The US drilling rig count began February with its largest decline in nearly 11 months, plunging 48 units to 571 during the week ended Feb. 5, according to data from Baker Hughes Inc. Source: News
Plake named Holly Logistic Services president
Mark A. Plake has been named president of Holly Logistic Services LLC, the ultimate general partner of Holly Energy Partners, Dallas. Source: News
WoodMac: Distressed oil keeps flowing
Far less oil production has been shut in worldwide than generates negative cash flow because of the slump in crude oil prices, reports Wood Mackenzie. Source: News
NORL declines offer of partnership on stalled Cuddalore refinery
Nagarjuna Oil Refinery Ltd. (NORL) has ended discussions with Netoil (Singapore) (Pte.) Ltd. for the sale of its interest in subsidiary Nagarjuna Oil Corp. Ltd. (NOCL) in a deal that would have advanced the long-stalled construction of NOCL’s planned 6 million-tonne/year refinery at Cuddalore, Tamil Nadu, about 180 km south of Chennai, India, on the […]
Pennsylvania board approves revisions to oil and gas drilling rules
The Pennsylvania Environmental Quality Board (EQB), an independent entity responsible for adopting environmental regulations, approved revisions to the commonwealth’s oil and gas drilling regulations by a 15-4 vote, the Department of Environmental Protection announced in Harrisburg. The Feb. 3 action drew immediate fire from the Pennsylvania Independent Oil & Gas Association (PIOGA). Source: News
Proposed fee on oil highlights costs of the climate agenda
For the oil and gas industry, whatever room for compromise might once have existed in the politics of climate change has vanished. President Barack Obama demolished it. Source: News
CNPC delivers first engineering package for Yamal LNG project
A unit of China National Petroleum Corp. has delivered the first of more than 20 engineering packages for the Yamal LNG project in northern Russia. Source: News
Linn Energy exhausts credit, considers ‘strategic alternatives’
Linn Energy LLC, Houston, said on Feb. 4 that it’s exploring “strategic and financial alternatives” to improve the firm’s capital structure and long-term outlook in the midst of the prolonged crude oil price slump. Source: News
MARKET WATCH: NYMEX oil price drops under $32/bbl on oversupply concerns
Light, sweet crude oil prices dropped modestly, settling under $32/bbl on the New York market Feb. 4 in what has been a volatile week for oil prices. Despite some price gains earlier in the week, traders appear primarily focused on world crude oversupply. Source: News
Obama proposes $10/bbl crude oil tax to fund transportation plan
The Obama administration proposed a $10/bbl tax on crude oil to help pay for its plan to create a 21st Century Clean Transportation System. Officials from national oil and gas associations immediately said it was a serious mistake. Source: News