Drilling

Oil

March output was Pemex lowest since Oct. 1995

Source: 
Bloomberg

Petroleos Mexicanos, Mexico's state-owned oil company, said its crude output was down to 2.47 million barrels a day in March, the lowest in nearly 20 years, Bloomberg reports, noting that the country hopes energy reform, which opens up the sector to private investment, will turn things around.

Oil

Calley signs bills cutting taxes for oil drilling in Michigan

LANSING, Mich. (AP) — Michigan's Lt. Gov. Brian Calley has signed legislation aimed at encouraging a type of oil drilling using carbon dioxide.

The new laws lower taxes for drilling projects involving carbon dioxide, using it to push oil from wells that otherwise can't be recovered. It's a process that has divided environmental groups. 

The new laws also allow oil and gas companies to construct carbon dioxide pipelines and expand their authority to build them on private property.

Oil

BOEM extends comment period for Atlantic testing

RICHMOND, Va. (AP) — The federal government has added 30 more days for the public to weigh in on its guidelines for seismic testing in Atlantic waters for oil and gas reserves.

The Bureau of Ocean Energy Management says the public now has until May 7 to comment on the rules.

Oil

Kashagan oilfield project in Kazakhstan years late, millions over budget

Source: 
The Wall Street Journal

The Wall Street Journal explores the reasons why the project to develop the Kashagan oilfield in Kazakhstan is years late and at least $30 million over budget, but concludes that it is possible to get the crude flowing and have it be profitable.

Oil

Myanmar awards 20 oil exploration blocks

YANGON, Myanmar (AP) — Major oil companies including Total, Chevron, Woodside Energy and Shell have won bids for offshore oil and gas exploration blocks off Myanmar's western and southern coasts, the country's Energy Ministry said Wednesday.

An announcement on the ministry's website said 13 oil companies won bids to explore in 10 shallow water blocks and 10 deep water blocks in the Gulf of Martaban and Tanintharyi, off the western state of Rakhine.

Oil

Chesapeake chairman still buying shares

Source: 
The Wall Street Journal

Chesapeake Energy Corp. chairman Archie Dunham is continuing to buy large quantities of the company's shares despite its recent troubles, with the company reporting that he spent $1.4 million buying more last week, The Wall Street Journal reports.

Oil

Benefit of plan to hike Ohio drillers tax disputed

COLUMBUS, Ohio (AP) — The administration of Republican Ohio Gov. John Kasich is differing with legislative budget analysts on how much a proposed tax increase on big oil-and-gas drillers will generate, as the two sides move toward a compromise this week.

The figure is pivotal as Kasich promotes a midterm budget package ahead of fall elections. He wants the plan to deliver the combination of cuts and revenue increases needed to push Ohio's income-tax rate below 5 percent, an accomplishment he would certainly tout on the campaign trail.

But fiscal experts disagree significantly on how much would be raised by increasing the severance tax rate on large-volume drillers to 2.75 percent.

Drilling health study under review in Colorado

DENVER (AP) — A Colorado proposal to commission a new study about the health effects of drilling on the Front Range sparked strong emotions Thursday in its first legislative hearing.

The House Health, Insurance & Environment Committee declined to vote Thursday but heard hours of testimony on the proposal. The bill would order the state Health Department to study "health and quality of life effects" of drilling in Adams, Boulder, Larimer and Weld counties.

"This is the sort of thing that government should get involved with," said Irene Fortune, a Loveland chemist who urged lawmakers to spend money on another study about the health effects of oil and gas production.

Oil

Occidental takes stock hit on California city's drilling ban

Source: 
Bloomberg

Shares in Occidental Petroleum Corp. fell 2.3 percent on Thursday, two days after Carson, Calif. imposed a moratorium on new drilling until the company completes a spinoff of its California business, Bloomberg reports.

Oil

Drillers revisiting old oilfields in East Texas

Source: 
Bloomberg

Producers like Anadarko Petroleum Corp. and EOG Resources Inc. are returning to old oilfields in East Texas, hoping to use modern techniques to unlock fresh potential in areas that had fueled the U.S. oil boom after World War II, Bloomberg reports.

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