Category: Crude oil

Experts: New Mexico oil patch could lose 2,000 jobs

The number of drill rigs operating in the San Juan and Permian basins has dropped from 85 to 60 over the past year, and state energy Secretary David Martin said each rig directly employs 50 workers and another 50 to 70 in support jobs.  More »

Shell sells Nigerian oil lease for $1.7 billion to local company

The divestment is part of Shell’s strategic review of its onshore portfolio in the West African nation and “is in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business,” it said in a statement on Wednesday.  More »

Eagle Ford producer leases Exxon’s old space

The Houston-based exploration firm plans to move into former Exxon Mobil space in the Five Greenspoint Place 19-story building at 17001 Northchase Drive.  More »

Gain in crude inventories beats expectations again

The build brings the total amount of crude the U.S. has in storage to 466.7 million barrels, a record in weekly data stretching back to 1982.  More »

Iran is waiting to flood the market with as much as 35 million barrels of crude

If a deal on its nuclear program is reached, the Persian Gulf nation could add its stockpiles into an oversupplied oil market where prices have fallen more than 50 percent since June.  More »

Iraq’s February oil exports below planned level for Islamic State fight

Crude exports in February averaged 2.596 million barrels a day — almost a million barrels less than planned.  More »

Analyst sees little chance oil export ban will end soon

An energy analyst says the U.S. prohibition on most crude oil exports probably will remain in place because policymakers have more pressing concerns than lifting the ban.  More »

Occidental searching for Chazen’s replacement

Occidental Petroleum Corp. is searching for candidates to succeed Stephen I. Chazen as chief executive officer when he steps down in 2016.  More »

Rick Perry: Crude export ban should be lifted

Former Gov. Rick Perry on Tuesday his support behind lifting a decades-old ban on crude exports, calling it a “major error” not to allow U.S. oil to be shipped overseas.  More »

Statoil, West Virginia agree on deal for drilling under Ohio River

The Intelligencer and Wheeling News-Register reports that Norway-based Statoil plans to drill on about 474 acres of state-owned land under the river in Marshall and Wetzel counties.  More »

Asia readies for Iran oil bargains on potential nuclear deal

As world leaders seek an accord on Iran’s nuclear program, at least six Asian refiners including are anticipating more supply from the Middle East producer if sanctions are lifted.  More »

Commentary: Oil’s perfect storm

The precipitous drop in global oil prices that began last October has not only overturned business plans and fiscal assumptions. It also has upset a host of cherished geopolitical assumptions.  More »

Scientists launch study of emissions over fracking sites

Scientists from the Cooperative Institute for Research in Environmental Sciences at the University of Colorado and the National Oceanic and Atmospheric Administration plan 15 research flights out of Colorado and Texas between now and May.  More »

U.S. drillers scrambling to thwart OPEC threat

Companies are leaning on new techniques and technology to get more oil out of every well they drill, and furiously cutting costs in an effort to keep U.S. oil competitive with much lower-cost oil flowing out of the Middle East, Russia and elsewhere.  More »

Houston companies partnering with Tennessee refiner to build pair of Texas pipelines

Delek Chairman and CEO Uzi Yemin said in a written statement that the pipelines would be the company’s first major U.S. development projects.  More »
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