General Interest

State regulators eye continuing pipeline safety challenges

Thu, 09 Feb 2012 20:37:00 GMT

Enactment of new federal pipeline safety legislation was a good start, but state pipeline regulators will need to address ongoing challenges to keep systems efficient and economic as well, officials attending the National Association of Regulatory Utility Commissioners were told during its 2012 winter meeting.

Aramco, S-Oil sign long-term supply deal

Thu, 09 Feb 2012 20:21:00 GMT

Saudi Aramco has signed a rare long-term crude oil supply deal with S-Oil of South Korea in an apparent attempt to defray fears in the Asian country about supply losses from Iran.

Albania: Shell takes Berati thrust belt farmout

Thu, 09 Feb 2012 19:01:00 GMT

A unit of Royal Dutch Shell will take a farmout from Petromanas Energy Inc., Calgary, on 852,000 acres in the Berati thrust belt onshore Albania.

MARKET WATCH: Oil prices continue rally as gas retreats

Thu, 09 Feb 2012 17:39:00 GMT

Crude prices continued advancing in a mixed market Feb. 8 while the front-month natural gas contract retreated 1% in New York.

Sinochem to buy Total's Cusiana, pipeline interests

Wed, 08 Feb 2012 20:45:00 GMT

Sinochem is buying Total SA’s Colombian subsidiary TEPMA BV, and the French company plans to maintain its exploration interests in Colombia.

API economist sees prospective federal regulatory avalanche

Wed, 08 Feb 2012 18:23:00 GMT

Growing interest in oil and gas activities by more federal departments and agencies potentially could stifle development of ample US resources, American Petroleum Institute Chief Economist John C. Felmy warned. “Eight federal agencies in all are looking at hydraulic fracturing alone, some with no timelines,” he told reporters during a Feb. 8 teleconference.

MARKET WATCH: Crude oil prices rebound amid Iranian threats

Wed, 08 Feb 2012 17:51:00 GMT

Crude oil prices rose Feb. 7 amid threats by Iranian officials to cut off oil exports to European Union countries that voted in January to impose sanctions in a long-running dispute over Iran’s nuclear program.

Obama administration outlines Arctic energy policy initiatives

Tue, 07 Feb 2012 22:41:00 GMT

Obama administration officials announced a series of initiatives that they said are aimed at bringing the best available science to energy-related decisions in the Arctic. The initiatives include development of an Arctic environmental emergency response mechanism by this summer, they told the Alaska Forum on the Environment in Anchorage.

US House panel passes bill requiring more studies of E15 impacts

Tue, 07 Feb 2012 20:45:00 GMT

The US House Science, Space, and Technology Committee approved legislation that would require the US Environmental Protection Agency to further study possible impacts of increasing allowable ethanol levels in gasoline to 15%.

MARKET WATCH: WTI price dips, natural gas price rises in mixed market

Tue, 07 Feb 2012 19:07:00 GMT

The front-month crude contract dipped below $97/bbl in a mixed New York market Feb. 6, but front-month natural gas rebound 1.9% on forecasts of colder weather across the US.

Canada, Alberta commit to 'improve' environmental monitoring of oil sands

Mon, 06 Feb 2012 22:29:00 GMT

The governments of Canada and Alberta, stung by the recent US decision to postpone development of the Keystone XL crude oil pipeline project, have agreed to step up their monitoring of the environmental effects of oil sands developments.

IHS: Shale plays driving demand for oil field chemicals

Mon, 06 Feb 2012 21:42:00 GMT

The global market for oil field specialty chemicals reached nearly $16 billion in 2010 with the US and Canada accounting for 52%, which an IHS Chemical market study attributed to increasing oil and natural gas drilling activity in shale plays.

MARKET WATCH: Oil prices rebound in New York; gas futures price drops again

Mon, 06 Feb 2012 19:12:00 GMT

Oil prices rebounded Feb. 3 after the US Department of Labor reported unemployment has fallen to 8.3%—the lowest level since February 2009. But natural gas gave back a sizeable portion of the previous session’s gain in the New York market.

Turkey: Gas storage field joint venture formed

Mon, 06 Feb 2012 18:24:00 GMT

Sky Harvest Windpower Corp., Vancouver, BC, said it has formed a joint venture under the name Levant Energy Inc., a British Columbia corporation, to develop underground natural gas storage fields in Turkey.

