Drilling

Mexican Senate nears final vote on oil opening

MEXICO CITY (AP) — Mexico's Senate debated the final pieces of legislation Wednesday needed to enact a dramatic expansion of the role of foreign and private companies in the state-run oil industry.

The Senate was expected to approve the final packages of laws to regulate private oil and gas drilling that is being allowed for the first time since the industry was nationalized 76 years ago. The overhaul is supported by the governing Institutional Revolutionary Party, the conservative National Action Party and a smaller party that together can form a majority.

Oil

Strong shale performance boosts EOG profit

Source: 
FuelFix

EOG Resources Inc. Tuesday reported a 7 percent increase in second quarter profit to $706 million on strong performance in North Dakota’s Bakken Shale and in Eagle Ford Shale and the Permian Basin in Texas, FuelFix reports.

Oil

Noble CEO says Colorado methane compromise could serve as model

Source: 
FuelFix

The compromise in Colorado between environmentalists and the oil industry over controlling methane emissions from drilling could serve as an example for other parts of the country, according to Noble Energy CEO Chuck Davidson, FuelFix reports.

Oil

Rising interest rates shouldn’t choke shale boom

Source: 
The Wall Street Journal

One reason why any future increase in interest rates may not trouble debt-ridden shale drillers is that a sizeable amount of their borrowing has been agreed under fixed rates, The Wall Street Journal reports.

Gov. John Hickenlooper/Energy Guardian Photo
Oil

Hickenlooper, Polis push Colorado fracking battle to next year

A deal announced Monday by Colorado Gov. John Hickenlooper and Rep. Jared Polis to study local oil and gas siting conflicts appears to have averted an intra-party fight over controversial ballot initiatives that would have let communities ban hydraulic fracturing.  

They agreed on the creation of an 18-member task force to make recommendations next year to the governor and state legislature on the regulation of the drilling practice, known as fracking, near homes, businesses and schools.

In return, Polis agreed to drop his support for the two initiatives that would amend the state constitution to set a 2,000-foot minimum setback for wells near occupied buildings, four times the current minimum, and allowed communities to set stricter drilling regulations than the state, including bans.

Oil

Landowners skeptical of Continental offer in ND

Source: 
The Wall Street Journal

The offer by Continental Resources Ltd. to pay state taxes and royalty payments in North Dakota for natural gas it failed to burn off properly has been met with skepticism by lawyers for landowners and rights holders, suspicious that the plan is intended to limit the company’s liability, The Wall Street Journal reports.

Oil

House Republicans want more areas opened to offshore drilling

Source: 
The Hill

Opening up more areas to offshore drilling -- including parts of the Pacific -- would generate around $160 billion over a period of less than 20 years, according to more than 160 Republican Congressmen who sent a letter to Interior Secretary Sally Jewell about her department’s updated plan for the Outer Continental Shelf, The Hill reports.

Oil

Offshore drilling draws fire from West Coast governors

Source: 
The Associated Press

The three West Coast governors, all Democrats -- Jerry Brown of California, Jay Inslee of Washington and John Kitzhaber of Oregon -- have sent a letter to Interior Secretary Sally Jewell, expressing their opposition to including any oil or gas lease sales from their area in her department’s updated plan for the Outer Continental Shelf, The Associated Press reports.

Oil

Two energy sector firms among IPOs set for next week

NEW YORK (AP) — There are two energy sector companies among a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (www.renaissancecapital.com) and SEC filings.

Oil

Shell, Alaska Natives to share in offshore profits

ANCHORAGE, Alaska (AP) — An Alaska Native regional corporation and six Native Village corporations signed an agreement with a Shell Oil subsidiary Thursday that aims to share the profits from offshore drilling off Alaska's northwest coast.

Shell and the Arctic Slope Regional Corp. announced the formation of a new company called Arctic Inupiat Offshore LLC. Its participants include six village corporations on the North Slope. The agreement with the Shell subsidiary, Shell Gulf of Mexico Inc., gives the Alaska Native company the option of acquiring an overriding royalty interest from Shell's drilling on leases in the Chukchi Sea.

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