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

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Apache unsure of extensions for some Egypt acreage

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Egypt’s military removed the country’s president from power in July.
Categories: Middle East
(AP Photo/Brennan Linsley)

Texas breezes along as US wind power leader

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An Energy Department report out Tuesday says Texas added about 1,826 megawatts in new wind power capacity in 2012 – leading the nation with about twice as much new wind power as California, which ranked second.
Categories: Wind
Patrick Juneau, administrator of the Deepwater Horizon Claims Center. (Houston Chronicle)

BP balks at paying claims administrator

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A federal magistrate has scheduled a hearing for BP to show why it shouldn’t be ordered to fund Patrick Juneau’s proposed third-quarter budget.
Categories: Gulf oil spill
The West Texas sky silhouettes a Linn Energy pumpjack in the Permian basin. (Linn Energy)

Report: Daily US crude production in July was highest since ’91

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U.S. oil production reached 7.5 million barrels a day in July, and will average 7.4 million per day for the full year, according to the latest monthly report from the U.S. Energy Information Administration.
Categories: Crude oil, Production
(Image: Fotolia)

Utility executives: Major cyberattack on power grid is inevitable

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Power utilities must harness the same manpower, money and other resources to counter the growing threat of cyberattacks that they throw at hurricanes, ice storms and other natural disasters, industry leaders said Tuesday.
(Image: Fotolia)

House passes amendment banning carbon tax

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The amendment by Louisiana conservative firebrand Steve Scalise passed Friday as part of a bill called the REINS act (Regulations from the Executive in Need of Scrutiny), which would require Congressional approval of any new agency rule, tying the government in knots.
Categories: Politics/Policy

PwC report: Eagle Ford leads in mega-deals

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The Eagle Ford Shale in South Texas led shale play deal-making in the second quarter, with mergers and acquisitions totaling $1.5 billion, PwC reported Tuesday. In its quarterly survey of energy industry deals valued at more than $50 million, the accounting and consulting firm reported an overall drop over the April-June period of 2012. It  
Categories: Uncategorized
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Spectra rejects Sandell call to sell Canadian pipes, DCP stake

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Spectra Energy Corp. doesn’t see a benefit in selling or spinning off its Western Canadian pipelines or its interest in DCP Midstream LLC, Chief Executive Officer Greg Ebel said today.
Categories: Pipelines
Tracy Olson/Flickr

Is the state holding your oil and gas royalties?

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The money sitting around in the state’s sock drawer is enough to buy a six-pack of Shiner Bock, a half-gallon of Bluebell Ice Cream and breakfast tacos for everyone in Texas.
Categories: Production
(AP file photo/Southeast Missourian, Aaron Eisenhauer)

EPA lowers target for cellulosic biofuels in gasoline

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The Obama administration on Tuesday formally told refiners to blend 16.55 billion gallons of renewable fuels into the nation’s gasoline supply this year, while paring some targets that the oil industry had criticized as too ambitious.

Sincere Thanks to All Who Worked with The Oil Drum

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This is a guest post by Kjell Aleklett, Professor of Physics at the Global Energy Systems Group of Uppsala University Sweden. and President of ASPO International.
At the end of August, The Oil Drum website will change from an active blog into a static …
Categories: Uncategorized
Natural gas is pumped from a well at the Beaumont Municipal Airport. (AP Photo/Pat Sullivan)

Environmentalists call well methane leaks ‘alarmingly high’

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Almost a tenth of the methane produced from oil and gas operations in a Utah site escapes into the atmosphere, according to a federally backed study published Monday.
Categories: Environment, Natural gas