PetroChina to buy 20% of Shell's Canadian shale gas assets

Mon, 06 Feb 2012 17:34:00 GMT

PetroChina, a unit of China National Petroleum Corp., has signed a binding agreement to purchase a 20% stake in Royal Dutch Shell PLC’s Groundbirch assets in northeastern British Columbia.

Richardson proposes West Bison Basin waterflood

Mon, 06 Feb 2012 14:48:00 GMT

The US Bureau of Land Management is seeking public comments on a proposed waterflood program in the Jurassic Nugget formation and new oil and gas wells on public land in Fremont County, Wyo., 20 miles south of Sweetwater Station, BLM’s Lander, Wyo., field office said on Feb. 3.

COMMENT: The importance of dependencies in multireservoir prospect evaluation

Mon, 06 Feb 2012 06:00:00 GMT

In the opening paragraphs of the above article on dependencies between two reservoirs, the authors state that: "In particular, varying the allowed probability for the dependent reservoir is shown to not influence either the expected project value or the standard deviation around the expected value.

Frost & Sullivan: European refineries face more turmoil

Mon, 06 Feb 2012 06:00:00 GMT

The pending bankruptcy of refiner Petroplus is only the start of further problems for nearly 40% of the European Union's 104 refineries now in need of refurbishment, according to a new consultancy report.

Renewable energy stool

Mon, 06 Feb 2012 06:00:00 GMT

The Obama administration's renewable energy stool, with its three legs of biofuels, solar, and wind, has now tipped over, as all three legs start to crumble.

An EC regulatory push

Mon, 06 Feb 2012 06:00:00 GMT

Groups representing North Sea oil and gas producers have stiffened their resistance to European offshore safety regulation.

FOCUS: UNCONVENTIONAL OIL & GAS — International investors driving unconventional oil, gas M&A

Mon, 06 Feb 2012 06:00:00 GMT

Chinese, French, and Japanese companies were among recent investors making long-term financial commitments to US unconventional oil and gas plays in a trend that is expected to continue despite economic uncertainty.

Judge calls for BP to indemnify Transocean in 2010 gulf oil spill

Mon, 06 Feb 2012 06:00:00 GMT

BP PLC is required to indemnify drilling contractor Transocean Ltd., the owner of the Deepwater Horizon semisubmersible drilling rig, against compensatory damages in the Gulf of Mexico oil spill off Louisiana in 2010, according to US District Judge Carl Barbier of New Orleans.

Cabot questions EPA plans to test water wells in Pennsylvania

Mon, 06 Feb 2012 06:00:00 GMT

Cabot Oil & Gas Corp. has offered to meet with US Environmental Protection Agency representatives to discuss the EPA's plans to test the water wells of some homes in Dimock, Pa., a township within the Marcellus shale play where Cabot has done hydraulic fracturing.

Watching Government: GOP pushes back on Keystone

Mon, 06 Feb 2012 06:00:00 GMT

If there was ever doubt that congressional Republicans would accept US President Barack Obama's Jan. 18 ruling against the proposed Keystone XL crude oil pipeline, it disappeared completely on Jan. 30 when three GOP members of the US Senate announced they would introduce a new bill to approve the project.

COMMENT — The final leg in the race for Caspian gas

Mon, 06 Feb 2012 06:00:00 GMT

In the past few months, the race for Caspian gas has shifted more rapidly and more frequently than it had in the past decade.

Industry seizes opportunities amid challenges in election year

Mon, 06 Feb 2012 06:00:00 GMT

Conventional wisdom dictates that not much gets accomplished in Washington, DC, when it's a presidential election year.

API, WEA officials warn of threats from federal over-regulation

Fri, 03 Feb 2012 23:04:00 GMT

Improved technology and increasing production has improved the US oil and gas outlook, but federal over-regulation could imperil realization of a brighter energy future, officials from two industry associations warned on Feb. 2.

BLM issues draft programmatic EIS for western oil shale, tar sands

Fri, 03 Feb 2012 22:31:00 GMT

The US Bureau of Land Management published a draft programmatic environmental impact statement and possible land use amendments for federally administered oil shale and tar sands acreage in Colorado, Utah, and Wyoming.

