Oil

Oil

N.D. cutting flaring on falling rig count

Source: 
Platts

The drop in oil prices that has triggered a fall in the number of drilling rigs operating in North Dakota has helped drillers to comply with state requirements that they reduce flaring, even as production in the state reached a record of 1.23 million barrels per day in December, according to Department of Mineral Resources chief Lynn Helms, Platts reports.

Oil

Refinery strike to do with safety concerns

Source: 
The Washington Post

Members of the United Steelworkers Union on strike at refineries around the country are primarily concerned about safety issues, not better pay, The Washington Post reports.

Oil

Oil, global stocks higher on Greek progress, German data

TOKYO (AP) — Oil climbed and global stock markets were higher early Friday as Athens and its European creditors inched toward a deal on renegotiating Greece's bailout and fresh data showed an improvement in Germany's economy. Investors also reacted with optimism regarding an agreement on a cease-fire in Ukraine.

ENERGY: Benchmark U.S. crude was up 56 cents to $51.77 a barrel in electronic trading on the New York Mercantile Exchange. The contract soared $2.37 on Thursday after the CEO of Royal Dutch Shell said he expected crude demand to grow faster than supply this year. Brent crude was up 45 cents at $59.77 a barrel in London.

Oil

Statoil to spend $29B on North Sea project

Source: 
Reuters

Norwegian oil giant Statoil says it will spend $29 billion to develop the North Sea’s Johan Sverdrop field, which would have a break-even point of $40 a barrel, Reuters reports.

Oil

Hercules cuts jobs, idles rigs, reports loss

Source: 
FuelFix

In an era of lower oil prices, driller Hercules Offshore, which reported a net loss of $154.1 million in the fourth quarter, says it has laid off nearly a third of its workforce since October and idled five Gulf of Mexico rigs, FuelFix reports.

Oil

New TransCanada pipeline link planned with North Dakota

Source: 
The Wall Street Journal

TransCanada will reveal a proposal to build the Upland Pipeline, a new 200-mile line to link up with North Dakota’s Bakken Shale, when it reports earnings Friday, a project which will need U.S. government approval, a person with information about the plan told The Wall Street Journal.

Ship company, engineer reach deal in Alaska pollution case

ANCHORAGE, Alaska (AP) — A ship company based in Germany and the chief engineer on one of its vessels have agreed to plead guilty to illegally dumping oily water off Alaska.

Federal prosecutors announced Thursday that AML Ship Management GMBH and Nicolas Sassin, the chief engineer on the AML-operated ship City of Tokyo, agreed to plead guilty to violating federal clean water law by knowingly dumping 4,500 gallons of oily bilge water south of the Aleutian Islands.

Oil

Boehner, McConnell hold Keystone XL bill signing ceremony

Washington, February 13, 2015, 9:15 am

House Speaker John Boehner, Senate Majority Leader Mitch McConnell hold signing ceremony to enroll the Keystone XL approval bill before sending to the White House.

Oil

US market approaches record as energy, tech stocks gain

NEW YORK (AP) — U.S. stocks climbed back close to record levels on Thursday as technology, materials and energy companies all notched big gains. Energy stocks rose as the price of oil rebounded following two days of heavy losses.

Crude rose sharply as the CEO of Royal Dutch Shell said he expects crude demand will grow faster than supply this year. Benchmark U.S. crude jumped $2.37 to close at $51.21 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $2.39 to close at $57.05 in London.

Oil

Congress to postpone sending Keystone-pipeline bill to Obama

WASHINGTON (AP) — Congressional leaders are delaying sending a bill authorizing the Keystone XL oil pipeline to the White House for a likely veto until after the recess break.

Sen. John Hoeven of North Dakota, the chief Republican sponsor, told reporters Thursday it would be better if Congress was in town when President Barack Obama vetoes the bill "so attention is brought to it."

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