Oil and Gas News

March 04, 2016

Oil weakness catching up with Texas
Houston (UPI) Mar 3, 2016
Oil price weakness is finally catching up with Texas oil producers and contraction is now expected throughout 2016, an industry economist said. Oil field services company Baker Hughes estimates 305 rigs were active in Texas in January, down 60 percent from the previous year. Karr Ingham, an economist who created the Texas Petro Index, said last time markets were this weak, there were about 100,000 fewer jobs than the estimated 230,000 in the exploration and production sector for January. ... read more

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Woes emerge after Aliso Canyon gas leak stopped After stemming a major methane gas leak, Southern California Gas Co. said the air was clear for residents despite a judge ruling against relocation. ... more		Eni expands capacity in Iraqi oil More capacity was added to operations associated with the Zubair oil and gas field in southern Iraq, Italian energy company Eni said Thursday. ... more		Deloitte brass to help lead Hess Hess Corp., a U.S. company focused on exploration and production, said a former boss at Deloitte was taking charge with chairman Mark Williams standing down. ... more
				Iraqi-focused Genel feeling market strains Iraqi oil-focused Genel Energy said that, even though production was up 22 percent from 2014, revenues for the year fell 34 percent on oil price weakness. ... more		Oil drifts lower again on inventory data Official data on U.S. crude oil inventories showed an increase, adding to supply-side concerns and sending oil prices lower for a second day Thursday. ... more

1,000 barrels of oil spilled in Russia's far east A subsidiary of Russian oil company Rosneft said Thursday about 1,000 barrels of oil were spilled at an oil field on Sakhalin Island in Russia's Far East. ... more		Oil price rally stumbles on inventory data A spike in U.S. crude oil inventories and questions about Chinese economic recovery brought an end to a short-term rally in oil prices in Wednesday trading. ... more		Fossil fuels harm health from 'cradle to grave': report Trash, mulch and security: All jobs for troops in Washington Rising oceans to threaten 1.5 million Australians by 2050: report		Shell faces fresh Nigeria pollution claims in London Oil giant Royal Dutch Shell came under renewed scrutiny on Wednesday over its environmental record in Nigeria after lawyers brought fresh claims of damage caused by spills to a London court. ... more
				Canada's Nexen reducing headcount A Canadian subsidiary of China National Offshore Oil Corp. said it was reducing its headcount as the industry works through a weakened oil economy. ... more		Exxon notes flexibility of investments Exxon Mobil said Wednesday it has room to adjust its investment program even after it outlined spending plans for the year at 25 percent below 2015 levels. ... more

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Tullow Oil may do OK, Moody's says The outlook for Africa-focused Tullow Oil is negative, though the company may recover on the back of new Ghanaian operations, Moody's Investors Service said. ... more		Russia confirms January oil production freeze proposal The Kremlin confirmed the directors at Russia's major oil companies agreed to a proposal to hold production levels static in an effort to stimulate the market. ... more		Alien civilizations may be far rarer than hoped study suggests Mapping the Universe faster without sacrificing precision Mysterious 'red dots' in early universe may be 'black hole star' atmospheres		Schlumberger touts streamlining during downturn The integration with fellow services company Cameron International will help drive momentum forward as the market recovers, Schlumberger said. ... more
Statoil to explore offshore Ireland Following a successful 2015 auction, Norwegian energy company Statoil said it was building a better position in the emerging reserve potential offshore Ireland. ... more		Sponge structure key to mopping up oil spills An interconnected structure, which water can easily flow through, is key to creating a highly effective mechanical sponge for clearing oil spills. These are the findings from scientists at the Istit ... more		Statoil taps first well for early phase of Johan Sverdrup Norwegian energy company Statoil said Tuesday it started drilling the first well for the Johan Sverdrup field, one of the largest ever discovered. ... more		Kremlin mulling privatization options for oil Russian investment consultants are being asked about the possible terms of privatization of parts of the state-controlled oil sector, a minister said Tuesday. ... more

	Commercial potential for British shale oil A British company tapping into inland shale oil basins said oil was flowing to the surface at a natural rate fast enough to yield obvious commercial potential. ... more		British fracking surveys may address tremors The British Geological Survey said Tuesday it's uncovered data that could help address concerns about seismic activity associated with hydraulic fracturing. ... more

U.S. defense in free fall

U.S. and Saudis conduct Middle East's largest counter-drone exercise

Saudi Arabia and Pakistan sign mutual defense pact

Iraq oil exports and revenue down in February		Texas shows increase in oil production		Oil surges on China stimulus, Saudi cooperation talk		U.S. gas prices spiking		California blowout led to largest US methane release ever
Weil revives helium industry in Saskatchewan		North Dakota rig count holds steady		Woodside names former Shell brass to board		Oil prices up on Saudi market pledge		Genel takes charge on lower Kurdish oil estimate

Gazprom production falters

MEO Australia gets support for Cuban oil program

Oil rebounds on China stimulus move

Potential for Texas LNG export facility building

Oil hopes fade offshore Congo

Oil prices posting heavy gains

Oil spill emergency in Peruvian native communities

Opposition building against Atlantic drilling

BP laying groundwork offshore Egypt

BASF sees further challenges from China, oil price this year

Halliburton cuts staff on market weakness

Italy's Eni lowers oil forecast

Crude oil drifts lower on U.S. employment data

Continental Resources calls for patience

Nation's largest methane release followed L.A. gas blowout

Oil-rich Alberta to linger in recession

First U.S. LNG cargo sets sail

Transocean sees trouble ahead

Repsol sells British wind energy business

Spain's Repsol loses 1.2 bn euros in 2015 due to oil price plunge

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