SandRidge to acquire Dynamic Offshore

Fri, 03 Feb 2012 22:03:00 GMT

SandRidge Energy Inc., Oklahoma City, will acquire private Houston independent Dynamic Offshore Resources LLC for $1.275 billion including $680 million in cash and 74 million SandRidge common shares.

J-W Energy restructures midstream subsidiaries

Fri, 03 Feb 2012 18:11:00 GMT

J-W Energy Co. formed J-W Midstream Co. to consolidate midstream activities previously handled by J-W Gathering Co., J-W Pipeline Co., and Q-West Energy Co.

MARKET WATCH: Natural gas breaks losing streak; WTI continues falling

Fri, 03 Feb 2012 17:59:00 GMT

The front-month natural gas contract jumped 7% on Feb. 2, ending a 3-day losing streak in the New York futures market. Front-month crude, meanwhile, dropped more than 1% while in London the price of Brent increased, widening its premium over West Texas Intermediate.

Another Kitimat LNG project receives LNG export license

Fri, 03 Feb 2012 16:03:00 GMT

Plans to export Canadian-produced natural gas as LNG moved ahead Feb. 2 when Canada’s National Energy Board approved application by BC LNG Export Cooperative LLC for a license to export LNG from Kitimat, BC, mainly to Asian markets.

Tanzania Mnazi Bay hunt seeks larger gas supply

Fri, 03 Feb 2012 13:33:00 GMT

Maurel & Prom, Paris, has spudded the Ziwani-1 onshore exploratory well on the 756 sq km Mnazi Bay concession in the Rovuma basin in coastal Tanzania.

Lower Cook Inlet Cosmopolitan leases being acquired

Thu, 02 Feb 2012 20:35:00 GMT

Buccaneer Energy Ltd., Sydney, will acquire a 25% operated working interest in the two main productive leases in the former Cosmopolitan Unit in Alaska’s Lower Cook Inlet from Pioneer Natural Resources Alaska Inc.

AtlaGas to buy Semco Energy, Enstar Natural Gas

Thu, 02 Feb 2012 20:09:00 GMT

AltaGas Ltd. of Calgary agreed to acquire Semco Holding Corp. from Continental Energy Systems LLC for $1.135 billion, including $355 million in assumed debt. The transaction includes natural gas distribution businesses in Alaska and Michigan.

MARKET WATCH: Natural gas, crude prices continue falling in US market

Thu, 02 Feb 2012 19:34:00 GMT

Natural gas prices continued to drop, down 5% Feb. 1 in the New York futures market on reports of record-high supply levels and milder weather, while crude declined 1% to less than $98/bbl following another unsuccessful run at the $100/bbl barrier.

Pavillion draft report did not condemn fracing, EPA official says

Thu, 02 Feb 2012 19:08:00 GMT

The US Environmental Protection Agency’s draft report of its investigation of possible groundwater contamination from natural gas exploration and production near Pavillion, Wyo., never implied that hydraulic fracturing was unsafe, an EPA official told a House subcommittee on Feb. 1.

BP forecast plots Western Hemisphere unconventional supply growth

Wed, 01 Feb 2012 22:54:00 GMT

The growth of unconventional energy supplies—including oil and gas from US shales, Canadian oil sands, and Brazilian deepwater production—will make the Western Hemisphere close to completely energy self-sufficient by 2030, BP PLC said in its latest annual outlook.

MARKET WATCH: Natural gas price falls; crude fails to break $100/bbl barrier

Wed, 01 Feb 2012 19:07:00 GMT

The front-month natural gas contract dropped a hair-raising 7.7% Jan. 31 in the New York futures market while crude made another unsustainable lunge above the $100/bbl barrier before resuming its slow-sinking trend.

Holly Energy Partners reports oil pipeline leak

Wed, 01 Feb 2012 18:52:00 GMT

Holly Energy Partners reported a pipeline leak on its 6-in. crude oil pipeline in a Permian basin gathering system involving HEP’s Wood Station pump facility in West Texas.

Judge says BP to indemnify Halliburton for gulf oil spill

Wed, 01 Feb 2012 18:40:00 GMT

BP PLC is required to indemnify Halliburton Co. for third-party compensatory claims involving pollution or contamination that did not originate from Halliburton property or equipment located above the surface of land or water in the Apr. 20, 2010, Macondo well blowout and resulting oil spill, a New Orleans federal judge ruled Jan. 31.

