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.
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.
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."
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.
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.
The compromise in Colorado between environmentalists and the oil industry over controlling methane emissions from drilling could serve as an example for other parts of the country, according to Noble Energy CEO Chuck Davidson, FuelFix reports.
One reason why any future increase in interest rates may not trouble debt-ridden shale drillers is that a sizeable amount of their borrowing has been agreed under fixed rates, The Wall Street Journal reports.
A deal announced Monday by Colorado Gov. John Hickenlooper and Rep. Jared Polis to study local oil and gas siting conflicts appears to have averted an intra-party fight over controversial ballot initiatives that would have let communities ban hydraulic fracturing.
They agreed on the creation of an 18-member task force to make recommendations next year to the governor and state legislature on the regulation of the drilling practice, known as fracking, near homes, businesses and schools.
In return, Polis agreed to drop his support for the two initiatives that would amend the state constitution to set a 2,000-foot minimum setback for wells near occupied buildings, four times the current minimum, and allowed communities to set stricter drilling regulations than the state, including bans.
The offer by Continental Resources Ltd. to pay state taxes and royalty payments in North Dakota for natural gas it failed to burn off properly has been met with skepticism by lawyers for landowners and rights holders, suspicious that the plan is intended to limit the company’s liability, The Wall Street Journal reports.
Opening up more areas to offshore drilling -- including parts of the Pacific -- would generate around $160 billion over a period of less than 20 years, according to more than 160 Republican Congressmen who sent a letter to Interior Secretary Sally Jewell about her department’s updated plan for the Outer Continental Shelf, The Hill reports.
The U.S. Court of Appeals for the District of Columbia Circuit on Thursday lifted a stay on the Environmental Protection Agency’s implementation of its Cross-State Air Pollution Rule, although legal arguments on challenges to some aspects of the regulation are set to take place next March, E&E reports.
Producers for American Crude Exports, or PACE, for short, is made up of more than a dozen independent oil companies who would like to see the decades-old U.S. ban on crude exports overturned, Reuters reports.
The Federal Energy Regulatory Commission staff has cleared the Constitution pipeline on its environmental impact, leaving Commissioners to make the final decision on the project, which is intended to add some 650 million cubic feet of natural gas capacity in New York and New England, FuelFix reports.
If the Federal Energy Regulatory Commission approves changes that PJM Interconnection will suggest to the rules, it’s possible the wholesale electricity market manager might find a way to keep a demand response program going despite legal challenges, E&E reports.
Rising global supply and sluggish demand were continuing to weigh on oil prices. U.S. benchmark crude for December delivery dropped $1.08 to settle at $81.01 a barrel on the Nymex, $1.74 lower than the price a week ago, while Brent finished at $86.13, a loss of 70 cents on the day and 3 cents less than last Friday’s settlement price, Reuters reports.
ConocoPhillips, alongside partners including BP and Exxon Mobil, has announced what it says is the first new drilling in the North Slope’s Kuparuk River Field in nearly a dozen years, a well to come on line in 2016 that will add 8,000 barrels a day of production, Platts reports.
In one of the most hotly contested and expensive House races in the country, Rep. Nick Rahall, D-W.Va., is battling against Republican candidate Evan Jenkins and powerful conservative groups backed by the Koch brothers, The New York Times reports.
Kristin Jacobs – who has turned in a strong performance in her campaign to be elected to the Florida House of Representatives in a flood-prone Miami district – is one of a number of candidates who are successfully pressing climate change as an issue even when polls say it’s not a top voter concern, The New York Times reports.
Opower says pilot programs run in Vermont and Southern California over the summer, which involved contacting customers to ask them to go easier on their air conditioning and then reporting back to them on how much electricity they saved compared to their neighbors, cut usage by nearly 3 percent on a number of hot days, The Washington Post reports.