Tag: shale

Chevron pulls out of shale gas exploration in Romania

The company began drilling for shale gas at its exploration well in northeastern Romania in 2014, a project that drew protests. It is also ending its three other concessions in Romania.  More »

Drilling contractor may cut 2,000 field jobs as rigs idle

Since October, when the active U.S. land rig count had reached its peak, some 400 rigs have been cut loose by the oil producers struggling to make money in the once-lucrative U.S. shale plays.  More »

U.K. lawmakers urge fracking moratorium

Hydraulic fracturing in shale for oil and gas should be put on hold in the U.K. because of risks to public health and the environment, a panel of lawmakers said.  More »

Venezuela’s Maduro sees U.S. wielding oil as weapon to ‘destroy’ nation

Venezuelan President Nicolas Maduro has avoided substantial cuts to social programs amid the slide in crude, the commodity that provides 97 percent of Venezuela’s dollars.  More »

BHP backing away from U.S. drilling

BHP Billiton Ltd., the biggest overseas investor in U.S. shale, will cut the number of its rigs there by about 40 percent as plunging petroleum prices add to concerns about lower iron ore earnings.  More »

Canadian drilling services firm files bankruptcy

A Canadian company that expanded into South Texas in 2012 with a pioneering waterless technique to fracture shale rock has filed for bankruptcy protection as it seeks to reorganize.  More »

U.A.E. sees oil drop hurting shale drillers, not OPEC

The Persian Gulf nation will stick with a plan to boost its capacity to 3.5 million barrels a day in 2017, in spite of the global supply glut.  More »

Oil drops below $45; U.S. stockpiles may speed collapse

Goldman Sachs Group Inc. said crude needs to drop to $40 a barrel to “re-balance” the market, while Societe Generale SA also reduced its price forecasts.  More »

Sand boom headed for uncertainty, Moody’s says

With crude prices down more than 55 percent since the summer of 2014, sand producers are facing uncertainty about how much of the material will be needed in the next few years.  More »

North American oil spending to plunge $58 billion, Barclays says

North American oil producers and oil field service firms are expected to cut deep into the U.S. shale boom.  More »

Texas city that prepared for oil boom now waits for bust

Sweetwater envisioned becoming a major player in the hydraulic-fracturing boom, thanks to its location atop the Cline Shale, once estimated to be the nation’s largest underground petroleum formation.  More »

How OPEC weaponized the price of oil against U.S. drillers

Representatives of Saudi Arabia, the United Arab Emirates and Kuwait stressed a dozen times in the past six weeks that the group won’t curb output to halt the biggest drop in crude since 2008.  More »

Sanchez cuts 2015 budget by at least 40 percent

Producers such as Continental Resources, Marathon Oil and Oasis Petroleum have all announced big spending reductions in response to oil prices that have fallen in half since their June peak.  More »

Crude price slump exposing oil field risk takers

For the biggest explorers, the impacts of slumping prices are dramatic.  More »

Midland Basin oil worker talks crude prices, fracking bans in Reddit AMA

The worker answered dozens of questions from Redditors on life as a roughneck and the feelings among workers as dropping crude prices threaten to halt drilling.  More »
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