Fuel Fix

Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)

A single oil rig was shut down last week, extending six month decline

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As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.

A single oil rig was shut down last week, extending six month decline

on
Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)
As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
Original byline: Jim Blecha/

Vanguard Natural Resources scoops up smaller Houston rival for $474 million

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The most recent deal comes on the heels of Vanguard’s announcement in April that it will acquire LRR Energy LP for more than $250 million.
Categories: Crude oil, Deals, featured, Shale

Buffett on safari for another big deal

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After deal to invest $12bn in buyout of Heinz, with private equity group 3G Capital, the ‘Sage of Omaha’ said he was on the prowl for another big deal
Categories: Uncategorized

BP completes Valhall overhaul

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BP has finally delivered first oil from the Valhall redevelopment in the Norwegian North Sea. Start-up was originally scheduled for the second half of 2010, but a series of delays forced BP to extend operations at facilities that were due to be replaced.
Categories: Offshore

Latin America

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Pemex has contracted McDermott International for a new production platform for the Litoral Tabasco Tsimin-Xux fields in the Gulf of Mexico.
Categories: Offshore

GLOBAL DATA

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Infield Systems expects 89 fields – 62 of them to be gas – in the Mediterranean to enter production between 2013 and 2017.
Categories: Offshore

A modern case of resource nationalism

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An apparent shift in thinking is emerging among states from that of maximizing resource revenues to maximizing the use of the resource revenue stream for the benefit of the local economy and to attract foreign investment.
Categories: Offshore

Washington drifts into budget crisis

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How Washington has drifted into sequestration is a symbol of the near-total breakdown in relations between Barack Obama and the Republican leadership
Categories: Uncategorized
Headquarters of the state-run energy company China National Offshore Oil Corp. (Cnooc) in Beijing. (AFP/AFP/Getty Images)

Cnooc said to cede control of Nexen’s Gulf assets

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Cnooc will still own the assets.
Categories: General

LNG facility planned at Baton Rouge port

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Houston-based Waller Marine wants to have the LNG facility operational within the next year and a half.

Categories: LNG, Natural gas

Poor European data hit risk assets

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Equities are mixed as disappointing data from China and Europe spark ‘risk’ asset selling, and the pound stumbles as UK manufacturing contracts
Categories: Uncategorized
Crewmen lower a pipe for TransCanada's Keystone XL project into the ground in Wood County, Texas. (Cody Duty / Houston Chronicle)

State Department: Keystone XL wouldn’t expand Canada’s oil sands

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The State Department late Friday released a fresh environmental assessment of the Keystone XL oil pipeline, concluding that the project is unlikely to dramatically boost demand for Canada’s oil sands or the amount of heavy crude oil refined in Gulf Coast refineries.

Judge cuts Apple’s $1bn damages award

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Fresh trial ordered by a US court will deal with 14 Samsung products where the jury had based its award on an ‘impermissible legal theory’
Categories: Uncategorized

FBI asked to help unravel Todd mystery

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The family of the engineer found dead in a Singapore flat meet Bureau officials at Washington HQ and see members of Congress over the fate of their son
Categories: Uncategorized

Russian bank chief given UK asylum

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Ex-financier denies charges of fraud over Bank of Moscow joins a growing band of Russians granted asylum in the UK that are straining ties with government
Categories: Uncategorized

Centrica starts gas production from York in North Sea

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Centrica Energy has started production from the York field platform in the UK southern gas basin.
Categories: Offshore

Technip in Russia for offshore venture talks

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Technip has signed two agreements with State Corp. Russian Technologies (Rostec) in Moscow.
Categories: Offshore