OPEC and Russia Fail to Make Production Freeze Deal
In a meeting over the weekend in Doha, Qatar, OPEC members and Russian representatives failed to come to an agreement on a production freeze. The talks failed to reach agreement, partly because Saudi...
View ArticleSaudi Arabia Plans for Future of Saudi Aramco
Deputy Crown Prince Mohammed bin Salman announced a restructuring of Saudi Arabia’s Public Investment Fund (PIF) to be partly funded by selling shares in Saudi Aramco. He said that Saudi Aramco will be...
View ArticleSenate Passes Energy Policy Modernization Act
The Energy Policy Modernization Act, sponsored by North Dakota’s two senators is a bipartisan measure to speed up export of liquefied natural gas and assist nonprofit organization with energy efficient...
View ArticlePetroChina post $2.1 Billion Quarterly Loss
PetroChina, the world largest oil and gas producer, posted its first lost since it began public trading in 2000. The quarterly loss was the largest among all international majors. Chinese rival,...
View ArticleOTC is Optimistic
The mood at the annual Offshore Technology Conference in Houston this week is optimistic. Low oil prices have moved companies towards increased efficiency and innovation in all aspects of oil and gas...
View ArticleColorado Supreme Court Overturns Local Laws against Fracking
The Colorado Supreme Court announced its ruling on Friday, April 29 against local communities that sought to severely restrict oil and gas development and fracking. The court said that the state’s...
View ArticleOverview of GOM Deepwater Projects
Recovery from the deepwater drilling moratorium in the Gulf of Mexico growth continued from 2012 to late 2014, when the impact of low oil prices caused a 30% decline in spudding new wells in 2015. In...
View ArticleWild Fires Impact Canadian Oil Sands
Wildfires in Alberta and British Columbia have shut down over half the oil sands production in the Fort McMurry region. BP, Suncor Energy, Phillips 66, Statoil and Husky were among 11 production firms...
View ArticleShareholder Dividends Increase Majors Debt
The profit to dividend ratio for many major oil companies has become severely imbalanced. Since mid-2014 U.S. oil and gas companies have lost over one trillion dollars in value. Yet, during that period...
View ArticleFrance Considers Ban on Importing U.S. Shale Gas
The French Parliament is discussing banning import of U.S. natural gas because the American LNG contains 40% shale gas. In France, environmentalists have pushed through a ban on shale gas exploitation...
View ArticleAmerican Dream of Energy Independence is a Pipedream
One victim of the 2014 oil price collapse is the concept of America’s Energy Dependence. In 2010 many experts were predicting the shale oil and gas “revolution” could lead to U.S. energy independence...
View ArticleTOTAL Launches New Gas Plant in Shetland Islands
On Monday, May 16th, TOTAL announced the opening of a huge new gas plant to be located in the Shetland Islands on Scotland’s west coast. The goal is to bring gas from the Laggan-Tormore fields in the...
View ArticleArctic Oil Dream Continues
Norway announced last week that they plan to open exploration of Arctic waters off Norway. Officials say the Arctic holds “15 percent of the world’s undiscovered oil and 33 percent of the world’s...
View ArticleExploration Falls Below 1952
In 2015 the number of new oil discoveries fell to the lowest number recorded since 1952. Morgan Stanley analysts noted that as energy companies slashed their exploration budgets in 2015 in response to...
View ArticleRig Count Holds Steady
Baker Hughes reported on Friday, May 20, that the weekly rig count held steady for the first time in 2016. The count is holding at 318, the lowest level since October 2009. Drillers have added only one...
View Article2016 Ultra-Deepwater Technical Advisory Committee Meeting
Includes Geosciences & Reservoir Engineering & Environmental, Safety, and Regulatory
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