Oil industry costs are zooming higher and need to be reined in, Total CEO Christophe de Margerie told a CERAWeek panel, according to FuelFix, which reports that he blamed subcontractors for some of the problem.
Continental Resources President Rick Bott, speaking at CERAWeek in Houston, downplayed claims of a short life for the shale boom, declaring fracking wells have a "very, very long tail," FuelFix reports.
The Interior Department Bureau of Ocean Energy Management on Thursday completed a multi-year environmental review that sets the stage for new oil and gas seismic surveys off the Atlantic coast.
The expected surveys do not mean new drilling will happen anytime soon, if at all, a department official said. But the results will replace outdated information on mid- and southern Atlantic plays that will be used to decide whether to offer new leases after 2017.
Rig demand has dropped as major oil companies cut their exploration budgets, according to Transocean Ltd., owner of the world's biggest offshore drilling fleet, which predicts it could take up to two years for demand to recover, Reuters reports.
GILLSBURG, Miss. (AP) — Residents living above an oil-rich shale formation that stretches across southwest Mississippi and Louisiana have been waiting on a boom for years. A steady trickle of drilling is already boosting the rural region's economy, and spending by two oil companies could make 2014 the year that many other locals finally cash in on the oil far beneath their feet.
Already, Max Lawson has spent hours watching the round-the-clock work of shoving pipe into the ground in his back pasture. The process began two years ago when Encana Corp. built a big gravel pad, but didn't take off until late last year when a convoy of 200 trucks carted in a drilling rig and other equipment to bore into the earth looking for oil.
"They call it the Gillsburg Christmas tree," he said while standing near the brightly lit rig. "It looks like a little city over here at night."
ATHENS, Greece (AP) — Greece's prime minister says the cash-strapped country could earn up to 150 billion euros ($206 billion) in three decades from offshore oil and gas deposits.
Antonis Samaras said Wednesday the rough estimate, which is worth nearly half of Greece's 320 billion-euro debt mountain, was "neither optimistic nor pessimistic," and could increase depending on further exploration results.
He said surveys have provided "very strong indications of significant" reserves off Greece's western coast, and work is ongoing in waters off the island of Crete in the south.
The shale drilling fad will recede and producers will return their focus to familiar offshore fields, predicts Michelle Michot Foss at the University of Texas' Bureau of Economic Geology, FuelFix reports.
Higher gasoline sales may translate into a higher Renewable Fuel Standard, Environmental Protection Agency Administrator Gina McCarthy told an investors’ conference in New York, although she didn’t provide any specific figures, Bloomberg reports.
Worry that weak manufacturing data from China and Europe might slow global demand weighed on oil prices Tuesday, as did a strong dollar. WTI for October delivery plunged $3.08, or 3.2 percent, to settle at $92.88 a barrel on the New York Mercantile Exchange, while in London Brent crude slumped $2.45 to hit a 16-month low of $100.34 a barrel, Bloomberg reports.
Republicans from the House Oversight and Government Reform Committee as well as the Senate Environment and Public Works Committee -- who are investigating the influence the Natural Resources Defense Council has on Environmental Protection Agency policy decisions in the wake of a New York Times story on the issue -- have written to the regulators and the environmental advocacy group demanding that they turn over documents, The Hill reports.
The first half of 2014 saw the country’s electricity prices -– averaging 12.3 cents per kilowatt hour -- increasing faster than they have for the last five years, according to statistics from the Energy Information Administration, The Hill reports.
Texas has enough generating capacity to handle autumn demand including potential emergencies, the Electric Reliability Council of Texas said Tuesday, adding that preliminary projections figure the same for winter as well, barring a period of unusually high demand that also coincides with fuel shortages, Platts reports.
George P. Bush, a candidate for Texas Land Commissioner, told the Texas Tribune in an interview that he believes climate change poses a serious threat for the state, particularly from Gulf coast flooding, adding that he supports more reliance on natural gas and renewable energy for electricity.
Project on Government Oversight investigator Michael Smallberg says Department of Energy waivers allowing national lab consultants to serve on DOE’s Commission to Review the Effectiveness of the National Energy Laboratories run counter to the panel's mandate from Congress, according to E&E, which provides details of the waivers revealed through a Freedom of Information Act request.
Pam Haze, who retired Friday after decades of government service, was the top career budget official at the Interior Department for the past six years, winning plaudits from both sides of the aisle on Capitol Hill, E&E reports.
The Environmental Protection Agency and the Texas Commission on Environmental Quality have both approved permits for the Formosa Plastics Corp. to start work on expanding its Port Comfort petrochemical facility to include a unit to convert propane to propylene, as well as an ethane cracker, a company spokesman told FuelFix.