The oil major withdrew an application for its Pierre River Mine, may reapply ‘when the time is right’ Royal Dutch Shell (ticker: RDSA) withdrew its regulatory application today for the proposed Pierre River Mine north of Fort McMurray, Alberta. The company said it made this decision in order to focus its attention on its existing oil sands operations. The project
Story by Reuters Chevron Corp said it will give up shale gas exploration plans in Romania, after an assessment showed the Black Sea state does not compete favourably with other investment opportunities. Energy firms have been attracted by estimates of massive shale gas reserves in Poland and Romania. Last month, the U.S. energy major took a similar decision to discontinue its
Exxon Mobil Corporation (XOM) announced today it replaced 104 percent of its 2014 production by adding proved oil and gas reserves totaling 1.5 billion oil-equivalent barrels, including a 162 percent replacement ratio for crude oil and other liquids. “ExxonMobil’s diverse global portfolio of attractive opportunities puts us in a unique position to execute our strategy to identify, evaluate and develop
So it appears the “floor” for West Texas Intermediate prices (at the moment) is $40, as evidenced by a January Fed survey by CNBC. Prices are currently roughly $5 above the January 28 low of $44.45 – a climb of approximately 10%. The price of Brent, on the other hand, is flirting with the $60 range – up more than 20%
From BNN Ottawa has agreed to grant tax relief to proposed B.C. liquefied natural gas terminals, hoping the incentive will help persuade LNG backers to make final investment decisions. Prime Minister Stephen Harper announced the federal tax breaks for B.C.’s fledgling LNG sector during a visit to Surrey on Thursday, saying lower taxes on industry players will spur economic activity.
From Reuters Elliot Management Corp. and Omega Advisors Inc. are among activist hedge funds buying stakes in North American oil and gas producers whose stock has fallen because of weaknesses exposed by the collapse of energy prices. It’s a bet on a view that’s contrary to some analysts: that oil prices are poised to rebound. This month Citigroup cut its
From Zawya BAGHDAD, Feb 19 (Reuters) – Iraq plans to increase its southern oil storage capacity to 15 million barrels by the end of 2015, to help cope with export bottlenecks caused by bad weather and to absorb rising production, a senior official said on Thursday. Speaking at the opening of three new oil storage tanks near the southern city
From LeHigh Valley Live UGI Utilities Inc. asks customers in Easton tocontinue to conserve natural gas as frigid temperatures are expected to last into Saturday, according to a news release early Friday afternoon. If you live within Easton’s city limits and heat with UGI natural gas, you are asked to keep your thermostat at 65 degrees or below through 9 a.m. Saturday. The
From Petro Global News Talisman Energy shareholders approved an $8.3 billion acquisition offer from Spain’s Repsol Thursday, moving the deal one step closer to closing. Alberta-based Talisman said 99 percent of shareholders in each class voted in favor of the deal. The deal must still be approved regulators. Talisman said the sale is expected to close in the second quarter
From Dallas Business Journal Fort Worth-based Range Resources Corp. (NYSE: RRC) will close its Oklahoma City office and move about 30 jobs to Fort Worth. Another 60 workers will be laid off. The oil and natural gas producer closed the OKC office Tuesday. Affected employees immediately were put on a 60-day paid leave before their employment ends April 20, according
Cabot Oil & Gas (ticker: COG), a large-cap E&P with operations in the Marcellus and Eagle Ford shales, reported company records for production and net income excluding selected items in its year-end 2014 earnings release. Full-year production in 2014 was 531.8 Bcfe – an increase of 29% compared to 2013, including liquids production of 3,961 MBO – 23% higher than
The Center for Biological Diversity filed a lawsuit against the United States Interior Department on February 19, 2015, alleging the violation of three federal laws for oil and gas development offshore California. The results from the lawsuit could potentially affect the oversight of all offshore activity, including those in the Gulf of Mexico. The Center cited several reasons behind its
