Oil

Oil

Next stop, Chukchi: Noble Discoverer on the move

Source: 
FuelFix

Starting the last leg of its journey to exploratory drilling in the Arctic, the Shell-commissioned Noble Discoverer on Friday left port at Dutch Harbor, Alaska, FuelFix reports.

Oil

Nexen pipeline spills 1.3M gallons of emulsion in Alberta

TORONTO (AP) — Oil and gas company Nexen Energy apologized Friday for a pipeline break that spilled about 1.3 million gallons (five million liters) of a mixture of bitumen, water and sand at its Long Lake oilsands facility in northern Alberta this week.

The company, which was taken over by China's CNOOC Ltd. in 2013, said the affected area is about 172,000 square feet (16,000 square meters) along the pipeline's route.

Oil

35,000 gallons of oil spills after Montana train derailment

BILLINGS, Mont. (AP) — Three tank cars leaked an estimated 35,000 gallons of oil after a train hauling crude from North Dakota derailed in rural northeastern Montana, the latest in a series of wrecks raising concerns across the U.S. and Canada, authorities said Friday.

No one was reported injured in the accident Thursday night that temporarily led to the evacuation of some homes and followed recent oil train crashes including a 2013 derailment in Quebec that exploded and killed 47 people.

API
Oil

Oil industry slams BSEE blowout rule

The oil industry has submitted highly critical comments about a new rule intended to beef up offshore drilling safety in the wake of the Deepwater Horizon disaster in the Gulf of Mexico more than five years ago.

In a submission that rivaled the rule itself for length – more than 200 pages including attached appendices, diagrams and data tables – seven trade associations led by the American Petroleum Institute charged that some of the regulation’s provisions would increase risk instead of safety, “would impose unjustified economic burdens,” and “lack articulated rationale.”

Oil

Rising gasoline prices push inflation up modestly in June

WASHINGTON (AP) — Rising gasoline prices pushed inflation up modestly in June, leaving overall consumer prices higher than they were a year earlier for the first time since December.

Economists say the tick up in consumer prices makes it more likely the Federal Reserve will end a policy of keeping short-term interest rates near zero for more than six years. "Rebounding inflation combined with solid employment growth will likely lead the Fed to raise rates in September," said Gregory Daco, head of U.S. macroeconomics at Oxford Economics.

Oil

Oil steady but on track for weekly drop

Source: 
Reuters

A continued North Sea oil outage was acting to support oil prices early Friday, although they remain on track to decline for a third week in a row. U.S. benchmark crude lost 4 cents to $50.87 a barrel in electronic trading on the Nymex, while in London Brent gained 15 cents to $57.07, Reuters reports.

Oil

ConocoPhillips to cut back in Gulf, boost dividend

Source: 
The Wall Street Journal

ConocoPhillips says it will increase its dividend by a penny despite its operations being squeezed by lower crude prices, but it also announced further spending cutbacks that include ditching plans for some deepwater drilling in the Gulf of Mexico, The Wall Street Journal reports.

Oil

Schlumberger net income drops but earnings beat estimates

Source: 
FuelFix

The drop in oil drilling activity has dented profits for top oilfield services company Schlumberger, which reported close to a 30 percent decline in second quarter net income compared to the period a year earlier. Still, its earnings of $1.21 a share came in substantially above estimates, FuelFix reports.

Oil

Final beach fouled by oil spill reopens in California

SANTA BARBARA, Calif. (AP) — A California beach fouled by an enormous oil spill nearly two months ago is reopening, and officials say the costly cleanup is nearly complete.

Refugio Beach is the last of the beaches that were closed when a corroded onshore pipeline ruptured. It was expected to reopen Friday.

Oil

Two rail cars leaking crude after oil train derails in Montana

CULBERTSON, Mont. (AP) — More than 20 cars on an oil train derailed in rural northeastern Montana and at least two of them were leaking crude, authorities said. Some area homes were evacuated.

There were no immediate reports of injury or fire, but of the 21 cars that derailed only two remained upright, Roosevelt County Sheriff Jason Frederick said.

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