Drilling

Oil

Wasteful drilling could cost investors $1.1 trillion, study finds

Source: 
Bloomberg

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.

Oil

Feds to open new offshore tech office in Houston

Source: 
FuelFix

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.

Oil

Encana’s oil output to jump with $3.1B buy from Freeport in Eagle Ford

Source: 
Bloomberg

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.

Oil

Vietnam: Chinese ships ram vessels near oil rig

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.

Oil

Vietnam steps up rhetoric against Chinese rig in South China Sea

Source: 
The Wall Street Journal

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.

Oil

Ecuador council rejects Amazon oil-drilling referendum

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.

Oil

Regs slowing drilling after BP spill: Shell

Source: 
FuelFix

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.

Oil

Agencies: Number of Oklahoma tremors raises threat

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.

Oil

Continental’s Hamm seeks repeal of Okla. law restricting well spacing

Source: 
The Oklahoman

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.

Oil

Alberta questioning oil sands extraction method

Source: 
The New York Times

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.

Pages

Subscribe to Drilling