Fuel Fix

A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)

Paragon Offshore reaches creditor deal for bankruptcy filing

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Under the plan, the oil services provider will be able to reduce more than $1.1 billion of debt and loosen some covenants, the company said.

Paragon Offshore reaches creditor deal for bankruptcy filing

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A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)
Under the plan, the oil services provider will be able to reduce more than $1.1 billion of debt and loosen some covenants, the company said.
( Johnny Hanson / Chronicle )

Rig count tumbles again

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The total rig count, which when including natural gas rig fell by 30, now stands at 541.
Categories: Crude oil, featured

The Luminant Lake Hubbard natural gas power plant, a subsidiary of Energy Future Holdings Corp., stands in Dallas, Texas. Matt Nager/Bloomberg

Moody’s: Bankruptcy of TXU Energy’s parent company is imminent

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Energy Future Holdings may be headed for bankruptcy by the end of the year, according to a Moody’s report issued on Monday morning.
University of Houston Chancellor Renu Khator has made energy one of the university's key initiatives. ( Brett Coomer / Houston Chronicle )

Schlumberger gifts $2.3M to university’s energy programs

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Schlumberger is donating $2.35 million to advance the University of Houston’s Energy Research Park.
Categories: Oil field services
The head office of Statoil in Stavanger, Norway.  (AP Photo / Kent Skibstad, NTB scanpix, File)

Norway’s government may sell $11B of Statoil shares

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Norway may sell as much as 16 percent of state-owned oil producer Statoil ASA, a stake currently valued at more than $11 billion, after the Conservative-led opposition won elections.
Categories: Europe
Jack Gerard will continue as CEO of the American Petroleum Institute when it merges with America's Natural Gas Alliance.

Oil industry touts $81B in carbon-cutting efforts

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The oil and gas industry’s largest trade group on Tuesday touted the sector’s investments in cleaning up greenhouse gas emissions, saying energy companies are doing more than the federal government to rein in the climate pollution.
The Texas City Refinery is shown in March 2005. The facility now belongs to Marathon Petroleum. (AP file photo/Tony Gutierrez)

BP heading to court over health claims at Texas City refinery

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This week four of more than 48,000 residents who sued BP claiming health damage from the toxic gases that spewed from its Texas City refinery for 40 days in 2010 will be the first to have their day in court.
Categories: Environment, Refining

Of Milk Cows and Saudi Arabia

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Under the desert in eastern Saudi Arabia lies Ghawar, the largest oil field in the world. It has been famously productive, with a per-well flow rate of thousands of barrels per day, owing to a combination of efficient water injection, good rock permeab…
Categories: Uncategorized
(Alexander Klein/AFP/GettyImages)

OPEC sees well-supplied oil market, lower demand for its crude

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The Organization of Petroleum Exporting Countries said the global oil market is “well-supplied,” and trimmed demand estimates for its crude in 2014 as production outside the group increases.
Categories: Crude oil, Markets
Jiang Jiemin, chairman of PetroChina, left, is mobbed by journalists after attending an IPO ceremony for PetroChina at the Shanghai Stock Exchange in Shanghai. (AP Photo)

Report: China takes passports from oil managers

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Executives of Chinese oil giant PetroChina Ltd. have been told to hand in their passports as an anti-corruption investigation of the industry spreads, a newspaper said Tuesday.
Categories: Legal issues
A Chesapeake Energy storage tank near Dilley, Texas. (Pat Sullivan/AP)

Chesapeake drops fight to extend 200 NY gas leases

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Chesapeake Energy has dropped its two-year legal battle to force an extension of 200 expired gas-drilling leases covering 13,000 acres in southern New York, the law firm representing the landowners said Monday.
Protestors scale a shale gas rig at Banks, near Southport, England bringing a halt to work at the Cuadrilla Resources site Wednesday  Nov. 2 , 2011.  Cuadrilla Resources, which is drilling for gas in northwestern England, said Wednesday that independent experts concluded that the tremors were due to an unusual combination of geology and operations, and were unlikely to happen again. The company said local geology would limit any future seismic events to around magnitude 3 on the Richter scale. The tremor on April 1 measured 2.3 on the Richter scale.  Local campaigners have mounted a "Frack Off" campaign to oppose the drilling technique that cracks open rock layers to free natural gas.  (AP Photo/Peter Byrne/PA)

Shale gas won’t hurt climate targets, U.K. government study says

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The U.K. can use its shale gas resources without risking targets for reducing carbon emissions, the government said, citing a study it commissioned.
Categories: Shale
Zhou Jiping, vice chairman and president of PetroChina Limited, attends a company results announcement in Hong Kong Thursday, March 17, 2011.  (AP Photo/Kin Cheung)

PetroChina said to study $10 billion Russia gas investment

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PetroChina Co. (857) is seeking to invest in Russian gas fields as part of efforts by the two countries to conclude gas-supply negotiations that have dragged on for almost a decade, four people with knowledge of the matter said.
Categories: Deals
An oiled duck is rescued near the Bell Slough State Wildlife Management Area in Mayflower, Ark. It was prepared to be taken to HAWK Center, a wildlife rehabilitation group assisting Exxon Mobil after a pipeline ruptured and dumped several thousands of barrels of oil. (AP Photo/Log Cabin Democrat, Courtney Spradlin)

Ark. asks that pipeline lawsuit stay alive

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Arkansas’ attorney general has filed papers in federal court saying a lawsuit against the operator a pipeline that soiled the town of Mayflower should be allowed to proceed.
Categories: Pipelines