Richardson named Petrobank vice-president

Wed, 01 Feb 2012 18:32:00 GMT

Rob Richardson has joined Petrobank Energy & Resources Ltd., Calgary, as vice-president, exploitation.

Okhde to oversee Indian Oil's pipeline network

Wed, 01 Feb 2012 18:27:00 GMT

V.S. Okhde has been named director (pipelines) of Indian Oil Corp. Ltd., New Delhi, overseeing the state-owned company’s network of 11,000 km of crude oil, products, and natural gas pipelines.

US on brink of strong oil, gas growth, Senate panel told

Tue, 31 Jan 2012 21:54:00 GMT

Higher crude oil prices, breakthroughs in technology, and more access to prospective acreage are creating a US oil production revival that is a major break from nearly 40 years of declining production, two experts told the US Senate Energy and Natural Resources Committee on Jan. 31.

Centrica to acquire Statfjord field interests

Tue, 31 Jan 2012 19:16:00 GMT

British Gas parent Centrica PLC has signed an agreement to acquire ConocoPhillips’s nonoperated interests in the gas and oil-producing Statfjord field, along with associated satellites in the North Sea, for $223 million.

MARKET WATCH: Crude oil, natural gas prices sag

Tue, 31 Jan 2012 19:03:00 GMT

Energy prices declined across the board Jan. 30 with the front-month crude contract again temporarily cresting the $100/bbl barrier in the New York market, before closing at a 1% loss. Natural gas was down 1.5% in the futures market, but escalated in the cash spot market.

Frost & Sullivan: Europe's refineries face 'further turmoil'

Mon, 30 Jan 2012 22:51:00 GMT

The pending bankruptcy of refiner Petroplus is only the start of further problems for nearly 40% of the European Union’s 104 refineries now in need of refurbishment, according to a new consultancy report.

MARKET WATCH: Crude oil prices decline in mixed market

Mon, 30 Jan 2012 19:06:00 GMT

Crude oil prices continued to decline but natural gas rebound Jan. 27 in the New York futures market with traders still worried about economic problems in the European Union.

CAPP outlines fracing operating practices for shale, tight gas

Mon, 30 Jan 2012 18:29:00 GMT

The Canadian Association of Petroleum Producers on Jan. 30 announced a set of hydraulic fracturing operating practices that it has adopted to improve water management and water and fluids reporting for shale gas and tight gas development across Canada.

ExxonMobil to sell Japan unit for $3.9 billion

Mon, 30 Jan 2012 18:08:00 GMT

ExxonMobil Corp. and TonenGeneral Sekiyu KK have entered into an agreement valued at $3.9 billion that will result in the restructuring of ExxonMobil’s holdings in Japan.

Resisting resource development stifles big source of jobs

Mon, 30 Jan 2012 06:00:00 GMT

What does US President Barack Obama have against employment related to resource development?

Exploration/Development Briefs

Mon, 30 Jan 2012 06:00:00 GMT

OGJ Newsletter

Mon, 30 Jan 2012 06:00:00 GMT

International news for oil and gas professionals

EQUIPMENT | SOFTWARE | LITERATURE

Mon, 30 Jan 2012 06:00:00 GMT

Watching Government: NGVs gain ground in some states

Mon, 30 Jan 2012 06:00:00 GMT

Natural gas vehicles (NGVs) may not have much political appeal these days in Washington.

Watching the World: Tehran's impotence exposed

Mon, 30 Jan 2012 06:00:00 GMT

Gulf Arabs are up in arms over attempts by Iran to drag them into its growing confrontation with the international community over nuclear weapons, as noted by one eminent Arab commentator.

Government energy help

Mon, 30 Jan 2012 06:00:00 GMT

Within the contradictory bravado about energy in US President Barack Obama's State of the Union Speech Jan. 24 hid raw material for a constructive point about governmental help in the development of energy technology.

IMF: Cut in Iranian crude could boost prices 30%

Fri, 27 Jan 2012 22:35:00 GMT

Global oil price could rise by as much as 30% if Iran halts oil exports as a result of sanctions by the US and the European Union, according to a report by the International Monetary Fund.

