Posts filtered on Tag


(Miller Photography Inc.)

IHS: Operators embracing new technologies during downturn

Oil companies hoping to ride out the worst downturn in years are embracing new technologies aimed at helping them wrest more oil and gas from the ground.
An Iranian man walks past a mural displaying the Iranian map adorned in the colours of the country's national flag, on June 29, 2015 in Tehran. Despite agreeing the outlines of a nuclear agreement on April 2, the final talks between Iran and six powers led by the United States on turning it into a binding accord have hit difficulties on reaching a deal which would lift sanctions, paving the way for foreign investment to flow back, in exchange for curbs on Iran's nuclear activities. AFP PHOTO/BEHROUZ MEHRIBEHROUZ MEHRI/AFP/Getty Images

Iran could be target for $1 billion in gasoline sales, once sanctions lift

The nation with the world’s fifth-largest crude reserves may need to buy about 50,000 barrels a day of gasoline if sanctions are removed in early 2016 as expected.
(Jerry Lara/San Antonio Express-News)

IHS: North American oil hedges sink to 11 percent in 2016

The protective hedges used by 48 petroleum companies IHS examined will cover 60 percent less of their expected production than this year.
A worker walks under a road of pipelines at the Petroleos Mexicanos Miguel Hidalgo oil refinery in Tula de Allende, Mexico, on Thursday, March. 6, 2013. Susana Gonzalez /Bloomberg

Energy reform a boost for Mexican petrochemicals, IHS says

The Latin American country’s chemical industry hasn’t seen new investment in the past 15 years thanks to declining oil and gas production and a lack of infrastructure.
Attendees gather on the floor of the George R. Brown Convention Center on Aug. 19, 2015, for the summer North American Prospect Expo, or NAPE. (Stephen Elliot of, via NAPE)

At NAPE, some see natural gas drillers as next buyers of battered oil fields

At the George R. Brown Convention Center on Wednesday, wildcatters gathered to negotiate deals for oil and gas properties in Texas and elsewhere during the industry’s largest oil lease swap-meet, the summer NAPE.
Operator Tim Mouton inspects polymer pellets for quality at the LyondellBasell Bayport Polymers Plant, Monday, October 11, 2010 in Pasadena, TX. (Eric Smith/Houston Chronicle)

Extended low oil prices could slow U.S. petrochemical renaissance

The bountiful ethane that comes from natural gas liquids and U.S. shale production would become more scarce, according to the IHS report. Ethane is used to make ethylene, which which is the main building block for plastics.
(Eddie Seal/Bloomberg News)

2015 already a record year for writedowns, IHS says

Beleaguered drillers wrote off $29 billion in the first quarter of the year alone, more than the 2014 full-year total of about $25 billion.
Paal Kibsgaard, chairman and chief executive officer of Schlumberger Limited, pauses during a panel session at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, on Friday, June 19, 2015. SPIEF is an annual international conference dedicated to economic and business issues which takes place at the Lenexpo exhibition center June 18-20. (Andrey Rudakov/Bloomberg)

Schlumberger CEO: New technology appetite growing amid oil downturn

The CEO of Schlumberger says American oil producers are purchasing a lot more new technology in this year’s oil downturn than in previous rough patches, with new tools making up almost a quarter of the company’s revenue.
A drilling rig is set up near a barn in Springville, Pennsylvania. (AP Photo/Alex Brandon, File)

Farmers would benefit from crude oil exports, too, oil industry leaders tell House agriculture panel

Continental Resources CEO Harold Hamm and Texas energy regulator David Porter argued that oil exports could drive more domestic crude production, with benefits rippling nationwide, from urban centers to rural areas.
In this Dec. 17, 2014 photo, workers tend to oil pump jacks behind a natural gas flare near Watford City, N.D. Natural gas, the nation's most prevalent heating fuel, is getting cheaper just as winter is arriving because of mild temperatures and plentiful supplies. (AP Photo/Eric Gay)

U.S. oil output still barreling toward 45-year record

U.S. oil production edged down in May and will likely continue swooning until early next year as plunging crude prices continue to pummel domestic producers, according to a new federal report.