investor payments as they struggle to preserve cash with prices below $30/bbl.

Obama’s $319-billion oil tax plan raised to $10.25/bbl

President Barack Obama proposed Tuesday to raise $319 billion over the next decade for transportation and other needs with a $10.25/bbl tax on crude—up from $10 that was announced last week.

EIA raises shale production estimates in monthly report

Shale patches in the U.S. are pumping out more oil and gas than the government previously thought.

Newpark releases liner-less spill containment system

Oil and gas operators can minimize cost of operation with the rigorously tested DEFENDER liner-less spill containment system from Newpark Mats and Integrated Services.

U.S. Silica introduces polyurethane low-temperature resin-coated proppant

U.S. Silica Holdings has announced the introduction of InnoProp PLT, a newly formulated resin-coated proppant designed specifically for enhancing the recovery of oil and gas in low-temperature reservoirs.

WPX Energy sells Piceance subsidiary for $910 million

WPX Energy has agreed to sell its wholly owned subsidiary WPX Energy Rocky Mountain, LLC, to Terra Energy Partners LLC for $910 million. The parties expect to close the sale in the second quarter.

GE oil deal offers new model to prevent BP-Like offshore spills

General Electric Co. is expanding its focus on offshore drilling rig safety with a new business that will take over handling of massive underwater equipment designed to prevent well blowouts and oil spills.

Oil drillers exposed in three-way hedges as crude dips below $30

Oil at $30/bbl is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash.

Pemex CEO resigns after three years of losses

Emilio Lozoya resigned as Petroleos Mexicanos’ CEO after the oil giant failed to reverse falling output and reported 12 straight quarterly losses.

Billions more in cuts needed from North American drillers: IHS

HOUSTON -- The depressed oil price environment is painting a gloomy outlook for North American E&P companies, and further, significant CAPEX cuts are needed in order for the group to demonstrate real financial discipline and align spending more closely with cash flow, according to new analysis from IHS.

Chesapeake says it has no plans to pursue bankruptcy

Chesapeake Energy Corp. said it has no plans to seek bankruptcy protection, dismissing a report that wiped out half the U.S. natural gas driller’s value.

Diamond Offshore, GE enter performance-based subsea BOP service agreement

Diamond Offshore Drilling and GE Oil & Gas have announced the offshore drilling industry's first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil & Gas.

Hess drops on share sale following first loss in 13 years

Hess Corp., the oil producer that reported its first annual loss in 13 years, fell the most in more than seven years, after announcing it’s selling $1.43 billion in stock.

Suncor wins over majority of Canadian Oil Sands shareholders

Suncor Energy Ltd. said Canadian Oil Sands Ltd. shareholders holding more than two-thirds of the stock tendered their shares in a takeover that will make the biggest oil-sands producer also the largest owner of the Syncrude project in norther Alberta.

Texas Alliance responds to Obama's proposed $10/bbl tax

The following statement was released by George Rogers, chairman of the board of the Texas Alliance of Energy Producers, in response to President Obama's announcement yesterday, that he will propose a $10/bbl tax on the sale of crude oil produced in the U.S.

Drillers pull 31 oil rigs as rig count reaches lowest level since ‘99

Drillers in the U.S. pulled 31 oil-directed rigs from the field this week as the oil price slump continues to hit the industry.

Schlumberger-Cameron merger receives European clearance

HOUSTON -- The European Commission has cleared Schlumberger and Cameron's proposed merger without any conditions following a Phase 1 review.

Battle of three oil benchmarks upending crude flows across globe

The oil tanker Tofteviken is set to sail from the U.K. this month carrying the first shipment of North Sea Ekofisk crude to the U.S. Gulf Coast in five years.

Lower-for-longer oil seen hurting offshore rig owners even more

As most of the battered oil industry looks ahead to 2017 for a solid recovery, signs are emerging that the downturn pain could last even longer for owners of the floating rigs that drill in water more than two miles deep.