Cabot questions EPA plans to test water wells in Pennsylvania

Fri, 27 Jan 2012 18:52:00 GMT

Cabot Oil & Gas Corp. has offered to meet with US Environmental Protection Agency representatives to discuss the EPA’s plans to test the water wells of some homes in Dimock, Pa., a township within the Marcellus shale play where Cabot has done hydraulic fracturing.

MARKET WATCH: Natural gas rally ends; oil prices rise moderately

Fri, 27 Jan 2012 18:27:00 GMT

Crude oil prices continued recent small-change increases, with crude still challenging the $100/bbl barrier in the New York market. However, the front-month natural gas contract fell 4%, ending that rally, as traders responded to bearish projections of increased gas production while shrugging off a bullish draw of gas last week from US underground storage.

Judge calls for BP to indemnify Transocean in 2010 gulf oil spill

Fri, 27 Jan 2012 18:01:00 GMT

BOEM schedules central gulf lease sale for June 20

Thu, 26 Jan 2012 20:45:00 GMT

The US Bureau of Ocean Energy Management will hold a consolidated central Gulf of Mexico lease sale in New Orleans on June 20, the US Department of the Interior agency announced.

New EU oil embargo targets Iran's nuclear drive

Thu, 26 Jan 2012 19:29:00 GMT

The European Union imposed an embargo this week on Iran's oil exports as part of a package of new sanctions aimed at curtailing funds for Tehran's alleged effort to acquire nuclear weapons and pressuring it to return to talks.

MARKET WATCH: Natural gas continues rally in a generally indecisive market

Thu, 26 Jan 2012 19:09:00 GMT

Natural gas continued to rally, up 6.4% but still short of $3/MMbtu Jan. 25 on the New York market. Crude made small gains in a mixed market, assisted by a bullish inventory report, but couldn’t hold onto an intraday peak above $100/bbl.

MARKET WATCH: Oil prices wobble; gas prices climb

Wed, 25 Jan 2012 18:44:00 GMT

Crude oil prices traded moderately lower Jan. 24 in the New York market despite concerns of possible retaliation by Iran against recent sanctions. Natural gas continued climbing from recent 10-year lows, however, with a sizeable escalation in the spot market price.

ConocoPhillips, CNOOC reach settlement on Bohai Bay spill

Wed, 25 Jan 2012 17:59:00 GMT

ConocoPhillips and CNOOC Ltd. reached an agreement with China’s Ministry of Agriculture in which the oil companies agreed to pay about $160 million in compensation for two oil spill incidents during June 2011 in Penglai 19-3 oil field in Bohai Bay.

SOTU: Obama pledges to open more offshore acreage, promote gas

Wed, 25 Jan 2012 15:40:00 GMT

US President Barack Obama will direct his administration to open more than 75% of the nation’s potential offshore oil and gas resources for development, he said in his 2012 State of the Union address.

Wyoming: Comments sought on Uinta 3D survey

Wed, 25 Jan 2012 15:20:00 GMT

The US Bureau of Land Management is seeking public comments on a proposed 3D seismic project in Uinta County southeast of Lyman and Mountain View, Wyo., BLM’s Kemmerer, Wyo., field office said on Jan. 20.

Wyoming: BLM approves Dubois wildcat spot

Wed, 25 Jan 2012 13:25:00 GMT

The US Bureau of Land Management’s Lander, Wyo., field office said that a finding of no significant impact (FONSI) and decision record have been signed for a proposed oil and gas exploratory well and associated facilities 10 miles north of Dubois, Wyo.

E&Y: Oil, gas M&A volume up, value down during 2011

Tue, 24 Jan 2012 23:13:00 GMT

The oil and gas industry continues to be one of the most active global sectors for mergers and acquisitions in a trend that could continue during 2012 despite an uncertain economy, Ernst & Young executives said while releasing the E&Y annual review of M&A activity on Jan. 24.

IEA trims 2012 oil demand forecast

Tue, 24 Jan 2012 19:25:00 GMT

The outlook for worldwide oil demand growth in 2012 has been cut due to fourth-quarter weakness, according to the latest monthly oil market report from the International Energy Agency.

