Category: Crude oil

Anadarko oil spill fines cut by $1.1 billion after ruling

The Woodlands-based oil company had owned 25 percent of the doomed Macondo well and is on the hook for up to $1,100 in fines for every barrel that reached the Gulf of Mexico in 2010.  More »

Anadarko pumps first oil at Lucius field in the Gulf

Anadarko Petroleum Corp. has harvested the first barrels of petroleum at its Lucius project in the Gulf of Mexico, one of the biggest startups expected in the U.S. offshore region this year.  More »

U.S. judge: BP’s lies about flow rate didn’t hinder Gulf oil spill response

“There is no dispute that BP lied,” about how much oil flowed from the Macondo well during the 2010 Gulf of Mexico oil spill, U.S. District Judge Carl Barbier said, but that didn’t factor in to the effort to stop the blowout.  More »

Pipeline breach spills oil into Yellowstone River

Bridger Pipeline Co. said in the statement that it shut down the 12-inch-wide pipeline shortly before 11 a.m. Saturday.  More »

Iraq pumps crude at record level amid plummeting prices

The Middle East nation, holder of the world’s fifth-largest crude reserves, is rebuilding its energy industry after decades of wars and economic sanctions.  More »

Oil falls after first weekly gain in 2 months

Oil declined from a one-week high in London and New York as Iraqi production advanced to a record, compounding a global supply surplus.  More »

BNSF moving more crude oil across eastern Nebraska

BNSF said it is moving about a dozen oil trains through eastern Nebraska each week. That’s up from three trains a week last summer.  More »

Alaska faces lean budget times as oil prices plunge

Alaska heavily relies on oil revenue to fund the cost of state government, but the fall in prices has contributed to an estimated 80 percent decline in the state’s share of production taxes from last year.  More »

Meeting between Iran and Saudi Arabia foreign ministers delayed

A meeting between the foreign ministers of OPEC’s Iran and Saudi Arabia was delayed in part due to discord over falling crude prices, said Hossein Amir-Abdollahian, Iran’s deputy foreign minister for Arab and African affairs  More »

Big and small picture insights from the week of one oil & gas young professional

After a trip to Denver to visit my client last week, I look back with mixed feelings: a great, great few days for me personally where I came away feeling that I am absolutely on the right career path, but another bad week for the industry, which looks like it must prepare for a downturn that won’t end soon.  More »

Truckers gaining from diesel’s drop

Diesel’s drop will aid everyone from truckers to industrial users such as Bortz, chief executive officer of Towne Construction Services in Batavia, Ohio, which uses 300,000 gallons of diesel a year.  More »

Venezuela’s Asia tour backfires as crude extends slump

Venezuelan government lobbying to prop up prices is falling on deaf ears among other OPEC members that are prepared to let prices fall to a level that undermines a U.S. shale boom.  More »

TransCanada sued again by Nebraska landowners over Keystone path

Dual complaints were filed Friday against the Calgary-based company in state courts in York and O’Neill, Nebraska, by David Domina, the lawyer whose prior effort to halt construction of the 1,179-mile conduit was defeated by a cadre of judges who ruled his clients hadn’t established their legal right to sue.  More »

Beaumont event touts benefits of Keystone XL

Crude has long coursed from Canada to Oklahoma through the existing Keystone pipeline. Southeast Texas connected to that line in January last year when the Keystone XL southern leg ending in Nederland was complete, and Gulf Coast plants are already refining crude from Canadian fields.  More »

Cal Dive skips interest payment

The Houston-based marine contractor, which provides manned diving, pipelay and other services for the oil and gas industry, said it is looking to sell non-core assets in a bid to get debt off its books.  More »