Drilling

Oil

EIA: Oil price decline not yet taking toll on shale output

Source: 
Bloomberg

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.

Oil

Five years after no-subsidy pledge, G20 spending $88B on fossil fuel development

Source: 
Bloomberg

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.

Oil

Judge refuses to fire Gulf oil spill claims chief

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.

Oil

Total, BP say $80 oil not affecting exploration plans

Source: 
Bloomberg

Both BP and Total SA said falling oil prices aren't affecting plans for new exploration projects, saying their efforts can all move forward with prices at $80 a barrel, Bloomberg reports.

Oil

Eagle Ford production taking toll on road quality

Source: 
The Texas Tribune

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.

Oil

Libya's largest field set to resume output today

Source: 
Bloomberg

An official from Libya's National Oil Corp. told Bloomberg that oil production is set to resume today at the Sharara oil field, the largest in the country, after militants returned stolen equipment.

Oil

Low oil prices slam Transocean

In a sign lower oil prices are starting to take their toll on the industry, offshore rig owner Transocean announced it would take charges totaling more than $2.7 billion because demand for its rigs is falling.

Transocean said the charges forced it to delay its third-quarter earnings report scheduled for Friday.

Oil

Kurdistan posts almost $3 billion in 2014 oil sales

Source: 
Reuters

Despite opposition from the Iraqi government, the Kurdistan Regional Government said the semi-autonomous region has posted about $3 billion in oil sales since January, Reuters reports.

Oil

Stock funds battered by oil prices eye return to bigger companies

Source: 
Reuters

As stock funds heavily invested in shale energy startups take hits from volatile oil prices, some are investing more heavily in major companies like ExxonMobil and Chevron, which are able to better withstand the impact of energy price fluctuations, Reuters reports.

Oil

JPMorgan tentatively settles shale royalties suit

Source: 
Bloomberg

JPMorgan Chase & Co. tentatively agreed to a settlement to end a lawsuit brought by Texas mineral rights owners who said the bank underpaid shale royalties by $681 million in an effort to win favor from oil companies, Bloomberg reports.

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