Expensive drilling projects by the world’s big oil companies cost investors money with not enough return, according to a study by the Carbon Tracker initiative, which found that the loss could top a trillion dollars, Bloomberg reports.
The Bureau of Safety and Environmental Enforcement will open a new technology center in Houston to help regulators connect with manufacturers of new equipment, the agency said at the Offshore Technology Conference, FuelFix reports.
Encana Corp. has announced it is buying more than 45,000 acres in the Eagle Ford Shale from Freeport-McMoRan for some $3.1 billion, a move which will double the Canadian company’s oil output, Bloomberg reports.
HANOI, Vietnam (AP) — Chinese ships have been ramming into and firing water cannons at Vietnamese vessels trying to stop Beijing from putting an oil rig in the South China Sea, according to officials and video footage Wednesday, in a dangerous escalation of tensions over waters considered a global flashpoint.
Several boats have been damaged and at least six Vietnamese on board them have been injured, officials said. The U.S. said it was strongly concerned by "dangerous conduct" in the area.
Elsewhere in the sea, the Philippines arrested 11 Chinese fishermen for catching endangering turtles, angering Beijing and further exposing regional strains.
The outcry is growing over China National Offshore Oil Corp. putting a rig in contested waters in the South China Sea: The U.S. on Tuesday called the move provocative, while Vietnam says it will take necessary steps to protect its interests, The Wall Street Journal reports.
QUITO, Ecuador (AP) — Ecuador's electoral council on Tuesday rejected as insufficient a petition drive calling for voters to decide whether to proceed with oil drilling in a pristine Amazon nature reserve as planned by President Rafael Correa.
The council's announcement that not enough signatures were collected was met with cries of fraud by the drive's organizers. Correa has largely consolidated control over state institutions during seven years in power.
The council approved just 359,781 of the 850,000 signatures collected. That is well under the 583,323 signatures needed to force a referendum.
Being forced to conduct weekly testing of emergency equipment – a requirement imposed in the wake of the BP spill in the Gulf of Mexico four years ago -- is slowing down drilling at Shell’s Olympus platform, company executives said Tuesday, FuelFix reports.
OKLAHOMA CITY (AP) — The rate of earthquakes in Oklahoma has increased by about 50 percent since October 2013, significantly increasing the chance for a damaging quake in the central part of the state, federal and state agencies said Monday.
The U.S. Geological Survey and Oklahoma Geological Survey reported that 183 earthquakes of magnitude 3.0 or greater occurred from October 2013 through April 14. This compares with an average of only two magnitude 3.0 or larger earthquakes per year from 1978 to 2008.
Oklahoma and drillers would benefit from the repeal of the boundary law, a 40-year-old state statute restricting wells to a single 640-acre section, says Continental Resources CEO Harold Hamm, The Oklahoman reports.
Canadian Natural Resources’ spillage of 7,400 barrels in Alberta forest last summer has led the provincial regulator to question the method of using high-pressure steam to extract crude from oil sands, The New York Times reports.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.