Railroad Commissioner Christi Craddick pointed to the positive impact Texas and U.S. oil producers will see as open crude oil markets increase demand for lighter, sweeter U.S. shale oil in keynote remarks at the North American Prospect Expo’s (NAPE) Global Business Conference in Houston earlier this week.
The thousands of attendees seeking reasons for optimism didn’t find them at the annual International Petroleum Week.
Repsol SA plans to shut down its unprofitable Varg oil deposit in the North Sea, the first time a Norwegian field will be closed because of the crude-price collapse.
The world is so awash with crude, the boss of BP Plc said people will be filling their “swimming pools” with it by the end of the year.
ProSep has been awarded a new contract by Statoil. The agreement, which commences this month, will see the company supply its proprietary ProSalt mixer technology to Statoil’s Gudrun platform in the Norwegian North Sea.
Plans to continue development on critical Norwegian Continental Shelf oil and gas projects over the past few months, enabled by the achievement of significant cost reductions, will give Norway’s government some reassurance over its decision to maintain the stability of its fiscal regime in the face of falling prices, says an analyst with GlobalData.
BP is planning for oil prices to stay low for the first six months of the year and expects surplus production to only start diminishing when storage tanks fill up in the second half.
OPEC revised estimates of production from rival suppliers, indicating a steeper drop in non-OPEC supply than previously anticipated.
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.
Sen. Lisa Murkowski, R-Alaska, has released a report prepared by the Congressional Research Service (CRS) raising key questions about President Obama’s proposal to levy a new $10/bbl tax on oil.
Shale patches in the U.S. are pumping out more oil and gas than the government previously thought.
MicroSeismic has announced the release of PIndex, DIndex and Production Forecast—proprietary completions evaluation services to quantify and predict reservoir drainage and production.
The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency.
Oil at $30/bbl is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash.
National Oil Corp. in western Libya warned traders against loading “illicit” cargoes of oil at Hariga port in the eastern part of the country amid claims by a competing organization that it’s arranging such sales.
The world’s largest independent oil trader said it’s "business as normal" with Iran as Vitol Group BV confirmed it has already bought cargoes from the country after the end of economic sanctions.
Total has started production from the Laggan and Tormore gas and condensate fields, located in 600 m of water in the West of Shetland area. The fields will produce 90,000 boed.
Unite, Britain’s biggest offshore oil trade union, has warned the UK government that billion-pound losses announced this week by oil industry supermajors could, without serious interventions, bring an end to meaningful production in the North Sea within years.
President Obama should be trying to make America’s energy sector more competitive, Sen. Lisa Murkowski warned after the President proposed a new $10/bbl tax on crude oil amid the worst oil slump since 1986.
U.S. President Barack Obama will launch a long-shot bid next week to impose a $10/bbl tax on crude oil that would fund the overhaul of the nation's aging transportation infrastructure, the White House said on Thursday.