Latest Oil and Gas News
This section is no longer updated and has been replaced by three new sections: 1) Oklahoma Oil & Gas News [subscribers only], 2) National Oil & Gas News [public] and 3) World Oil & Gas News [public].
Newfield Exploration Midcontinent, Inc. of Tulsa completed the Virginia 1H-4X, BHL Section 4-2N-4W, Stephens County for 2,785 BOPD & 1,291 mcfgpd along with 432 barrels of water in a 12,874' TVD horizontal Springer test...see 1002A.pdf
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(by David Kent) Well, here we are again. Just when you think the good times will never end, they do. And, just when you think the market will never come back, it does. It has taken me a long time, but I now see these downturns for what they are - opportunities. I have been fortunate to have been involved...Read more
(by Myra P. Saefong) Crude-oil futures touched their highest levels of the year this week and they’re not done climbing yet. Marking their highest settlements since December, West Texas Intermediate crude, the U.S. benchmark, finished Thursday at $57.74 a barrel on the New York , while Brent crude...Read more
(by Ed Crooks) Last summer, Juan Ramos had four jobs; now he has none. A year ago, feeling frustrated and underpaid working in health insurance in Florida, he was stirred by stories of the fabulous money that could be made in the oil boom town of Williston, North Dakota. So he made the 1,800-mile journey north...Read more (may require free registration w/FT)
(by Alan Springett) [snip] many geologists believe the injection does not cause the quake activity, but it is inducing earlier release of the existing stress in those sliding faults. This is a good thing. Left alone, those faults would eventually build sufficient stress to release, but the magnitude of energy release has a high probability of being much higher, leading to greater damage. From a mitigation...Read more
(by Zachary Toliver) On Tuesday, Texas Railroad Commission Chairman Christi Craddick testified in front of a U.S. House committee at a hearing entitled "Hydraulic Fracturing: Banning Proven Technologies on Possibilities Instead of Probabilities." The Texas official voiced her concerns of hydraulic fracturing...Read more
(by Asher Price/Austin American-Statesman) Call them choo-choos, cabooses, or trains: The Texas Railroad Commission has practically nothing to do with them. For years, some lawmakers have vainly tried to change the name of the state agency that regulates oil and gas operations. The latest proposal...Read more
(by Rhiannon Meyers) HOUSTON -- Linn Energy will shutter its Denver office and eliminate 55 positions located there, the latest Houston-based oil company to cut back amid a commodity price plunge. Linn notified Colorado state regulators of plans to close the office by mid-June. The decision is part of a...Read more
(by Matt Zborowski) The US drilling rig count fell 22 units to 932 rigs working during the week ended Apr. 24, marking the 20th consecutive week of declines, according to data from Baker Hughes Inc. Oil rigs lost 31 units to 703, gas rigs jumped 8 units to 225. Horizontal drilling fell 21 units to 720. Oklahoma is down 3 units to 115. Harold Hamm, chief executive officer at Continental Resources Inc...Read more
(by Michael Blaise) Freeport McMoRan is considering a spin-off of its oil and gas business only two years after paying $9 billion to buy into the energy business and diversify its copper mining core. Freeport bought Plains Exploration & Production Company and McMoRan Exploration Company in...Read more
(by Jason Bordoff & Akos Losz) The global energy market is undergoing a historic transformation. Some major consumers of energy are now sharply growing production, with the United States emerging as the world’s top petroleum producer, thanks to a dramatic reversal of its oil and gas fortunes...Read more (.pdf)
(by Bill Burson) May natural gas is expected to open 2 cents higher Friday morning at $2.55 as traders for the moment discount indications of a milder than normal summer and market technicians stand aside. Overnight oil markets were mixed. According to early forecasts, the summer weather outlook appears mild...Read more (2 free article views w/NGI)
(by Bloomberg) Oil needs to recover to $65 a barrel for U.S. drillers to tap a pent-up supply locked in shale wells and unleash more crude on markets than is produced by Libya. Dipping into this “fracklog” would add an extra 500,000 barrels a day of oil into the market by the end of next year, Bloomberg...Read more
(by Dalga Khatinoglu) BAKU, Azerbaijan -- Iran says it is preparing to boost oil production and export to pre-sanction levels. Before the western sanctions were imposed on Iran in mid-2012, the country was producing about 3.7 million barrels per day (mb/d) of crude oil, of which around 2.2 mb/d was being exported...Read more
Top 100 US gas fields by reserves : EIA 4/24/2015
EIA last published the rankings of the top 100 oil and natural gas fields in 2009. Since then, using 2013 data, oil fields in the Eagle Ford and Bakken shale plays and natural gas fields in the Marcellus Shale have become significant contributors to total U.S. reserves. Fields in the Marcellus and Eagle Ford...Read more
(by Jeremy Van Loon/Bloomberg) For every barrel of oil produced from a well, there’s another seven of water, much of it boiling hot. Instead of letting it go to waste, some companies are planning to harness that heat to make electricity they can sell to the grid. Companies such as Continental Resources Inc...Read more
(by Marissa Hall) If there was one thing guaranteed to follow low oil prices (other than the loss of thousands of jobs) it was mergers and acquisitions. This has certainly rung true as companies consolidate their portfolios or use their war chests to snap up competitors while prices are down. The recent deal...Read more
(by Lynn Doan & Dan Murtaugh) Think the U.S. is awash in crude now? Thank the fracklog that it’s not worse. Drillers in oil and gas fields from Texas to Pennsylvania have yet to turn on the spigots at 4,731 wells they’ve drilled, keeping 322,000 barrels a day underground, a Bloomberg Intelligence analysis shows...Read more
(by Robert Grattan) HOUSTON -- Kinder Morgan said Thursday it was considering another expansion along a pipeline linking its natural gas system to Mexico. The expansion would add another 200 million cubic feet of capacity along the Mier-Monterrey pipeline, which runs 95 miles from the U.S....Read more
(by David Wethe) Half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International Plc said. There could be about 20 companies left that provide hydraulic fracturing services, Rob Fulks...Read more