United Arab Emirates' Energy Minister Suhail Al Mazrouei expressed concern that a continued oversupply of oil in global markets would hurt new exploration and production, arguing the viability of some new projects are based on $100 a barrel oil, Bloomberg reports.
ANCHORAGE, Alaska (AP) — Six environmental groups sued Monday to throw out a federal agency rule that concludes oil exploration off Alaska's northwest coast has a negligible effect on walrus.
The groups claim the U.S. Fish and Wildlife Service has understated the effects of booming seismic airguns, ship traffic and other industrial activity as it promulgated a five-year walrus harassment rule.
A judge in Oklahoma ordered Continental Resources CEO Harold Hamm to pay $1 billion to his wife to finish off divorce proceedings, a ruling that allows Hamm to maintain control of the company, The Wall Street Journal reports.
After winning approval from the Office of Management and Budget, the Energy Information Administration will expand its sample for oil and gas drilling data by nearly double, with the new surveys slated to begin in January, FuelFix reports.
The Energy Information Administration reported in its monthly drilling report that falling oil prices has not caused a slowdown in shale drilling and activity is expected to increase next month, Bloomberg reports.
According to data compiled by watchdogs, five years after pledging to phase out subsidies for fossil fuel industries, G20 nations have spent $88 billion a year on development; while that total comes mainly from state-run companies, it also includes tax breaks and subsidies, Bloomberg reports.
NEW ORLEANS (AP) — BP's call for the ouster of the administrator of damage settlement claims arising from the 2010 Gulf of Mexico oil spill was rejected Monday by a federal judge.
BP lawyers had said Patrick Juneau should be removed for a variety of reasons, among them that he had a conflict of interest because he once represented Louisiana in talks setting up the claims process and had pushed for favorable terms for those with claims. They also said he had made misleading statements about that work before being named claims administrator. And they said Juneau improperly expedited claims for some people represented by the plaintiffs' steering committee.
The development of the Eagle Ford shale in Texas is creating plenty of economic benefit for the state, but the surge in truck traffic has done serious damage to roads, resulting in vehicle damage, traffic and accidents, The Texas Tribune reports.
Giving states more time to comply with provisions of the rule limiting power plant carbon emissions may help the Environmental Protection Agency deflect some of the legal challenges it’ll face after finalizing the regulation, E&E reports.
Human activity does contribute to climate change, but the Obama administration’s “irresponsible and ineffective” Clean Power Plan won’t help stop it, Republican Presidential candidate Jeb Bush told Bloomberg BNA in an interview.
Three prominent scientists active in the climate field—including Harvard professor Naomi Oreskes—have written an essay saying that industry—major oil companies in particular—is responsible for the lions’ share of greenhouse gas emissions that have contributed to climate change, E&E reports.
California Democrats Sen. Dianne Feinstein and Sen. Barbara Boxer have proposed a bill to provide $1.3 billion over ten years to projects that would help their state cope better with drought, the Los Angeles Times reports.
Support for oil prices, provided by a report of a drawdown in inventories, evaporated Thursday in the face of a rally in the dollar. U.S. benchmark crude lost 27 cents to settle at $48.52 on the Nymex, while in London, Brent slipped 7 cents to $53.31, Reuters reports.
Cashing in on the flood of cheap crude oil, refiner Valero Energy reported $1.4 billion in earnings in the second quarter, more than double what it made a year ago, and chief Joe Gorder was talking about expansion and diversification, FuelFix reports.
Although performing better than analysts expected, ConocoPhillips still reported a loss of $179 million in the second quarter, and announced it will cut capital spending by another $500 million, The Wall Street Journal reports.
Lower oil and gas prices that cut drilling activity were responsible for Pioneer Energy Services’ growing red ink in the second quarter, the contract driller said as it reported a net loss of $77.3 million, FuelFix reports.
Royal Dutch Shell might look to get involved in gas projects in Iran once sanctions are lifted in the wake of the nuclear agreement Tehran reached with global powers, according to Chief Financial Officer Simon Henry, Platts reports.