Drilling

Oil

North Dakota tribe wants fee on wasted natural gas

BISMARCK, N.D. (AP) — Tribal leaders on an American Indian reservation in the heart of North Dakota's booming oil patch are proposing fees for companies that burn and waste natural gas.

The Three Affiliated Tribes outlined its plan to impose fees in a six-page document sent to oil companies. In it, the tribe said companies would be required to pay royalties for "flaring" natural gas to compensate for lost revenue when the gas isn't brought to market and sold.

Oil production on the Fort Berthold Reservation accounts for about a third of the state's oil output of more than 1 million barrels a day, which has made North Dakota the second-largest oil producing state in the country behind Texas.

Associated Press
Oil

Republicans: Oil boom states' success supports their pro-drilling stance

Republicans in Congress on Thursday pointed to a new Energy Department analysis of the strong economic growth in energy-producing states as fresh evidence in support of their calls for greater oil and gas drilling in federal areas.

The Energy Information Administration reported that of the six states where oil and gas development and mining accounted for more than 10 percent of their economy, all but one had stronger growth than the national average last year.

Oil

Fracking sand shortage holding up some Permian drilling

Source: 
Bloomberg

The increasingly valuable commodity of fracking sand is running in short supply in parts of the Permian Basin, causing delays for drillers like Concho Resources Inc., Bloomberg reports.

Oil

Norway's Statoil comes up dry at Arctic wells

STOCKHOLM (AP) — Norway's Statoil ASA has found no commercial quantities of oil and gas at the northernmost wells it has ever drilled in the Arctic, the government-controlled company said Thursday.

Statoil drilled three exploration wells this summer in the Hoop area of the Barents Sea.

Two of them were the northernmost wells ever drilled on the Norwegian continental shelf, more than 300 kilometers (185 miles) north of the mainland.

Mexico dreams face test after opening to investors

MEXICO CITY (AP) — Mexico has passed laws to open its oil, gas and electric industries to private and foreign investors after 76 years of state control. Now comes the hard part.

Experts say Mexico's hopes for tens of billions of dollars in outside investment, and possibly a shale gas boom like the one occurring across the border in Texas, hinge on being able to design the kind of tenders, contracts and concessions that would actually prove attractive to companies that already have their hands full drilling in deep sea waters and hydro-fracking elsewhere.

On that question hinges Mexico's hope for an industrial boom.

Oil

Fracking could help deep water drilling pay off

Source: 
Bloomberg

Fracking could help unlock reserves for deep water drillers, particularly in the Gulf of Mexico, Bloomberg reports, noting that players like Halliburton Co. are moving cautiously because of the harsh environment.

Oil

Prices to drive US crude production, says Pioneer CEO

Source: 
FuelFix

With new technology U.S. oil drillers have the potential to exceed government forecasts of producing 9.5 million barrels a day in 2016, but whether they will actually do so depends on the price, Pioneer Natural Resources CEO Scott Sheffield told a conference in Denver, FuelFix reports.

Mexican Senate approves opening of energy sector

MEXICO CITY (AP) — Mexico's Congress approved a comprehensive energy reform that will break more than seven decades of state monopoly and dramatically expand the role of foreign and private companies in the country's oil and gas industry.

The package of new laws approved late Wednesday will now go to the desk of President Enrique Pena Nieto, who has made energy reform the cornerstone of his platform to expand Mexico's economy and to make the country a global competitor.

"Today we took a big step toward the future for Mexicans," Pena Nieto said via his Twitter account. "We will take better and more sustainable advantage of our energy resources."

Mexican Senate nears final vote on oil opening

MEXICO CITY (AP) — Mexico's Senate debated the final pieces of legislation Wednesday needed to enact a dramatic expansion of the role of foreign and private companies in the state-run oil industry.

The Senate was expected to approve the final packages of laws to regulate private oil and gas drilling that is being allowed for the first time since the industry was nationalized 76 years ago. The overhaul is supported by the governing Institutional Revolutionary Party, the conservative National Action Party and a smaller party that together can form a majority.

Oil

Strong shale performance boosts EOG profit

Source: 
FuelFix

EOG Resources Inc. Tuesday reported a 7 percent increase in second quarter profit to $706 million on strong performance in North Dakota’s Bakken Shale and in Eagle Ford Shale and the Permian Basin in Texas, FuelFix reports.

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