Category: Crude oil

North Dakota oil rig count drops below 100

North Dakota is the nation’s No. 2 oil producer behind Texas. North Dakota has been producing about 1.2 million barrels of oil daily.  More »

Chevron to hunt for oil in Myanmar

Unocal Myanmar Offshore Co. Ltd. has signed a production sharing contract with the state oil company, Myanma Oil & Gas Enterprise, to explore the Rakhine Basin.  More »

Senate Democrats seek tougher federal rules for oil trains

Washington Sen. Maria Cantwell on Wednesday said the measure would ban the use of older tank cars, regulates the volatility of crude oil carried on trains and ensures that rail infrastructure is properly maintained.  More »

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 »