Crude Oil News

API Chief: Offshore Oil and Gas Production Could Create 800,000-Plus U.S. Jobs, $200 Billion Annually to Treasury

From CNS News:

Jack Gerard, president and CEO of the American Petroleum Institute, said last week that opening up offshore production of oil and natural gas could create more than 800,000 U.S. jobs and provide some $200 billion in …

January 10, 2017 - 5:05 pm Closing Bell Story‎, Crude Oil News, Energy News

Total Increases Position in Uganda for $900 Million

Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project.
Following this transaction, Total will hold a 54.9% interest, strengthening its position in
January 10, 2017 - 5:03 pm Closing Bell Story‎, Crude Oil News, Energy News
Prices, Promises and a Pumped Up U.S. Rig Count

Prices, Promises and a Pumped Up U.S. Rig Count

Oil in 2017

In WTI near month contracts, oil was trading above $55+ to start off the year, then it fell into a downward slog, dropping 4% to sub-$52 today. It feels like oil prices have been a tale of …

Texas Economy Finally Heading Up-ish: Comerica Bank

Texas Economy Finally Heading Up-ish: Comerica Bank

Permian rig count growth a boon to Texas’s overall economy

Dallas-based Comerica Bank (ticker: CMA), released its Texas Economic Activity Index last week, saying its measure of the Texas economy advanced for a second consecutive month, gaining 0.4 percentage points …

U.S. Petroleum Production and Exports Will Rise through 2040: EIA

U.S. Petroleum Production and Exports Will Rise through 2040: EIA

U.S. Product Demand Will Remain Below 200 Levels But Crude Production Will Rebound

In its recently released Annual Energy Outlook 2017, the EIA outlines U.S. petroleum demand and production  prospects through 2040.

To deal with the always tricky business of …

U.S. Rig Count Finally Exceeds Year-Ago Levels

U.S. Rig Count Finally Exceeds Year-Ago Levels

The U.S. rig count hits 665, one rig higher than at this time last year

The recovery in oil prices has spurred operators in the United States to add more rigs to the active fleet. This has pushed the total …

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Floating storage in Iran down nearly 50% in the last three months – up to 30 cargoes

Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the …

Dana Gas Iraq Operations

Doubt Surrounds OPEC Deal as Iraq Struggles to Make Cuts

Iraq may owe international oil companies compensation for lost production

Less than a week into the new year, many oil market experts are beginning to wonder if OPEC will be able to follow through with its production cuts.

Already Iraq, …

Oil Jumps then Dives on Skepticism over Cuts, Natural Gas Falls on Warmer Forecasts

Oil Jumps then Dives on Skepticism over Cuts, Natural Gas Falls on Warmer Forecasts

OPEC Compliance Remains Primary Concern for WTI

WTI futures opened the year by dropping 2.4% to $52.33 per barrel as the U.S. dollar reached its highest level since 2002. Brent contracts also fell to settle at $55.47.

The drop followed …

Alberta Royalty Rates will Remain Largely Unchanged Except for One Change…

Alberta Royalty Rates will Remain Largely Unchanged Except for One Change…

New incentives program designed to reward efficient drillers

Alberta’s provincial government has decided to leave royalty rates largely unchanged after the leadership ran on a platform that promised to change rates to ensure the province was receiving its fair share. …

SM Energy Sharpens Midland Focus with Announced Sale of Eagle Ford Assets for $800 Million

SM Energy Sharpens Midland Focus with Announced Sale of Eagle Ford Assets for $800 Million

SM Energy announces sale of non-operated Eagle Ford assets for $800 million

Denver-based SM Energy (ticker: SM) announced Tuesday that the company has divested its non-operated Eagle Ford assets for $800 million.

SM has entered into a definitive agreement with …

Source: theiet.org

Iran Qualifies 29 Companies for Oil & Gas Tenders

Iran qualifies international companies from CEPSA to Wintershall to take part in oil and gas tenders

Iran has qualified 29 international companies to bid in tenders for oil and natural gas development projects as the company seeks foreign investment to …

Sentinel Peak Resources, Freeport-McMoRan Close Onshore California Deal

Sentinel Peak Resources, Freeport-McMoRan Close Onshore California Deal

Sale takes FCX production down to 7,000 barrels of oil and NGLs, 74 MMcf of natural gas per day

Privately held Sentinel Peak Resources LLC, which is based in Denver, has closed its previously announced acquisition of the onshore California …

Will Increased Oil Hedging Hold Prices Down?

Will Increased Oil Hedging Hold Prices Down?

With Physical Hedging on Rise, Production Response May Weaken

With OPEC and non-OPEC production cuts on the horizon (although not guaranteed), institutions exposed to oil have shifted their outlooks for price risk, as reflected in their current positions in NYMEX …

U.S. Rig Count Recovers Almost Completely in 2016

U.S. Rig Count Recovers Almost Completely in 2016

U.S. rig count down 40 from the start of the year

The number of rigs drilling in the United States plummeted along with crude oil prices from the end of 2014 through the first half of this year. Lower prices …

Oil and Natural Gas will Provide 60% of World Energy by 2040: Exxon

Oil and Natural Gas will Provide 60% of World Energy by 2040: Exxon

Gas, Nuclear, and Renewables Will Grow the Most, in that Order

The global energy mix will not look that much different for oil and gas in 2040, according to Exxon Mobil’s (ticker: XOM) recently released 2017 Outlook for Energy: A