The petroleum industry, anticipating the release of new regulations on offshore drilling safety, called for federal restraint and issued a report saying offshore oil and gas drilling is safer than ever because of self-imposed safety practices.
The Center for Offshore Safety, launched by the industry in the aftermath of the 2010 Deepwater Horizon oil spill, issued its first annual report, finding that members suffered no fatalities or loss of well control at deepwater sites in 2013 and that members were keeping on track with maintenance, inspections and safety audits.
LONDON (AP) — A British energy company says there is oil, and lots of it, near London's Gatwick Airport. The question is how much of it can be pumped from the ground.
UK Oil & Gas Investments PLC says analysis of a new well in the Weald Basin indicates there may be as much as 158 million barrels of oil per square mile in the region. That suggests the entire basin may hold as much as 100 billion barrels of oil, more than 10 times earlier estimates. By comparison, Britain has pumped about 42 billion barrels of oil from the North Sea over the past 40 years.
ConocoPhillips is leaving its capital spending at the $11.5 billion mark through 2017 but will shift a lot of it toward cheaper shale drilling, which will increase its production levels, FuelFix reports.
Despite the continuing conflict that has destroyed some of Libya’s oilfields and sent companies like Marathon Oil, Total and Repsol packing, Italy’s Eni SpA has protected its operations by cutting deals with militias and tribes, sources have told The Wall Street Journal.
ANCHORAGE, Alaska (AP) — Attorneys for Royal Dutch Shell PLC on Tuesday sued in federal court to remove six Greenpeace activists who boarded a vessel carrying an oil-drilling rig leased by Shell across the Pacific.
The six on Monday used inflatable boats launched from the Greenpeace ship Esperanza to climb aboard the Blue Marlin, a heavy-lift ship carrying a Transocean Ltd. semi-submersible drilling unit, the Polar Pioneer.
WASHINGTON (AP) — The Arctic is the next great frontier for oil and gas — and one of the most environmentally fragile places on earth.
An Energy Department advisory council study adopted last week said the U.S. should start exploring for oil and gas in the Arctic soon in order to feed future demand, and that the industry is ready to safely exploit the Arctic's huge reserves, despite recent mishaps.
Pioneer Natural Resources is the second U.S. firm, after Enterprise Products, to begin exploring how to take advantage of the end of the U.S. oil export ban and could begin shipments by the middle of next year, The Hill reports.
Two competing initiatives designed to give Florida residents a constitutional right to rooftop solar energy are running out of time without enough signatures yet to make next November's ballot, the Naples Daily News reports.
SolarCity CEO Lyndon Rive joined Sen. Charles E. Schumer in Buffalo this week to call the five-year extension of a federal tax subsidy "super important" to the continued growth of the solar power industry, The Buffalo News reports.
Continued concerns about oversupply forced oil prices downward early Wednesday, nearing an 11-year low already reached once this week. London Brent fell 31 cents to $37.05 a barrel while U.S. crude remained unchanged at $37.50, Reuters reports.
A group of researchers at MIT, the University of California-Berkeley, and the University of Colorado have developed a new computer microchip that uses optical technology and creates the potential to make future computer data centers more energy efficient, the journal Science reports.
A Japanese court on Thursday rejected safety concerns and approved letting Kansai Electric Power, the country's second biggest utility, restart four nuclear reactors shuttered since the 2011 Fukushima disaster, Reuters reports.