EIA projects strong crude oil, natural gas production through 2035

Tue, 24 Jan 2012 19:17:00 GMT

Over the next 10 years, continued development of tight oil and ongoing development of offshore resources in the Gulf of Mexico will push US crude oil production to 6.7 million b/d in 2020, and even with a projected decline after 2020, crude oil production will remain above 6.1 million b/d through 2035, the US EIA forecasts in the early release of its Annual Energy Outlook 2012.

MARKET WATCH: Gas prices rise as Chesapeake Energy reduces production

Tue, 24 Jan 2012 19:02:00 GMT

Natural gas prices escalated 7.6% to penetrate the $3/MMbtu barrier Jan. 23 in the New York market after Chesapeake Energy Corp. said it will cut gas exploration and production because of too-low prices. Crude traded up 1.3% but couldn’t maintain its intraday rise above $100/bbl.

Congo (Brazzaville): Murphy to take Azurite charge

Tue, 24 Jan 2012 14:16:00 GMT

Murphy Oil Corp., El Dorado, Ark., said it will take a $370 million noncash charge to fourth quarter 2011 earnings related to Azurite oil field offshore Congo (Brazzaville).

Apache $2.85 billion deal hikes Anadarko liquids stake

Mon, 23 Jan 2012 15:07:00 GMT

Apache Corp., Houston, has agreed to acquire Cordillera Energy Partners III, a private exploration and production company with Anadarko basin operations, for $2.85 billion.

OGJ Newsletter

Mon, 23 Jan 2012 06:00:00 GMT

International news for oil and gas professionals

Obama spurns jobs

Mon, 23 Jan 2012 06:00:00 GMT

Now the president must appease his labor constituency. In rejecting construction of an important pipeline, US President Barack Obama has foreclosed employment for thousands of workers and stalled if not killed a project hugely beneficial to energy security.

EQUIPMENT | SOFTWARE | LITERATURE

Mon, 23 Jan 2012 06:00:00 GMT

Obama administration rejects Keystone XL permit application

Mon, 23 Jan 2012 06:00:00 GMT

US President Barack Obama’s administration rejected the cross-border permit for the proposed Keystone XL crude oil pipeline, saying that a deadline imposed by Congress does not give it time to properly determine if the proposed project is in the national interest in its current state.

Ill-conceived rules could harm US refining, API officials warn

Mon, 23 Jan 2012 06:00:00 GMT

US refiners have enough operating or planned capacity to meet domestic demand for the foreseeable future, but the situation could change if ill-conceived proposed regulations are adopted, American Petroleum Institute officials warned.

Hovensa to close 500,000 b/d US Virgin Islands refinery

Mon, 23 Jan 2012 06:00:00 GMT

Hovensa LLC is closing its 500,000 b/d refinery at St Croix, USVI, the joint venture of Hess Corp. and Petroleos de Venezuela SA reported.

President’s Jobs Council calls for ‘all-in’ energy strategy

Mon, 23 Jan 2012 06:00:00 GMT

The US should adopt an “all-in” energy strategy to meet its energy needs, according to President Barack Obama’s Jobs Council in a Jan. 17 report entitled, “Road Map to Renewal.”

White House NOC issues National Ocean Policy draft

Mon, 23 Jan 2012 06:00:00 GMT

The White House’s National Ocean Council issued a National Ocean Policy draft on Jan. 12 that describes actions the federal government might take to address the most pressing challenges facing oceans and US coasts, as well as the Great Lakes.

Watching Government: Behind the pipeline safety bill

Mon, 23 Jan 2012 06:00:00 GMT

Amid gridlock caused by hyperpartisanship, the 112th US Congress nevertheless passed some bills in 2011. Many came at the 11th hour when the federal government faced imminent financial default, shutdown, or similar calamities.

Japan backs Iranian sanctions

Mon, 23 Jan 2012 06:00:00 GMT

Japan’s Finance Minister Jun Azumi told US Sec. of the Treasury Timothy Geithner that his country would take “concrete steps” to reduce its oil dependency on Iran.

Watching the World: The world energy dilemma

Mon, 23 Jan 2012 06:00:00 GMT

As much of the world heads towards increased confrontation with Iran, one of the questions that will naturally arise is whether the loss of Iran’s oil supplies can be made up elsewhere.

