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

Subsea 7 to tie in Erha North offshore Nigeria

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Esso Exploration and Production Nigeria has contracted Subsea 7 (Oslo Børs:SUBC) for subsea installations on the Erha North field development offshore Nigeria.
Categories: Offshore

San Leon extends offshore Albania data access

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San Leon Energy continues to seek partners to explore the Durresi block offshore Albania.
Categories: Offshore

Noble's exploration in the eastern Mediterranean (Image: Noble Energy)

Noble Energy profits boom in fourth quarter

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Noble Energy banked $251 million in the fourth quarter, after recording a loss a year earlier, demonstrating that its focus on high-performance plays is paying off.
Categories: Africa, Natural gas

Jaya delivers multi-purpose offshore support vessel

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Jaya Holdings Ltd has delivered the multi-purpose offshore support vessel Jaya Pride to a long-term charter with Belait Offshore in the South China Sea.
Categories: Offshore

As it happened: Draghi quizzed on Ireland and Italy

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ECB chief Mario Draghi gives monthly press briefing as UK MPs question incoming Bank of England governor Mark Carney
Categories: Uncategorized

Chevron to pursue Mafumeira Sul offshore Angola oil development

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Chevron Corp.’s (NYSE:CVX) Cabinda Gulf Oil Co. Ltd. will go forward with the Mafumeira Sul development offshore Angola.
Categories: Offshore
The LNG carrier, a tank ship designed for transporting liquefied natural gas, is towed into port. (Lex Van Lieshout, Getty Images)

Gas exports won’t hurt US edge, expert says

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The federal government probably will approve wider liquefied natural gas exports, and that won’t hurt plans for multibillion-dollar chemical plants along the Texas coast and elsewhere, a leading economist said Wednesday in Houston.
Categories: LNG, Natural gas

Topsides 2013: Hess provides update on Tubular Bells project

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Development of the Tubular Bells field is proceeding on schedule, with the drilling campaigns under way and construction of the spar platform ongoing.
Categories: Offshore
BPsign

BP investors allowed to add more statements to fraud case

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BP Plc’s investors can add more claims to a multibillion-dollar lawsuit accusing the company of lying before and after the 2010 Gulf of Mexico oil spill, a U.S. judge ruled.
Categories: Legal issues
(Image: Fotolia)

SEC settles insider trading case with Houston man

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U.S. securities regulators settled an insider-trading case with a Texas man who allegedly bought National Semiconductor Corp. shares based on a tip about its acquisition gleaned from his wife, a lawyer whose firm consulted on the deal.
Categories: Politics/Policy
(Photo: JOHN DAVENPORT/SAN ANTONIO EXPRESS-NEWS)

Statoil profits halved in Q4 on lower oil prices

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Norwegian oil company Statoil ASA says its fourth-quarter profits plunged 50 percent as revenue dropped because of lower oil and gas prices.
Categories: Crude oil
A liquefied natural gas tanker arrives in Houston in 2008, shortly after the Freeport LNG terminal began operations. (Steve Campbell / Houston Chronicle)

Japan’s TEPCO gears up for US shale gas imports

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Tokyo Electric Power Co., operator of the devastated Fukushima Dai-Ichi nuclear power plant, plans to buy liquefied natural gas from the LNG terminal in Cameron Parish, Louisiana, raising expectations Japan will tap into the U.S. shale gas boom.
Categories: Natural gas

Topsides 2013: GVA spotlights 33000 semisubmersible production unit

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GVA Consulting, a subsidiary of KBR, is highlighting the capabilities of its GVA 33000 deep draft semisubmersible production unit at the Topsides Conference & Exhibition being held in Galveston.
Categories: Offshore
One well struck oil at Spindletop in 1901. Two years later, the hill was covered with derricks. Now a new group wants to drill even deeper.

Oilmen hope to make new history at Spindletop

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The name evokes an oil discovery that made history. When a well piercing the salt dome near Beaumont first gushed in 1901, it introduced a cheap supply of commercial energy that transformed the oil industry and American life.
Categories: Crude oil

Weak sales hit S Korea growth hopes

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Falling retail sales dash hopes that Asia’s fourth-largest economy has bottomed, and comes as leading exporters warn of a darkening outlook
Categories: Uncategorized