Drilling

Oil

Feds moving to affirm 2008 Arctic lease sale

Source: 
FuelFix

The final supplemental environmental impact statement issued by the Bureau of Ocean Energy Management on the 2008 sale of Arctic drilling leases gives the process a green light, although the final up or down decision rests with Interior Secretary Sally Jewell, FuelFix reports.

Oil

Arctic Ocean shoal declared off-limits to oil drilling

ANCHORAGE, Alaska (AP) — A plateau on the Arctic Ocean floor, where thousands of Pacific walrus gather to feed and raise pups, has received new protections from the Obama administration that recognize it as a biological hot spot and mark it off-limits to future oil drilling.

But the announcement from Interior Secretary Sally Jewell triggered an uproar from Alaska leaders, angry that the federal government was making a decision that they said would harm the state's economy.

Oil

Oil slide gives boost to re-fracking

Source: 
Bloomberg

Revisiting old wells met with limited success in the past, but the oil price crash has given companies fresh incentive to look at a second wave of fracking in some 50,000 existing wells, anticipating that advances in technology will help them, Bloomberg reports.

Oil

Crude glut means rig glut

Source: 
FuelFix

As companies cut back on their drilling activity in the current market, more firms – including majors like Statoil and Total -- have offshore rigs available for sublet and the competition to find clients for them is heating up, Diamond Offshore Drilling CEO Marc Edwards told investors, FuelFix reports, adding that his own firm was storing up cash to make acquisitions.

Oil

US rig count plunges 87 to 1,456

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. plunged by 87 this week to 1,456 amid depressed oil prices.

The Houston firm said Friday in its weekly report 1,140 rigs were exploring for oil and 314 for gas. Two were listed as miscellaneous. A year ago 1,771 rigs were active.

Oil

Kansas geologist chasing links between quakes and fracking

Source: 
The Associated Press

In a state where earthquakes used to be rare but are getting more and more common, Kansas Geological Survey director Rex Buchanan believes there is a general link to wastewater injection wells from fracking, but said it’s difficult to pin down correlations between individual quakes and specific wells, The Associated Press reports.

Fracking puts California governor, environmentalists at odds

SACRAMENTO, Calif. (AP) — In the 1970s, the environmental movement had no bigger political hero than California Gov. Jerry Brown. He cracked down on polluters, ended tax breaks for oil companies and promoted solar energy.

Forty years later, in his second go-around as governor, conservationists are among his harshest critics.

Oil

Lease sale coming for rights to 41M acres in Gulf of Mexico

Source: 
The Hill

At a lease sale set for March 18 in New Orleans, the Interior Department’s Bureau of Ocean Energy Management will sell drilling rights to more than 41 million acres in the central Gulf of Mexico, The Hill reports.

Oil

Lucas Energy hopes for deal with West Texas operator Victory

Source: 
FuelFix

Looking to move forward following a debt default, Lucas Energy says it is hoping to merge with Victory Energy Corp. in an all-stock deal, and both companies have said they expect they could make money in the Eagle Ford Shale even if oil prices remain around $50 a barrel, FuelFix reports.

Oil

Despite lower oil prices, U.S. rig investment rose in Q4

Source: 
Bloomberg

Despite the collapse of crude oil prices last year, the latest Commerce Department report of gross domestic output showed outlays for new oil rigs and wells rose 8.9 percent in the fourth quarter of 2014, even as equipment spending across all U.S. businesses fell, Bloomberg reports.

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