Energy

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Getting Up To Speed On The Keystone XL Pipeline.

After years of foot-dragging, President Obama rejected TransCanada's application to build the Keystone XL pipeline. Now it's back. Here's what you need to know.

- Forbes.com - US

BHI: US rig count records another 20-unit jump, tops 800 mark.

The US count of active drilling rigs climbed 20 units to 809 during the week ended Mar. 24, according to data from Baker Hughes Inc.

- OGJ - US

December Crude Spill In North Dakota Thrice As Big As Originally Estimated.

The crude oil spill that occurred in western North Dakota in December is now estimated to be three times larger than originally estimated, according to True Companies, the owner of the pipeline. The new estimate makes the spill the largest in the state to affect water resources in over a decade, a new article by Reuters ...

- OilPrice.com - US

MARKET WATCH: NYMEX crude oil prices hovering around $48/bbl.

Light, sweet crude oil prices dropped back below $48/bbl on the New York market Mar. 23 while Brent crude settled below $51/bbl in London for a third consecutive day.

- OGJ - US

Canadian budget nips drilling preferences.

Current-year deductibility of exploratory drilling costs succumbs to what the Canadian government describes as a campaign against “inefficient fossil-fuel subsidies” in a federal budget proposed Mar. 22.

- OGJ - US

Keystone XL nod welcome, but antioil fanaticism lingers.

Overdue approval of the Keystone XL pipeline border crossing solves half the problem.

- OGJ - US

Moody’s revises outlook on North American R&M to stable.

Moody’s Investors Service has changed the outlook to stable from negative on the North American and EMEA regions refining and marketing businesses. This outlook reflects Moody’s expectation for the fundamental business conditions over the next 12-18 months.

- OGJ - US

Argentine Firm Plans $2.3B Investment In Vaca Muerta Shale.

Argentine exploration and production firm Tecpetrol has plans to invest $2.3 billion on gas exploration in the massive Vaca Muerta shale formation. As part of the plan, Tecpetrol, which is the fifth largest energy company in the country, will drill 150 wells over the next three years in the Fortin de Piedra block. ...

- OilPrice.com - US

Don't Expect Low Investment To Raise Oil Prices.

Fears that the reduction in upstream investment since the oil price decline will cause market tightness and a new price spike in three to five years are overblown and ignore the role of falling costs.

- Forbes.com - US

Myanmar-China Oil Pipeline Start-up Delayed.

Despite recent talks of imminent start-up, the launch of an oil pipeline that would allow China to import crude oil from overseas via Myanmar has been postponed again, awaiting final approvals and permissions of tankers to enter Myanmar waters. PetroChina and Myanmar's government have yet to finalize the deal for the ...

- OilPrice.com - US

Statoil Strikes Oil In Wildcat Well In North Sea.

Norway's Statoil has found oil and gas drilling a wildcat well next to producing oil fields in the northern part of the North Sea, the Norwegian Petroleum Directorate said on Friday. The well was drilled from the Gullfaks C platform to a structure east of the Gimle field, about 7 km northeast of the Gullfaks field and 7 km ...

- OilPrice.com - US

Eni discovers oil with first Mexico well

Eni SPA discovered the presence of oil in the Amoca-2 well, the first drilled by an international operator in Mexico since the 2013 energy reform.

- OGJ - US

At Baghdad rally, Iraq cleric threatens to boycott elections

An influential Iraqi Shiite cleric addressed thousands of anti-government protesters who filled the streets of downtown Baghdad on Friday, threatening to boycott the country's upcoming provincial elections if the committee overseeing the vote is not overhauled. Muqtada al-Sadr's remarks reflect persistent political power ...

- Iraq Oil Report - US

Why Are Oil Markets Ignoring All These Bullish Signs?

- Crude oil's drop back into the high $40s has renewed concerns that efficiency gains from North American frackers will lead to another low/mid $40s scenario for WTI. We feel that an extended drop of this nature is unlikely given the progress that OPEC cuts have made in normalizing crude oil and refined product ...

- OilPrice.com - US

U.S. Oil Rig Count Continues To Rise Despite Saudi Warnings

The United States oil rig count jumped by 21 this week, to its highest level since September 2015, according to Baker Hughes' latest rig on domestic drilling activity. The number of oil rigs currently active in the United States now sits at 652, which is an increase of 280 year over year. The sizeable jump in rigs signals ...

- OilPrice.com - US

Halliburton Warns Of First-Quarter Profit Miss As Costs Rise

Halliburton warns that its first-quarter profit would likely miss analysts' expectations.

- Rigzone.com - US

New Nuclear: North Anna Unit 3 Should Be Approved Before The End Of May

Dominion Resources's North Anna nuclear power station unit number 3 should be approved for construction by the end of May 2017.

- Forbes.com - US

Tesoro, Western Refining shareholders approve proposed merger

Shareholders of US independent refiners Western Refining Inc. and Tesoro Corp. have approved Tesoro’s previously announced plan to acquire Western in a deal valued at more than $6 billion.

