Oil
Brazil's Oil Giant Petrobras Reports $10.2 Billion Quarterly Loss Amid Lower Oil Prices
RIO DE JANEIRO (AP) – Brazil’s state-run oil company, Petrobras, reported a record quarterly loss of $10.2 billion Monday due to a large reduction in the value of some assets amid lower oil prices. Petrobras has been at the center of a sprawling corruption scandal that has ensnared some of Brazil’s..
US Rig Count Drops 4 This Week to All-Time Low of 476
HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. dropped 4 this week to 476, a record low and another sign of continuing price woes in the oil and gas industry. A year ago, 1,069 rigs were active. Houston-based oilfield services company Baker Hughes Inc. said Friday ..
What Happens When Oil Hits $50?
The major beneficiary of the 54 percent jump in oil prices from the lows of $26 per barrel is the U.S. shale oil industry, which will utilize this rise to ramp up production and repair balance sheets. But any move above $45 per barrel will likely reverse all this good luck: The drop in production wi..
CO2 Corrosion Prediction: Consider the Need for Validation
Carbon dioxide (CO2) corrosion modeling software is used by asset owners, contractors and consultants in the oil and gas industry to predict the CO2 corrosion rate at both the design and operation phases of pipelines and well tubing. Prediction results from a dozen CO2 corrosion models are known to ..
Pipeline Pigs – You Have Got to be Kidding!
Even today, a lot of people laugh when you talk about putting a pig in a pipeline. And it takes a good 15 minutes to explain what they do and what they look like! There are an estimated 18-20 manufactures of pipeline pigs, most residing in the United States, with an estimated annual global market s..
AOPL-API Report Finds Pipeline System Growing
During the past five years U.S. crude oil pipeline mileage has grown by 22% for an increase of 12,000 miles – or to think of it another way, about the distance covered in two round-trips between Seattle, WA and Tampa, FL. “In the time the Keystone XL pipeline was under review, we built the equivale..
Study Shows China’s Oil Demand Slowing Almost 60%
ESAI Energy has released a new study, Balancing Act: China’s Oil Demand and Energy Mix to 2030 that takes an in-depth look at China’s oil demand trends to 2030, projecting energy mix and demand for 13 oil and alternative fuel products. The study shows in detail that the pace of oil demand from 2015-..
Texas to Share Shale Strategies With Mexico
Texas Railroad Commissioner Christi Craddick has met representatives from the Mexican Energy and Finance Ministries to review best practices and regulations governing the state’s shale industry. Mexico is reviewing terms of an auction for shale reserves in the Burgos basin located near the Texas bor..
United States Running out of Room to Store Oil
The United States has nearly 503 MMbbls of commercial crude oil stockpiled, the Energy Information Administration said last month. It’s the highest level of supply for this time of the year in at least 80 years. The inventories are the latest sign that the oil boom is still alive and kicking. U.S. o..
Q & A: We Can Win This, John Davies Tells Oil & Gas
John Davies, CEO and chairman of California-based Davies Public Affairs, warms to challenges, and that’s good news for the beleaguered energy industry which needs an eloquent and forceful advocate who can speak to the public. Davies has been active throughout the U.S. as a speaker at numerous confer..
New Security Solutions Meet Cybersecurity Challenges
While the oil and gas industry has suffered fewer major cybersecurity breaches than other industries to date, many minor incidents have occurred and it’s only a matter of time before a major oil and gas company will appear in the headlines along with companies such as Target. Global consultancy DNV..
Export Pipeline Needed to Catalyze East African Oil Production Boom
With recoverable oil reserve estimates of approximately 750 MMbbl in Uganda and Kenya respectively, and with government share of the reserves expected to be about 30-50%, the potential impact on economic development in these countries could be great. However, new infrastructure, including an export ..
U.S. Production to Fall to 8.1 MMbpd by Year End, Researchers Say
With sustained weakness in crude prices and oil rigs at the lowest level since the economic crisis of 2008, production in the United States is set to see significant year-over-year declines. U.S. production for the year peaked at 9.6 MMbpd in April and declined to 9.2 MMbpd by December. Industry re..
Grand Mesa Pipeline to Hold Open Season in 2Q 2016
NGL Energy Partners’ subsidiary, NGL Energy Partners LP, will conducting another open season for its 20-inch pipeline that originates at Lucerne/Riverside, CO and will deliver at least two grades of crude oil from the DJ Basin into NGL’s facilities at Cushing, OK. Grand Mesa expects the open season ..
Kinder Morgan’s Trans Mountain Pipeline Expansion Review
Kinder Morgan has not met the conditions set by British Columbia for expansion of its Trans Mountain pipeline, according to findings the B.C. environment minister submitted to Canada’s National Energy Board. The original Trans Mountain Pipeline was built in 1953 and continues to operate. Expansion ..