Oil sanctions have cost Syria $2 billion, oil minister says

Fri, 20 Jan 2012 21:44:00 GMT

Syria’s oil minister said sanctions imposed by Western governments on his country’s petroleum exports have cost $2 billion in lost revenues since last September.

API reports oil production up, product demand down in 2011

Fri, 20 Jan 2012 19:20:00 GMT

US crude oil production rose 2.5% year-to-year in 2011 to an average 5.6 million b/d as petroleum product demand fell 1.2% to 18.9 million b/d, the American Petroleum Institute reported.

Connacher directors start strategic review

Fri, 20 Jan 2012 18:21:00 GMT

Directors of Connacher Oil & Gas Ltd., Calgary, after management changes earlier this month, have engaged Goldman Sachs to help with a strategic review (OGJ Online, Jan. 13, 2012).

MARKET WATCH: Crude price slumps as Iranian confrontation eases

Fri, 20 Jan 2012 18:04:00 GMT

Crude prices continued to slump Jan. 19 in the New York market with an apparent easing of tensions between Iran and the West while natural gas burrowed further below $2.50/MMbtu.

MARKET WATCH: Gas prices continue falling compared with small decline for oil

Thu, 19 Jan 2012 18:50:00 GMT

Market pressures produced small reductions in oil prices Jan. 18, except for gasoline, which was buoyed by reports Hovensa LLC—a joint venture of Hess Corp. and Petroleos de Venezuela SA—will convert its St. Croix refinery in the US Virgin Islands to an oil terminal.

Dart Energy aggregates unconventional gas business

Wed, 18 Jan 2012 22:03:00 GMT

Dart Energy Ltd., Brisbane, has formed Dart Energy International Shale Pte. Ltd. as a subsidiary that will manage Dart’s European unconventional gas assets acquired in three transactions in 2011.

Obama administration rejects Keystone XL permit application

Wed, 18 Jan 2012 21:53:00 GMT

Expected Keystone XL permit rejection strongly criticized

Wed, 18 Jan 2012 19:20:00 GMT

An anticipated Obama administration decision on Jan. 18 denying the proposed Keystone XL crude oil pipeline’s cross-border permit application drew heavy fire from congressional Republicans and others who support the project. TransCanada Corp. will be allowed to submit a new application with an alternate route, according to reports.

MARKET WATCH: Mild weather drops gas prices; oil strengthens

Wed, 18 Jan 2012 18:47:00 GMT

Oil prices strengthened Jan. 17 following an upbeat report on the German economy and better-than-expected data from China, but front-month natural gas plunged 7% in the New York market with milder-than-normal winter weather.

New Zealand Energy expands management team

Wed, 18 Jan 2012 18:39:00 GMT

New Zealand Energy Corp., Vancouver, BC, has expanded its New Zealand management team to support the company’s exploration, development, and production efforts in the Taranaki and East Coast basins.

President's Jobs Council calls for 'all-in' energy strategy

Wed, 18 Jan 2012 18:22:00 GMT

The US should adopt an “all-in” energy strategy to meet its energy needs, according to President Barack Obama’s Jobs Council in a Jan. 17 report entitled, “Road Map to Renewal.”

MARKET WATCH: Non-US crude prices finish 'moderately' higher

Tue, 17 Jan 2012 19:41:00 GMT

Amid thin liquidity during the Jan. 16 holiday in the US to honor the birthday of civil rights leader Martin Luther King Jr., Brent crude futures for February delivery expired 70Â¢ higher at $111.20/bbl, noted Barclays Capital analysts.

Pembina Pipeline to buy Provident Energy

Tue, 17 Jan 2012 18:45:00 GMT

Pembina Pipeline Corp. agreed to buy Provident Energy Ltd. for $3.2 billion (Can.) to acquire natural gas liquids assets and create one of Canada’s largest publicly traded pipeline companies in terms of market capitalization. Both companies are based in Calgary.

Venoco okays deal to be bought by Marquez group

Tue, 17 Jan 2012 18:29:00 GMT

Venoco Inc., Denver, has signed a definitive merger agreement under which its chairman and chief executive officer, Timothy M. Marquez, who with affiliated trusts and foundations holds 50.3% of Venoco’s common stock, will acquire Venoco.