Oil and gas companies are looking for innovation from their fracturing contractors, and producers are evaluating completion strategies given the prolonged oil price downturn, plenary session speakers told the SPE Hydraulic Fracturing Technology Conference in The Woodlands, Tex., on Feb. 9. Source: News
MARKET WATCH: NYMEX crude oil dips under $28/bbl
Light, sweet crude oil prices dropped Feb. 9 to settle under $28/bbl on the New York market while Brent crude oil prices plunged by more than $2.50 to settle at just above $30.30/bbl after a US government report forecast global oil inventories would climb during 2016-17, adding to an oversupply. Source: News
Obama’s proposed fiscal 2017 budget includes $10/bbl crude oil tax
US President Barack Obama proposed a $10/bbl crude oil tax to fund transportation improvements in addition to doubling federal clean energy research and development outlays in the final federal budget proposal of his presidency. Oil and gas associations immediately said the plan could jeopardize the nation’s relatively new position as a leading global energy producer. […]
EIA forecasts lower oil prices, higher inventories in 2016
In its February Short-Term Energy Outlook (STEO), the US Energy Information Administration forecast Brent crude prices to average $37.52/bbl in 2016, compared with a previous forecast of $40.15/bbl. West Texas Intermediate prices are expected to average $37.59/bbl, down from $38.54/bbl forecasted last month. For 2017, EIA raised its outlook for WTI to $50/bbl from $47/bbl, […]
E&P startup agrees to buy WPX’s Piceance unit for $910 million
Houston-based exploration and production startup Terra Energy Partners LLC has agreed to acquire WPX Energy Rocky Mountain LLC, a wholly owned subsidiary of WPX Energy Inc., Tulsa, for $910 million. The deal is expected to close in the second quarter. Source: News
Subsea contract let for South Santa Cruz, Barataria fields
Deep Gulf Energy III LLC has let a lump-sum contract to Technip for the development of South Santa Cruz and Barataria ultradeepwater fields in Mississippi Canyon offshore New Orleans in 2,000 m of water. Source: News
IEA: Short-term risk to downside has increased
In its February Oil Market Report, the International Energy Agency warned that the short-term risk to the downside has increased, as the surplus of oil supply over demand in the early part of 2016 is even greater than forecast in last month’s OMR. Source: News
EPA proposes extended deadline for some refinery emissions rules
The US Environmental Protection Agency proposed giving refiners an additional 18 months to comply with portions of air emissions limits that the federal agency published in December 2015. Comments on the proposal, which appeared in the Feb. 9 Federal Register, will be accepted through Mar. 25. Source: News
Today’s lower prices don’t doom future US LNG exports, panel says
Depressed natural gas prices now aren’t likely to affect future US LNG exports much because most projects won’t go into operation until 2020 when global markets have improved, speakers at an Atlantic Council (AC) forum agreed. Source: News
Qatar Petroleum joins Chevron in three Moroccan deepwater leases
Qatar Petroleum has agreed to acquire 30% interest from Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corp., in the Cap Rhir Deep, Cap Cantin Deep, and Cap Walidia Deep leases offshore Morocco. Source: News