Category: Crude oil

Penn Virginia’s Eagle Ford production up 15 percent

Penn Virginia recently increased its Eagle Ford position and wants to add more acreage in what it considers its most promising reservoir.  More »

Oil below $102 on weak U.S. economic data

Oil slipped after the Federal Reserve said Thursday that U.S. industrial production dropped in April.  More »

Former official: Mexico JVs may take longer than expected

A former top energy official for Mexico on Thursday said it may be too early for Pemex to promise to farm out land rights to private companies looking to develop massive energy resources that the state-run oil company is expected to acquire soon.  More »

Commerce official: US output booms while federal lands wilt

The United States will need to produce as much oil and gas as it can muster to prepare for massive global demand growth over the next four decades, a U.S. Chamber of Commerce official said Thursday.  More »

IEA sees higher demand for OPEC crude this year

The Organization of Petroleum Exporting Countries will need to provide an average of 30.7 million barrels a day in the second half, or 800,000 a day more than it pumped last month, the IEA said today.  More »

Expert: White House likely to lift oil export ban

The White House “will favor” lifting the nation’s 40-year-old ban on exporting oil, a leading energy expert said Wednesday at a symposium in San Antonio.  More »

Canada to boost pipeline safety as Northern Gateway ruling nears

Canada is increasing the liability of pipeline operators for spills and giving regulators more power to enforce safety measures.  More »

Oil tops $102 on signs of rise in gasoline demand

WTI rebounded last week after the EIA said crude inventories slid from 399.4 million barrels, the highest level since weekly reports were published in 1982. Supplies expanded by 912,000 barrels in the seven days ended May 9, according to the API, which collects information on a voluntary basis from operators of refineries, bulk terminals and pipelines.  More »

Shale boom sends U.S. crude production to 28-year high

Output rose 78,000 barrels a day to 8.428 million, the most since October 1986, according to Energy Information Administration data.  More »

Rangeland building oil and gas hub in New Mexico

New Mexico Gov. Susana Martinez applauded the company’s investment in the state.  More »

Exxon’s Norway oil fields risk shutdown by strike over pensions

The Safe union will order as many as 154 offshore-platform workers to walk out if the talks fail, paralyzing production at the Ringhorne, Jotun and Balder fields, the group’s leader Hilde-Marit Rysst said by phone.  More »

Ohio House plans vote on tax hike for oil drillers

The bill imposes a 2.5-percent severance tax on horizontal wells, including those extracting resources through hydraulic fracturing.  More »