TIOGA, N.D. (AP) — Oil conglomerate Hess Corp. on Monday showed off its upgraded gas plant in Tioga to North Dakota officials.
Hess Chief Operating Officer Greg Hill said the upgrades have allowed it to increase how much natural gas it captures, rather than flaring it. Oil companies sometimes burn off natural gas where it's found, rather than gathering it and processing it for the market, because they lack the infrastructure to handle it.
Hill said that since the upgrades, Hess has reduced natural gas flaring from between 25 and 30 percent to between 15 and 20 percent. The company expects to reduce its flaring in North Dakota to below 10 percent in coming years.
The enlarged Hess facility to process natural gas from the Bakken Shale in North Dakota that would have been flared in the past is an example of “taking a challenge and turning it into an opportunity,” Sen. John Hoeven, R-N.D., told Platts.
Energy companies are examining upcoming unmanned aerial vehicle regulations with an eye toward using drones to monitor pipelines, drilling platforms and other places that are hard to reach, The Hill reports.
Imperial Oil Ltd., Exxon’s Canadian subsidiary, is looking at a proposal to drill the deepest well ever in the Arctic, The Wall Street Journal reports, noting that the plans have alarmed environmentalists.
CHEYENNE, Wyo. (AP) — Federal land managers have begun evaluating a proposal to expand an east-central Wyoming oil and gas field with up to 5,000 new wells, asking for public comment on the project.
The Bureau of Land Management published a formal notice in the Federal Register on Friday that energy companies want to drill the wells over a 10-year period on more than 2,300 square miles in Converse County.
The area currently has about 1,100 active wells, the companies said in their proposal.
New reserves at Petroleos Mexicanos replaced only about two thirds of the oil the state-run company produced in 2013, a dramatic drop from the year before, according to regulatory filings, FuelFix reports.
OKLAHOMA CITY (AP) — Chesapeake Energy Corp. is following through on a previously announced plan to spin off its oilfield services business as part of a move to streamline its operation.
The Oklahoma City-based oil and natural gas company's shares slid at the start of trading Friday after it made the announcement.
Chesapeake said that the spinoff to Chesapeake shareholders should be completed next month and will eliminate about $1.1 billion in debt from its balance sheet. The company had said in February that it was considering the move.
BISMARCK, N.D. (AP) — A federal judge has dismissed lawsuits from several North Dakotans who claimed they are owed millions of dollars from oil drilling companies that are burning and wasting natural gas instead of capturing it.
U.S. District Judge Daniel Hovland's ruling, filed Wednesday, said the federal government lacks jurisdiction in the cases because the mineral owners did not "exhaust administrative remedies" with state regulators.
Oil prices surged 8.3 percent in Friday trading as rig data suggested a slowdown in shale oil development, with Brent crude rising $3.86 to $52.99 a barrel and U.S. crude climbing $3.71 to settle at $48.24 a barrel, Reuters reports.
A survey conducted by Reuters reports that OPEC output rose by 130,000 barrels per day in January as Angola boosted exports and Persian Gulf producers kept steady or increased output, a signal that some members plan to stay the course on maintaining output despite low oil prices.
Despite the collapse of crude oil prices last year, the latest Commerce Department report of gross domestic output showed outlays for new oil rigs and wells rose 8.9 percent in the fourth quarter of 2014, even as equipment spending across all U.S. businesses fell, Bloomberg reports.
Chevron CEO John Watson, after his company reported lower profits and announced budget cuts, voiced optimism for long-term industry prospects, saying the price of oil will have to rise above $50 per barrel to support new exploration to meet energy needs, FuelFix reports.
A new poll conducted by The New York Times, Stanford University and Resources for the Future suggests that more than two-thirds of Americans, including 48 percent of Republicans, say they consider themselves more likely to support a candidate who supports action to combat climate change.
The National Biodiesel Board in a letter to the Environmental Protection Agency voiced frustration with the agency's delayed implementation of biodiesel mandates, saying the slow movement has caused some producers to reduce staff and forced others into bankruptcy, The Hill reports.
A survey of economists by Bloomberg projects that many of the world's largest crude oil exporters like Saudi Arabia, Kuwait and Qatar could see budget surpluses take hits and slip into deficits as global oil prices remain low.
Chevron, after posting a 30 percent decrease in earnings from the previous year in the fourth quarter 2014, abandoned plans to explore for shale gas in Poland, dealing a blow to efforts to develop hydraulic fracturing and shale drilling industries in Europe, The New York Times reports.
In an interview with E&E, Rep. Cynthia Lummis, R-Wyo., vice chairwoman of the Natural Resources Committee and leader of a new Interior and EPA oversight panel, discusses her familiarity with development and ranching issues in western states and her plans to limit Obama administration regulations on public land use.