Siting Permit Awarded for Dakota Access Pipeline
The North Dakota Public Service Commission approved the siting permit for the Dakota Access Pipeline, which has been under review for over a year. The pipeline is to be built by Dakota Access LLC, a subsidiary of Energy Transfer Partners. The 1,134-mile, 30-inch pipeline will connect the Bakken and ..
TransCanada to Link 2,000-Mile Pipeline Network to Magellan Pipelines in Texas
TransCanada plans to connect with Magellan Midstream Partners’ oil pipelines that serve refineries in the Houston area – a connection that could potentially supply oil shipped on TransCanada’s international Keystone system. The $50 million project calls for a 9-mile, 24-inch pipeline linking the ter..
Value-Engineering Program Results in Improved Applied Oil Technology Efficacy and Efficiency
QS Energy, Inc., a developer of integrated technology solutions for the energy industry, recently completed a value-engineering program designed to improve the efficacy and efficiency of its AOT™ (Applied Oil Technology) crude oil viscosity reduction hardware. The program began mid-2015 with analys..
In Oil Price Plunge, North Sea Industry Faces Perfect Storm
ABERDEEN, Scotland (AP) — It’s Thursday night and the Spider’s Web pub is packed with beefy guys in windproof jackets and massive backpacks. The exhausted oil rig workers pile their bags against the wall, play pool or just slump in the leather seats, knocking back pints of beer. But despite the dri..
TransCanada Buys Columbia Pipeline Group in $13 Billion Deal
Columbia Pipeline Group announced it has entered into a definitive agreement to be acquired by TransCanada in a deal estimated at $13 billion. The transaction is expected to close in the second half of 2016. Following completion of the transaction, TransCanada will own the general partner of Columb..
Update: US Cancels Oil and Gas Lease on Montana Land Sacred to Tribe
BILLINGS, Mont. (AP) — The Obama administration on Thursday canceled a disputed oil and gas lease just outside Glacier National Park that is on land considered sacred to the Blackfoot tribes of the U.S. and Canada. The move came after U.S. District Judge Richard Leon criticized the government over ..
Shell, Saudi Aramco Split Assets, Including Big US Refinery
DUBAI, United Arab Emirates (AP) — Royal Dutch Shell PLC and Saudi Arabian Oil Co. will split up the assets of their joint U.S. venture, which will see the kingdom’s state-owned producer take full ownership of America’s biggest oil refinery, the companies announced late Wednesday. The Port Arthur, ..
Major Oil Producers to Talk Output Freeze in Qatar in April
DUBAI, United Arab Emirates (AP) — OPEC member states and other major oil producers plan to meet next month to discuss a freeze in oil output levels, Qatar’s top energy official said Wednesday. The gathering, which will build on earlier talks that included major suppliers Russia and Saudi Arabia, r..
IEA Sees 'Light At The End Of The Tunnel' For Oil Markets
The IEA struck a more bullish note in its latest monthly report, pointing to “signs that prices might have bottomed out.” The Paris-based energy agency found a variety of reasons to think that the oil markets are turning a corner, including: supply outages in Iraq, Nigeria, and the UAE; the decline..
In Reversal, Obama Admin to Block Oil Drilling in Atlantic
WASHINGTON (AP) — In a major reversal, the Obama administration said Tuesday it will not allow oil drilling in the Atlantic Ocean. Interior Secretary Sally Jewell made the announcement on Twitter, declaring that the administration’s next five-year offshore drilling plan “protects the Atlantic for f..
US Rig Count Drops 9 This Week to All-Time Low of 480
HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. declined by 9 this week to 480, a record low and another sign of the continuing economic woes in the oil and gas industry. The number of rigs seeking oil was at 386 while 94 explored for natural gas, Houston-based oilfi..
Russia: Iran Wants to Restore Oil Output Before Capping It
MOSCOW (AP) — Russia’s energy minister says Iran would consider joining a global deal to cap oil production only after it restores its output back to levels it enjoyed before international sanctions. Alexander Novak made the statement Monday after talks in Tehran with his Iranian counterpart. Russ..
$67 Oil Has All The Majors Converging Here
Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. Bu..
Is This The Next Offshore Sweet Spot For Big Oil?
France’s Total SA is searching for an “elephant” oil field off the coast of Uruguay. Uruguay does not have much of an offshore oil industry. But the Pelotas Basin, where Total is focusing, is starting to garner more interest. It borders Brazil and there is speculation that both countries have large..
Iowa Regulators Approve Bakken Pipeline Permit
DES MOINES, Iowa (AP) — The last state permit needed for a pipeline that will carry a half-million barrels of crude oil daily from North Dakota to Illinois was approved Thursday by Iowa utilities regulators, who also gave the Texas-based company authority to use eminent domain for land that property..
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Another Major U.S. Oil Refinery Shutting Down as Lyondell Confirms Houston Closure
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
- Macquarie, Dow Launch $2.4 Billion Gulf Coast Pipeline Infrastructure Partnership
