Lower oil prices see federal revenues from oil and gas operations at their lowest point since at least 2004 Federal revenue from energy production on federal and American Indian lands fell for a second consecutive year to the lowest point since at least 2004, according to the Energy Information Administration (EIA). For fiscal year (FY) 2016, the U.S. government collected
Trump executive action could expedite energy pipeline projects President Donald Trump signed executive actions to accelerate the Keystone XL and Dakota Access pipeline projects and to decree that American steel should be used for pipelines built in the United States, according to a report from Reuters. Trump also signed an action to speed up the environmental review and approval of
From Bloomberg: Add Southern Green Canyon and Mars Blend to the growing list of American crude that’s challenging OPEC’s dominance in the world’s biggest oil market. Cargoes of the two varieties produced in the Gulf of Mexico, which are heavier and more sulfurous than supply from U.S. shale fields, are poised to flow into Asia as they turn cheaper relative to
From Bloomberg: Crude oil prices, hovering around $55 a barrel since early December, will climb by about $10 in the coming months as OPEC-led measures to curb a glut take hold, Nigeria’s oil minister said. “Ultimately, the effects over the next few months will get us to where we want to be, which is in the mid-$60s,” Minister of State for
From CNBC: Mergers across the U.S. oil and gas industry totaled nearly $200 billion in 2016 as crude prices stabilized and major producers agreed to output cuts, a new report from PwC shows. The auditing firm expects the tailwinds that lifted M&A in the final quarters of 2016 to carry through into 2017 and keep the deals flowing. “As we
Efficiency is way more important than pricing: Lesar Halliburton (NYSE: HAL) released its fourth quarter 2016 results Monday, reporting numbers that indicate that the recovery is well underway in North America’s oil and gas sector. Improved pricing in the second half of the year saw E&P companies drilling more wells, which led to higher demand for Halliburton’s services and a
OPEC, Russia said they are not worried about U.S. shale production OPEC and non-OPEC producers are off to a good start in meeting the goals set in a production cut plan initiated at the start of the year, according to the group. OPEC’s Joint Ministerial Monitoring Committee (JMMC), designed to check compliance among the countries that have agreed to cut
U.S. rig count is growing, particularly in the Permian, as OPEC appears to be complying The United States rig count grew by 35 in the week ended January 20, 2017, according to Baker Hughes Industries (ticker: BHI). The total count now sits just below 700 at 694, according to the group. The current count is now 57 rigs higher than
From Reuters: The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices. Since late November, major oil companies have announced 11 deals worth more than $500 million each with a combined value of $31 billion, the clearest
IFR has been granted access to the data room for the third tender of Round 2 in Mexico’s onshore oil and gas auction Calgary-based International Frontier Resources (ticker: IFR) announced Thursday that its jointly owned Mexican company Tonalli Energia has registered and been granted access to the National Hydrocarbons Commission (CNH) data room for the third tender of Round Two
From Bloomberg: Cnooc Ltd. plans to raise capital spending for the first time since crude began its crash in 2014 as China’s biggest offshore oil and gas producer prepares for life after the slump and a second year of falling output. The Beijing-based explorer will increase expenditure, including in the Gulf of Mexico, to 60 billion to 70 billion yuan ($8.7
From The Wall Street Journal: Islamic State has ramped up sales of oil and gas to the regime of Syrian President Bashar al-Assad, U.S. and European officials said, providing vital fuel to the government in return for desperately needed cash. The regime’s purchases are helping sustain Islamic State amid unprecedented military pressure on the militant group in both Syria and
