Oil and Gas News

January 01, 2016

Ten Trillion Dollars Needed To Avoid Massive Oil Price Spike: OPEC
By Nick Cunningham of Oilprice.com
London, UK (SPX) Jan 01, 2016 OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world's energy needs. The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oil markets than in the past. On the one hand, OPEC does not see oil prices returning to triple-digit territory within the next 25 years, a strikingly bearish conclusion. The group expects oil prices to r ... read more

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Study assessed impacts of Deepwater Horizon oil spill on sea turtles Researchers investigating the impacts of the Deepwater Horizon oil spill on sea turtles found that over 320,000 juvenile sea turtles from populations throughout the Atlantic Ocean were likely presen ... more		No limit to output, Saudi Arabia says There is no limit to the level of Saudi crude oil production so long as demand permits, the Saudi oil minister said Wednesday from Riyadh. ... more		Canadian Oil Sands defends value against bid Canadian Oil Sands Ltd. said it was urging shareholders to reject a hostile bid from its counterpart Suncor, arguing it's positioned well for falling oil prices. ... more
				Brazil defends treasures of its 'Blue Amazon' Hundreds of years ago, Brazil's southern Atlantic waters were sailed by pirates in search of plunder. Now these remote depths, dubbed the "Blue Amazon", hold richer treasures for scientists. ... more		Oil production costs low, Iran says Pointing to low production costs, Iran's director for OPEC affairs said the economy will grow with exports even in a weakened oil market climate. ... more

Oil, gas wages for Colorado strong The oil and gas industry of Colorado accounts for around twice the average wage for other industries in the state, a university study found. ... more		Oil prices deflate as year winds down Crude oil prices retreated in Wednesday trading on sentiments of economic doubt from the International Monetary Fund director. ... more		Solar-driven ionosphere charges may nudge stressed faults toward rupture Stable black carbon in mangrove soils boosts coastal climate role Low crystallinity iron minerals show promise for chromium cleanup and carbon storage		New North Sea oil production begins Abu Dhabi National Energy Co. said it started producing oil from its Cladhan field in the British waters of the North Sea, its largest project to date. ... more
				Texas manufacturing offsetting oil sector weakness Manufacturing conditions in Texas continue to show gains, offsetting some concerns about the health of the oil sector, a state economic outlook finds. ... more		Siberian oil output to be supported by tax overhaul A new tax regime in Russia could pave the way to an increase in oil production from fields in Western Siberia, the Russian energy minister said. ... more

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Oil recovers from Monday's downfall Oil prices recovered some lost ground in early Tuesday trading on expectations of reasonable growth in 2016 for China and storms in U.S. oil producing states. ... more		U.S. gas prices inflated by refinery issues Refinery issues are again keeping gas prices higher for U.S. consumers who are watching crude oil fall to historic lows, retail market analysts said. ... more		Trump announces new US 'Space Academy' Israel signs with Greece one of its biggest-ever arms sales Middle East war a boon for UAE defence giant with global ambitions		Tests slated for giant Kashagan oil field Test runs for production from the Kashagan oil field, the largest in the world, should be conducted before the end of the year, a Kazakh minister said. ... more
Winter storms sock U.S. oil states Snow- and ice-covered roads are making for hazardous conditions in parts of the U.S. with high levels of oil production, travel advisories show. ... more		Iran vows to win back oil market share With more than 2 million barrels of oil per day expected on the market, an Iranian energy director said the country is ready to take a larger market share. ... more		Russia blames Saudis for low oil prices Russian Energy Minister Alexander Novak said in a television interview Monday it was Saudi Arabia that was to blame for the collapse in crude oil prices. ... more		North Dakota rig count hits new low The number of rigs actively exploring for or producing oil or natural gas in North Dakota is at a historic low, state data for Monday show. ... more

	Oil prices take nosedive Strong negative sentiment from some OPEC's top oil producers pushed crude prices deep into negative trading on the last Monday of 2015. ... more		Saudi oil revenue down 23 percent Total oil revenues for Saudi Arabia for the year are expected to be 23 percent less than the previous fiscal year, the Finance Ministry said Monday. ... more

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