- OGJ - US

UK licensing round opens new North Sea frontier

The UK Oil and Gas Authority’s 29th Offshore Licensing Round was the first in 20 years to focus solely on frontier, underexplored areas and included areas of the Rockall basin, Mid-North Sea High, and part of the East Shetland platform. The round, which closed in October 2016, produced 25 licenses for 111 blocks and ...

- OGJ - US

US State Department issues long-awaited permit for Keystone XL pipeline

The US Department of State issued a presidential permit for the proposed Keystone XL crude oil pipeline more than 8 years after sponsor TransCanada Corp. originally sought cross-border approval of the project. Under-Secretary for Political Affairs Thomas A. Shannon Jr. signed the permit after President Donald J. Trump ...

- OGJ - US

'Worst is yet to come' with 400,000 trapped in west Mosul: U.N.

About 400,000 Iraqi civilians are trapped in the Islamic State-held Old City of western Mosul, short of food and basic needs as the battle between the militants and government forces rages around them, the United Nations refugee agency said on Thursday. Many fear fleeing because of Islamic State snipers and landmines. But ...

- Iraq Oil Report - US

California Affirms Strict Rules For Cleaner Cars, Thumbing Its Nose At Trump And Auto Industry

President Trump, who wants to relieve regulations on the auto industry, could roll back federal fuel economy laws while California is pushing ahead with its own pollution mandates. So much for the idea of one national standard.

- Forbes.com - US

Iraqi prime minister: My country needs more help from the U.S.

Two weeks ago, I visited Iraqi troops in western Mosul as they prepared to liberate the last terrorist-controlled neighborhoods in the city. By any standard, they are heroes. I did not ask their religious, regional or ethnic origins. I saw them for what they were: Iraqis standing together against the cruelest killers on ...

- Iraq Oil Report - US

India approves policy for extension of pre-NELP PSCs

India’s Cabinet Committee on Economic Affairs has approved a policy for the extension of production-sharing contracts for blocks awarded prior to the New Exploration Licensing Policy , which has been in use since 1999.

- OGJ - US

Russia Plans 2017-2019 Budget Based On $40 Barrel

Russia is budgeting its federal spending to expectations that oil prices will hover around $40 a barrel for the next several years, according to a new report by Bloomberg. Such preparations go against predictions by international oil industry experts that barrel prices will rise to $60 and remain there over the long ...

- OilPrice.com - US

Florida lawmakers ask DOI to keep eastern gulf off-limits to oil, gas leasing

US Sen. Bill Nelson and 16 members of the US House of Representatives from the Sunshine State urged US Sec. of the Interior Ryan Zinke to keep the eastern Gulf of Mexico closed to oil and gas activity if he decides to develop a new 2017-22 US Outer Continental Shelf management plan.

- OGJ - US

Assala Energy to buy Shell’s Gabon onshore interests for $587 million

Assala Energy Holdings Ltd., a portfolio company of global alternative asset manager Carlyle Group, has agreed to acquire all of Royal Dutch Shell PLC’s onshore oil and gas operations and related infrastructure in Gabon for $587 million.

- OGJ - US

State Approves Keystone XL, World Does Not End. Film at 11.

Friday's State Department decision to issue a cross-border permit to Trans-Canada to complete the northern leg of the Keystone XL Pipeline system does not mean the world is coming to an end. It does mean that oil sands crude will be moved to market in the safest way possible.

- Forbes.com - US

Hurdles Still Remain For Keystone XL Pipeline

TransCanada still needs to secure some of the land rights for the pipeline with landowners and a permit from the state of Nebraska, which could result in a rash of lawsuits that could drag out the process for years.

- Forbes.com - US

EIA: US natural gas storage returning to normal levels

The US Energy Information Administration estimates working gas in underground storage across the Lower 48 was 2.092 tcf as of Mar. 17, marking a net decrease of 150 bcf from the previous week.

- OGJ - US

Will Iran Cut Production If OPEC's Deal Is Extended?

Oil prices fell this week on oversupply concerns and while certain OPEC members have showed interest in extending the current deal, a new deal is far from certain Friday, March 24, 2017 Oil prices fell slightly this week on another crude inventory build in the U.S., although the report was slightly tempered by another ...

- OilPrice.com - US

New Zealand opens 2017 exploration permit round

The New Zealand government is hoping for a more positive industry response to its latest exploration permit round than it received in 2016.

- OGJ - US

TransCanada Gets Presidential Permit To Build Keystone XL

TransCanada Corporation said on Friday that the U.S. Department of State had signed and issued a Presidential permit authorizing the company to construct and operate the Keystone XL pipeline. The approval comes after years of political, economic and environmental debates over the potential benefits and downsides of the ...

- OilPrice.com - US

Statoil wildcat finds oil, gas east of Gimle field

An exploratory well drilled by Statoil Petroleum AS in the Norwegian North Sea was not formation tested, but preliminary calculations indicate recoverable resources of 1-3 million cu m of oil equivalent.

- OGJ - US