In trying to balance the competing interests of oil companies and biofuel producers, the Environmental Protection Agency’s proposed renewable fuel quotas for 2014, 2015 and 2016 have pleased almost no one.
A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced.
Premier struck oil at the Isobel Deep well, about 30 kilometers (19 miles) from its Sea Lion discovery, the company said Thursday in a statement. Its stock jumped the most in two weeks, while partner Rockhopper Exploration Plc gained as much as 7 percent.
The East Texas Electric Cooperative, or ETEC, broke ground Wednesday on the new 24-megawatt power plant will power about 12,000 eastern Texas homes and generate about $1 million annually for the city of Houston for the right to use city facilities at the lake.
The slump in oil prices has prompted the units to cut spending budgets and lower production estimates, significantly increasing their debt levels relative to earnings, according to Standard & Poor’s. They’re seeking financing deals after S&P warned earlier this month that their liquidity could deteriorate significantly next year.
Investment in Mexico should pick up over the next few years as President Enrique Pena Nieto implements constitutional changes adopted in 2013 to end a seven-decade state monopoly on oil and gas, said Alexis Milo, chief Mexico economist at Deutsche Bank AG.
The decision to return the area underscores how exploration in the deepwater region where Petrobras has had its most success finding and producing oil still carries risks. Output at pre-salt fields has surged to more than 800,000 barrels a day, about a third of Brazil’s total output, since extraction started in 2010.
FuelFix.com is your daily must-read source for news and analysis on the energy business. Anchored by business reporters at the Houston Chronicle and other Hearst Newspapers, Fuel Fix incorporates blogs by energy experts, market updates, useful data and a real-time summary of the top ideas, hottest stories and latest news in the oil, gas and energy industries.
Browse previous blog posts by month and year of entry. You'll see all the posts for that time period.