American Energy, led by ex-Chesapeake Energy CEO Aubrey McClendon, is to buy 14,000 acres in West Texas from Tall City Exploration for $440 million, a move that would double the company’s footprint in the Permian Basin, FuelFix reports.
WILLISTON, N.D. (AP) — Marcus Jundt moved to Williston from Minnesota almost four years ago and has opened four restaurants there since. Food isn't propelling his business, though. It's oil.
"Everything I've done in Williston is a derivative of oil," he says.
That oil has averaged $96 a barrel over the past four years, fueling more drilling, more hiring, and bigger appetites in North Dakota, Texas, Oklahoma and elsewhere. Now oil has hit a rough patch, plunging to $79 from $107 in June on fears of a global glut. Many expect these lower prices are to stick around for a while.
With Sen. Lisa Murkowski, R-Alaska, taking over as head of the Energy and Natural Resources Committee in the new Republican-controlled Senate, the issue of drilling in the Arctic National Wildlife Refuge is likely to be revisited, The Hill reports.
The shale boom that has brought wealth and jobs to North Dakota is starting to be questioned by some residents concerned about health, safety and pollution costs as well as financial exploitation by major companies making moves that are backed by state regulators, The New York Times reports.
Royal Dutch Shell, Hess Corp., Exxon Mobil Corp. and Chevron Corp. are among major oil companies with new drilling projects in the Gulf of Mexico, a number in deep water, although a continued decline in oil prices could slow development, The Wall Street Journal reports.
NEW ORLEANS (AP) — A worker killed in an offshore explosion was cleaning a piece of equipment during routine maintenance at its oil-and-gas platform in the Gulf of Mexico, the company that runs the platform said Friday.
Houston-based Fieldwood Energy LLC said another worker suffered "visible injury" and two others reported ringing in their ears after the explosion, which was reported just before 3 p.m. Thursday. The company said the three injured workers have been released from the hospital.
With the fall in oil prices making it more challenging to profit from drilling, Apache Corp. announced it would be substantially reducing its capital spending in North America to $4 billion next year, although it still anticipated a 4 percent increase in production from the region, Reuters reports.
BISMARCK, N.D. (AP) — The new leader of North Dakota's oil-rich Three Affiliated Tribes is pledging to speed negotiations on a proposed pipeline through tribal land that would curb the wasteful burning of natural gas in the state by more than 10 percent.
North Dakota's booming oil production has led to an unmanageable increase in the state's output of natural gas, which is a byproduct of oil production. Oneok Inc., the biggest operator of natural gas pipelines and processing plants in North Dakota, wants to build a 20-mile-long pipeline to capture natural gas from oil wells in Dunn County and move it to an existing pipeline network nearby. But the Three Affiliated Tribes has demanded environmental assurances and cash for permission for it to pass through land it recently acquired.
An explosion at a Gulf of Mexico offshore platform on Thursday has killed one and injured three others, the federal Bureau of Safety and Environmental Enforcement said.
The Echo Platform, owned by Houston-based Fieldwood Energy, was not in production at the time of the explosion and there was no pollution released, BSEE spokeswoman Chauntra Rideaux said in a statement issued late Thursday.
The explosion was reported to the bureau just before 3 p.m. The injured people were being treated at an onshore medical facility, Rideaux said.
The platform is located about 12 miles from New Orleans and damage was limited to the explosion area, she said. The bureau was coordinating with the Coast Guard on an investigation.
Fieldwood Energy did not immediately respond to a request for comment. The company said in a statement published by The Times Picayune in New Orleans that the explosion "was an isolated incident that has been fully contained," and that the facility was not damaged.
Alaska received 356 bids on its tracts in this year’s oil and gas lease sale, including 297 for the North Slope, the most since 2006, the Alaska Journal of Commerce reports, noting that Department of Natural Resources Commissioner Joe Balash attributed the upsurge in interest to the state’s tax reform moves this year.
Dismissing a story in Canadian media that a decision on the Keystone XL pipeline is imminent, White House spokesman Josh Earnest said the State Department is still reviewing the proposed project, The Hill reports.
Environmentalists plan to protest the Obama administration approval of drilling in Arctic waters when the president visits Alaska, while the state’s governor and others plan to push for more oil and gas production, National Journal reports.
Despite New Orleans’ recovery from Hurricane Katrina – hailed by President Obama in a visit Thursday – the federal government is still falling short when it comes to improving flood defenses, according to an analysis from the Georgetown Climate Center, E&E reports.
Oil was rising again Friday after prices a day earlier racked up the biggest single day increase since March, 2009. U.S. benchmark crude for October delivery was up $1.56 to $44.12 a barrel on the Nymex, while in London Brent jumped $1.18 to $48.74, The Wall Street Journal reports.
Seeo – a California-based developer of electric car batteries that holds a licence for patents from the Lawrence Berkeley National Laboratory – has been acquired by international car parts company Robert Bosch, Reuters reports.
An analysis prepared for the New England Coalition for Affordable Energy -– which was funded by the American Petroleum Institute and America’s Natural Gas Alliance -– found that New England could end up paying $5.4 billion more for energy if the region fails to upgrade its infrastructure, the New Haven Register reports.
Hercules Offshore didn’t appeal a move by Nasdaq to have its stock deslisted from the exchange in the wake of its Chapter 11 filing, so the company stock – trading for 7 cents a share Thursday afternoon – is now handled in the over-the-counter market, FuelFix reports.
In the heart of Colorado’s drilling boom, Weld County saw the highest rate of job growth in the country even though the state adopted air pollution rules seen as a precursor to those under consideration at the Environmental Protection Agency, E&E reports.