Oil

Oil

State oil firm's scandal scrambles Brazil's offshore dreams

RIO DE JANEIRO (AP) — Oil was to have been Brazil's "passport to the future," but the grand dreams tied to state company Petrobras have been brought to a screeching halt not only by falling crude prices, but by a crisis of its own making.

An expanding investigation into a kickback scandal at Brazil's largest company is rippling through the industry, suspending contracts, cutting off credit supplies and forcing layoffs at shipyards and other firms that had been gearing up for the anticipated oil boom.

Oil

Train carrying crude oil derails in northern Ontario

GOGAMA, Ontario (AP) — A CN Rail train carrying crude oil derailed early Saturday in northern Ontario, causing numerous tank cars to catch fire and spill into a local river system, officials said.

It was the third CN oil train derailment in northern Ontario in less than a month, and the second in the same area, renewing concerns about the safety of shipping crude oil by train and further suggesting that new safety requirements for tank cars carrying flammable liquids are inadequate. CN said the cars had been retrofitted with protective shields to meet a higher safety standard known as the 1232.

Oil

Survey: US gasoiline prices jump 21 cents a gallon in 2 weeks

CAMARILLO, Calif. (AP) — The average price of a regular gallon of gas has jumped 21 cents in the past two weeks to $2.54.

Industry analyst Trilby Lundberg said Sunday that the price is still 97 cents per gallon less than a year ago.

Oil

4 Filipinos among 9 foreigners abducted from Libya oil field

MANILA, Philippines (AP) — Four Filipinos are among nine foreigners abducted by still-unidentified armed men from an oil field in central Libya and their abductors have yet to communicate any demand, officials said Monday.

Department of Foreign Affairs spokesman Charles Jose said the Philippines was working with the employer of the nine, Austrian-owned VAOS Oil Service, the Libyan government and embassies of the other foreigners abducted on Friday. An Austrian, a Czech, two Bangladeshis and a Ghana national were also taken.

Oil

Obama repeats Keystone concerns

Source: 
Reuters

President Obama spoke of the environmental risks linked to the Keystone XL pipeline when he commented on the project at a Town Hall meeting in South Carolina Friday, Reuters reports.

Oil

Strong jobs report sends stocks, oil falling

NEW YORK (AP) — A strong jobs report shook up the financial markets on Friday.

U.S. employers added 295,000 jobs last month, the government said. That was more than economists were expecting and, combined with a drop in the unemployment rate, raised the likelihood of the Federal Reserve raising interest rates sooner than had previously been expected.

Oil

Weekly drop of 64 in oil rig count

Source: 
FuelFix

The slide in crude prices was continuing to affect drilling rigs this week, with the U.S. oil rig count falling 64 to 922 and the total oil and gas count standing at 1,192, around 38 percent less than in September, FuelFix reports.

Oil

Energy firms scrambling to handle their debt

Source: 
Reuters

Energy companies whose collateral has shrunk as a result of the oil price slide are using different methods to deal with their debt: Some are refinancing with leveraged loans, others are selling bonds or stock or assets, Reuters reports.

House Energy and Commerce Committee

Coastal-state Republicans blast Obama on revenue sharing proposal

A group of Senate Republicans from coastal states this week slammed an Obama administration  proposal to reconsider how revenues from offshore Gulf Coast energy development should be allocated, pledging to block the policy and advance their own revenue sharing agenda for energy producing states.

In a March 4 letter to the President Obama, made public Friday, the group said the proposed 2016 Interior Department budget would “deprive” Gulf Coast states of revenue pledged under the 2006 Gulf of Mexico Energy Security Act, known as GOMESA.

Oil

Oil companies drilling but not pumping as they wait for price to rise

Source: 
Bloomberg

More than 3,000 wells across the country have been drilled but not tapped, as companies like Apache Corp. and EOG Resources Inc. wait for the prices of crude to rise before pulling it out of the ground, Bloomberg reports.

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