North America ///

Quiet Gulf hurricane season end leaves oil drowned in oversupply

Oil bulls can say farewell to another quiet Atlantic hurricane season in the Gulf of Mexico, which ends Monday without a storm-induced price rise to lift crude from its once-in-a-generation slump.

Oil pares weekly advance as global supply glut seen growing

Oil pared its first weekly gain in a month on signs the global surplus will expand and as the dollar increased, reducing demand for commodities as an investment.

Canadian energy companies seen disappearing in oil’s ‘new world’

Canada is poised to lose energy companies as the industry faces the “new normal” of lower and more volatile oil prices along with tougher climate and regulatory policies, billionaire investor Murray Edwards warned Friday.

Canadian Oil Sands seeks white knight as Suncor closes in on bid

Suncor Energy Inc.’s battle for Canadian Oil Sands Ltd. is getting more crowded.

Katalyst Data Management enters Australia, awarded major seismic data project

Mere months since their market entry into the Asia-Pacific, Katalyst Data Management, through its Australian subsidiary KDM SpectrumData, has taken on a major oil and gas seismic data management project for the Geological Survey of Queensland and the Department of Natural Resources and Mines in Australia.

U.S. drillers idle 13 more rigs: Baker Hughes

HOUSTON – Drillers in the U.S. idled 13 more rigs this week, according to the latest data released by Baker Hughes in advance of the Thanksgiving holiday. According to the service provider, the number of oil-directed rigs has now fallen for 12 of the past 13 weeks.

Oil declines after U.S. crude stockpiles advance in ninth week

Oil retreated after a government report showed that U.S. crude, gasoline and distillate fuel stockpiles increased.

Crude storage tanks nearing their brim spur ‘super contango’

Surging U.S. crude stockpiles that have filled storage tanks near capacity are widening the discount on immediate oil deliveries.

Pennsylvania fines Chesapeake Appalachia $1.4 million over well pad landslide

Pennsylvania’s Department of Environmental Protection announced Monday that Chesapeake Appalachia, LLC has agreed to a Consent Order and Agreement and will pay a fine of $1.4 million for violations of Pennsylvania's Oil and Gas Act, Clean Streams Law and Dam Safety and Encroachments Act.

U.S. Steel idles Granite City operations as oil price downturn drags on

United States Steel Corporation is to temporarily idle its Granite City Works steelmaking and finishing operations in Granite City, Ill., the company announced Monday.

Resolute Energy Corp. to sell Gardendale assets in Midland basin

Resolute Energy Corporation announced today that it has entered into a definitive agreement to sell its Gardendale assets in the Midland basin of West Texas to an undisclosed buyer for a purchase price of $177.5 million.

Oil declines as Venezuela sees mid-$20 crude on OPEC inaction

Oil extended its decline as Venezuela predicted prices may drop to as low as the mid-$20s/bbl unless OPEC takes action to stabilize the market.

Global oil job cuts top quarter-million as rigs at five-year low

The number of jobs gutted from oil and gas companies around the world has now passed the 250,000 mark, with still more to come, according to industry consultant Graves & Co.

Crude rebounds as U.S. oil rig count declines to five-year low

Crude rose after the number of active U.S. oil rigs dropped to a five-year low and as European Central Bank President Mario Draghi hinted at additional stimulus.

NuTech Energy acquires Emerald Operating and Rocky Mountain Exploration

NuTech Energy Resources, Inc., a natural gas and oil exploration and development company, is pleased to announce that the Company has entered into an agreement to acquire wells from Emerald Operating Company and Rocky Mountain Exploration, Inc.

Suncor and Canadian Oil Sands CEOs both say they’ve won

The chief executive officers of Suncor Energy Inc. and Canadian Oil Sands Ltd. both say they’ve got votes on their side as the nation’s top crude producer promotes a hostile takeover bid for its smaller rival. One of them is going to be disappointed.

WPX completes sale of Van Hook gathering system

WPX Energy has completed the sale of a North Dakota gathering system for approximately $185 million to a private equity fund managed by the Ares EIF Group, a subsidiary of Ares Management.

Paradigm Geolog 7.4 expands functionality for petrophysicists, geologists and engineers

Paradigm has released Paradigm Geolog 7.4, the latest version of its industry-leading Geolog® formation evaluation software suite.

UH Law Center joins Mexican oil and gas agency in mutual training and education pact

The University of Houston Law Center (UHLC) and Mexico's National Hydrocarbons Commission (CNH) recently launched a partnership that offers internships to law students while providing training and education in international energy law to Mexican energy officials.

Murkowski welcomes approval of U.S.-Mexico oil exchange license

U.S. Sen. Lisa Murkowski (R – Alaska) has applauded the U.S. Department of Commerce’s confirmation that the agency did in fact issue a cross-border oil exchange license with Mexico.