Drilling

Oil

US rig count down 2 to 1,769

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. decreased by two this week to 1,769.

The Houston firm said in its weekly report Friday that 1,430 rigs were exploring for oil and 335 for gas. Four were listed as miscellaneous. A year ago there were 1,757 active rigs.

Of the major oil- and gas-producing states, Alaska gained three rigs, Colorado, North Dakota and Wyoming each gained two and New Mexico and Ohio each gained one.

Oil

Colorado judge upholds Broomfield's 5-year fracking ban

Source: 
The Associated Press

Despite complaints about the election that imposed a five-year ban on hydraulic fracturing in Broomfield, Colorado, a judge has upheld the result, The Associated Press reports.

Bureau of Ocean Energy Management
Oil

Interior opens door to new Atlantic oil and gas seismic surveys

The Interior Department Bureau of Ocean Energy Management on Thursday completed a multi-year environmental review that sets the stage for new oil and gas seismic surveys off the Atlantic coast.

The expected surveys do not mean new drilling will happen anytime soon, if at all, a department official said. But the results will replace outdated information on mid- and southern Atlantic plays that will be used to decide whether to offer new leases after 2017.

Oil

Exploration cutbacks hit Transocean

Source: 
Reuters

Rig demand has dropped as major oil companies cut their exploration budgets, according to Transocean Ltd., owner of the world's biggest offshore drilling fleet, which predicts it could take up to two years for demand to recover, Reuters reports.

Oil

Shale brings high hopes in Mississippi, Louisiana

GILLSBURG, Miss. (AP) — Residents living above an oil-rich shale formation that stretches across southwest Mississippi and Louisiana have been waiting on a boom for years. A steady trickle of drilling is already boosting the rural region's economy, and spending by two oil companies could make 2014 the year that many other locals finally cash in on the oil far beneath their feet.

Already, Max Lawson has spent hours watching the round-the-clock work of shoving pipe into the ground in his back pasture. The process began two years ago when Encana Corp. built a big gravel pad, but didn't take off until late last year when a convoy of 200 trucks carted in a drilling rig and other equipment to bore into the earth looking for oil.

"They call it the Gillsburg Christmas tree," he said while standing near the brightly lit rig. "It looks like a little city over here at night."

Oil

Greek PM lays out potential oil & gas windfall

ATHENS, Greece (AP) — Greece's prime minister says the cash-strapped country could earn up to 150 billion euros ($206 billion) in three decades from offshore oil and gas deposits.

Antonis Samaras said Wednesday the rough estimate, which is worth nearly half of Greece's 320 billion-euro debt mountain, was "neither optimistic nor pessimistic," and could increase depending on further exploration results.

He said surveys have provided "very strong indications of significant" reserves off Greece's western coast, and work is ongoing in waters off the island of Crete in the south.

Oil

API teleconference on Atlantic seismic survey PEIS

Washington, February 27, 2014, 11:15 am

American Petroleum Institute holds news teleconference on expected completion by Interior Department of Atlantic Ocean oil and gas seismic surveys PEIS.  

Oil

Shale fad to fade, offshore focus to return: UT economist

Source: 
FuelFix

The shale drilling fad will recede and producers will return their focus to familiar offshore fields, predicts Michelle Michot Foss at the University of Texas' Bureau of Economic Geology, FuelFix reports.

Bureau of Ocean Energy Management

Interior poised to take step toward potential Atlantic drilling

The Interior Department Bureau of Ocean Energy Management is expected to finalize as soon as Thursday a programmatic environmental impact statement for new offshore Atlantic Ocean oil and gas surveys, according to industry sources.

Completion of the statement, begun more than three years ago, could set in motion reviews of applications by companies to conduct the first Atlantic geologic and geophysical surveys since 1988. The prospect of those surveys has raised hopes by industry and states that new areas will be opened to leasing after 2017.

Oil

Media storm over Tillerson joining suit against water tower

Source: 
FuelFix

Exxon CEO Rex Tillerson is taking heat for joining a lawsuit to block a water tower near his Dallas-area home that could be used for fracking wells, FuelFix reports.

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