Oil

Oil

Chapter 11 bankruptcy for Bakken driller American Eagle

Source: 
FuelFix

Small shale driller American Eagle Energy has filed for Chapter 11 bankruptcy protection in Denver, FuelFix reports.

Oil

Noble plans big stake in Texas with $2.1B deal for Rosetta

Noble Energy will pay about $2.1 billion for Rosetta Resources in an all-stock deal that gives the oil and gas company access to two massive Texas shale formations.

Assets belonging to Rosetta Resources Inc. include about 50,000 net acres in the Eagle Ford Shale and another 56,000 acres in the Permian Basin. The deal will immediately boost its per-share production and earnings at Noble Energy Inc., the company said Monday.

Oil

Obama administration conditionally approves Shell Arctic plan

The Obama administration on Monday granted conditional approval to Shell Gulf of Mexico Inc.'s revised exploration plan in the Chukchi Sea off the coast of Alaska.

The Bureau of Ocean Energy Management's approval of the plan is contingent on the company obtaining  permits from appropriate state and federal agencies and waiting for Endangered Species Act opinions to be issued before commencing drilling.

The company's updated plan proposes drilling six offshore wells with two drilling units, and could begin drilling this summer.

“We have taken a thoughtful approach to carefully considering potential exploration in the Chukchi Sea, recognizing the significant environmental, social and ecological resources in the region and establishing high standards for the protection of this critical ecosystem, our Arctic communities, and the subsistence needs and cultural traditions of Alaska Natives,” BOEM Director Abigail Ross Hopper said in a statement.

Oil

Oil down as US production seen as reviving

Source: 
Reuters

Signs that U.S. crude production could be ramping up again -– like a rise in the rig count in the Permian Basin –- were pressuring oil prices early Monday. U.S. benchmark crude was 35 cents lower to $59.04 a barrel in electronic trading on the Nymex, while in London Brent fell 44 cents to $64.95, Reuters reports.

Oil

Michigan lawmaker intros bill to keep pipeline information from terrorists

Source: 
The Detroit Free-Press

A Michigan state lawmaker has introduced legislation to keep sensitive information about oil and gas pipelines, high-powered electrical lines and other critical energy infrastructure out of terrorists' hands, the Detroit Free-Press reports.

Oil

BLM seeks comments on possible oil and gas leases in Nevada

Source: 
The Associated Press

The Bureau of Land Management is seeking public comment on the possibility of leasing more than 140,000 acres in eastern Nevada for oil and gas drilling, The Associated Press reports.

Judge orders Greenpeace to stay away from drill ships

ANCHORAGE, Alaska (AP) — A federal judge has ordered Greenpeace protesters to stay away from Royal Dutch Shell PLC ships.

U.S. District Court Judge Sharon Gleason on Friday also prohibited Greenpeace from flying unmanned vehicles over the offshore Arctic area where Shell plans to drill.

Oil

Brent down, WTI up

Source: 
Reuters

Brent crude ended its month-long string of winning weeks Friday, losing 15 cents to finish at $65.39 - down 1.6 percent for the week. West Texas Intermediate gained 45 cents, settling at $59.39, its eighth straight week of gains. Reuters reports that worries about global oversupply put pressure on Brent, while the storm approaching the East Coast and the April jobs report helped WTI.

Oil

... but the rig count rose in the Permian Basin

Source: 
Reuters

Reuters reports an important wrinkle beyond the overall drop in active rigs: The number in the Permian Basin actually went up.

Oil

For 22nd straight week, rig count declines ...

Source: 
The Wall Street Journal

The number of working oil rigs in the United States fell this week to 58 percent below their 2014 peak, as 11 more rigs shut down. The Wall Street Journal reports.

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