Drilling

Oil

Flaring remains problem in ND’s Bakken Shale

Source: 
The Wall Street Journal

A lack of infrastructure to capture and use natural gas means oil producers in North Dakota’s Bakken Shale are continuing to flare large quantities of it – 10.3 billion cubic feet worth nearly $50 million in April alone, The Wall Street Journal reports.

Oil

Interest rate rise could imperil junk bonds and energy production

Source: 
Houston Chronicle

With a big chunk of the energy industry bankrolled by debt rated as speculative, any move by the Federal Reserve to increase interest rates could put the brakes on the growth in oil and gas production, the Houston Chronicle reports.

WBM Management Inc.
Oil

Drilling permit delays hurting taxpayer, Interior IG contends

The Interior Department's internal watchdog on Monday scored the Bureau of Land Management for what it called "indefinite" reviews of applications for oil and gas drilling on public lands.

Deputy Inspector General Mary Kendall said in a report that while BLM approves 99 percent of applications, only 6 percent are completed within 30 days upon receipt of a application as required by law, unless the operator fails to submit required information.

The "very long" reviews, which averaged more than seven months in 2012, may be cutting into taxpayer revenues, she said, with backlogs in processing permits at the BLM's 33 field offices causing uncertainty for industry and the government.

Oil

Returns down on production costs despite higher oil prices: IHS

Source: 
FuelFix

Because of lower costs, returns on oil exploration and production were greater in 2001, before the energy boom and at a time when crude oil was priced below $30 a barrel, than they were last year when crude prices were more than three times higher, according to IHS, FuelFix reports.

Oil

High profile investors backing WellAware

Source: 
FuelFix

Former Vice President Dick Cheney, Mexican billionaire Carlos Slim and Ed Whitacre, formerly a high profile executive with AT&T and GM, are among investors putting money into oilfield data collecting company WellAware Holdings Inc., which reported last week raising $37 million in funding, FuelFix reports.

Oil

US rig count rose 15 to 1,873

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. rose by 15 this week to 1,873.

The Houston firm said in its weekly report Friday that 1,558 rigs were exploring for oil and 314 for gas. One was listed as miscellaneous. A year ago there were 1,748 active rigs.

Oil

Oklahoma looks for answers on earthquakes

EDMOND, Okla. (AP) — Central Oklahoma residents are demanding to know whether earthquake swarms that have shaken their homes and their nerves in recent months are caused by oil and gas drilling operations in the area.

About 500 people attended a meeting with regulators and research geologists Thursday night in Edmond. Many urged the Oklahoma Corporation Commission, which regulates the oil and gas industry, to ban or severely restrict the wells that are used to dispose of wastewater from drilling and that some scientists say could be linked to the quakes.

Oil

Oil boom fuels drop in age in Great Plains states

WASHINGTON (AP) — The United States is still growing older, but the trend is reversing in the Great Plains, thanks to a liberal application of oil.

The aging baby boom generation helped inch up the median age in the United States last year from 37.5 years to 37.6 years, according to data released Thursday by the Census Bureau. But a closer examination of those numbers shows that seven states — Alaska, Hawaii, Montana, North Dakota, Oklahoma, South Dakota and Wyoming — actually became younger.

Credit for the de-aging of the mainland states between 2012 and 2013 goes to the increase in oil and gas exploration in the Great Plains. The Census Bureau offered no reason for the decrease in Alaska and Hawaii.

US: China's behavior offshore hurts its standing

WASHINGTON (AP) — China's coercive efforts to enforce its territorial claims in disputed waters are not just raising tensions but damaging its international standing, a senior U.S. official said Wednesday.

Top diplomat for East Asia, Daniel Russel, was speaking at a congressional hearing, two weeks ahead of high-level talks in Beijing, where he said Washington would seek to build "strategic trust" with China and economic cooperation, but would also push for the release of political prisoners.

Appearing before lawmakers, Russel criticized China's recent actions in the East and South China Seas which he said had left its neighbors "understandably alarmed."

Oil

Midwest economies getting boost from energy boom

Source: 
McClatchy

The shale drilling phenomenon is driving economic gains in Midwestern states, North Dakota in particular, McClatchy reports.

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