European oil giant Total says the market overreacted to the company's natural gas leak in the North Sea and that after plugging the leak it anticipates resuming production by the end of the year, Bloomberg reports.
LAGOS, Nigeria (AP) — French oil company Total SA said Sunday it stopped a natural gas leak at one of its plants in Nigeria's crude-rich southern delta after 54 days, an emergency that forced the firm to shut down the field and evacuate the area.
Total said it used heavy fluids and cement plugs to stop the gas flow from its Obite natural gas field in Rivers state, in the heart of the country's Niger Delta. Workers will put a cement seal on the well to permanently staunch the flow from the well, Total said in a statement.
Fred Ohwahwa, a spokesman for Total's Nigerian subsidiary, said Sunday that the company hoped to restart gas production at the plant soon, but that he didn't know an exact date. Crude oil production at the facility continued while the gas plant there was shut down during the leak, he said.
French oil company Total saw its revenues grow strongly in the first quarter of the year but said Friday that a drop in European demand for petrochemicals hit profits.
While energy prices have soared amid unrest in the Middle East and tension in Iran, the economic slowdown in Europe has weighed on demand. Those high prices have buoyed Total's production business, but other sectors are struggling amid the poor economic environment.
If the package of energy measures House Republicans intend to vote on this week -– to increase oil and gas drilling offshore and on federal land as well as insisting on quick approval for the Keystone XL pipeline, among other provisions -– advisors would recommend that President Obama veto the legislation, according to a statement from the Office of Management and Budget, The Hill reports.
Rep. Darrell Issa, R-Calif. and chair of the House Oversight and Government Reform Committee, says it’s “astonishing” and “unacceptable” that a high-level employee at the Environmental Protection Agency is still on the payroll months after being banned from offices after confessing to watching hours of pornography at work every day, E&E reports.
If the Commerce Department were to allow the export of light oil to Mexico as it has opened the door to sending condensates overseas, that would deal another blow to the decades-oil ban on U.S. crude exports, Bloomberg reports.
World oil prices – which had been dragging at two-year lows – should be up higher by the end of 2014, Russian news agency Prime quoted OPEC Secretary General Abdullah al-Badry as saying, Platts reports.
Comments from Secretary General Abdullah Al-Badry that OPEC could cut its production quota next year sent oil prices higher Tuesday. West Texas Intermediate crude for October delivery jumped $1.96, or 2.1 percent, to settle at $94.88 on the Nymex, while in London November Brent was $1.17 higher to $99.05, Bloomberg reports.
The world faces a choice of investment in low-carbon infrastructure or continuing its high-carbon ways that will bring dangerous levels of climate change, according to a broad assessment by the Global Commission on the Economy and Climate, E&E reports.
Democratic Rep. Bruce Braley’s campaign claims the pledge by his Republican opponent state Sen. Joni Ernst to eliminate energy incentives and tax credits would increase the annual energy bills of Iowa residents by $1,200, while the Ernst camp points a finger at Braley’s vote for costly cap-and-trade legislation and his ownership of oil and energy stocks, The Des Moines Register reports.
Improvements to pipelines in New England will cost Spectra Energy Corp. some $3 billion, the company has announced, adding that the work will allow delivery of 1 billion cubic feet of natural gas per day, FuelFix reports.
Apache – keeping to its strategy of selling off non-core assets – is hoping to get more than $450 million for oil and gas properties in the Provost area in east-central Alberta, a person familiar with the matter told The Wall Street Journal.