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.
Following six months of negotiations with its suppliers, Baker Hughes says starting Wednesday it will list all of the individual chemicals it uses for fracking on the industry website FracFocus, although it won’t provide information about the proportions used in its cocktails, FuelFix reports.
Enbridge Inc. anticipates it will receive approval from the State Department in mid-2015 to push capacity on its cross-border Alberta Clipper pipeline up to 800,000 barrels a day, a top executive told investors in Toronto Tuesday, The Wall Street Journal reports.
Pipeline operator Enterprise Products Partners says it’s acquiring Oiltanking Partners in a two-step, $5.8 billion dollar deal that will strengthen its midstream business, The Wall Street Journal reports, noting that the move will leave Enterprise well positioned if the U.S. shifts its ban on crude exports.
An unexpected report of lower crude stockpiles last week pushed oil up Wednesday, while an announcement from Saudi Arabia of a drop in its official price fuelled bearish sentiment. U.S. benchmark crude gained 43 cents to settle at $90.73 a barrel on the Nymex, while in London Brent crude finished down 51 cents to $94.16, Reuters reports.
A judge’s decision that Broomfield’s fracking ban doesn’t apply to Sovereign Operating Co. because of an earlier memorandum of understanding between the company and the community is a “victory for certainty and clarity,” the Colorado Oil & Gas Association said, according to the Denver Business Journal.
Virginia will appoint an energy efficiency officer to cut power consumption in state facilities by 15 percent over the next two years, according to Gov. Terry McAuliffe’s extensive four year plan released Wednesday, the Daily Press reports.
Mike Bloomquist, the lead counsel for the GOP majority on the House Energy and Commerce Committee, is leaving to work for lobbying firm Kountoupes Denham, with panel chair Rep. Fred Upton, R-Mich., thanking him for his contributions, The Hill reports.
“The Polar Vortex Review,” a report from the North American Electric Reliability Corp., found that last winter’s extreme cold triggered multiple equipment failures at generating stations, at one point forcing the shutdown of more than 17,700 megawatts of capacity, according to E&E.
An archive search has turned up details of Mitch McConnell’s fight against siting a coal processing facility on the Louisville riverfront back when the Republican Senator was Jefferson County Judge-Executive in the mid 1980s, The Hazard-Herald reports.