Industry News

Why the price of gas is going up

U.S. crude oil inventories dropped unexpectedly last week by 4.4 million barrels, to 361.6 million barrels, according to the Energy Department’s weekly data release on Wednesday. In a separate report, the EIA revised its global forecast for oil demand in 2009 to be higher than previously expected, a reversal in direction for the (read full article »)

Published in Industry News | on Tuesday, June 16th, 2009

Oil Price - Where the Rubber Meets the Sky

Consumers chose to drive less over this past Memorial Day, the holiday that traditionally marks the start of the summer driving season. According to the EIA, for the week ended May 30, on a four-week moving average basis, gasoline demand fell by 0.4 percent and distillate demand (primarily diesel for trucks) dropped by 9 (read full article »)

Published in Industry News | on Tuesday, June 16th, 2009

Oil and natural gas prices rise as inventories move south

United States inventories data this week showed a fall in crude oil stockpiles that was greater than expected by analysts, and stockpiles of natural gas rising less than expected. Global demand for crude oil continued its downward trend, with OPEC, the International Energy Agency and Energy Department all cutting their projections for demand this (read full article »)

Published in Industry News | on Monday, June 1st, 2009

Gulf of Mexico oil and gas news

Petroleum companies looking for oil and gas investment and development opportunities in the Gulf of Mexico are heading into deeper waters. A report issued by the Interior Department’s Minerals Management Service said production projects in water deeper than 1000 feet (read full article »)

Published in Industry News | on Tuesday, May 26th, 2009

New tax rules hit oil and gas industry

The first budget of Obama’s administration is tough on the oil and gas industry. The budget proposal from February hits the petroleum energy sector on both ends with an excise tax and a decline of existing tax reductions. The philosophy behind these budgetary moves is to force the energy (read full article »)

Published in Industry News | on Wednesday, May 20th, 2009

Is a price spike in oil’s future?

Although supermajors continue to announce plans to maintain oil and gas investment even though the price of light, sweet crude continues to hover around $50 per barrel, the oil minister of Egypt, Sameh Fahmy, is sounding the alarm that the current global recession could lead to oil prices over (read full article »)

Published in Industry News | on Monday, May 18th, 2009

Bids for private oil exploration in Mexico coming in 2009

Pemex, Mexico’s state-owned oil company is hard at work on contracts that will provide private petroleum companies’ access to Mexico’s energy industry for oil and gas investment and exploration. The first deals from these contracts are expected to come in December according a Pemex executive. The groundwork for (read full article »)

Published in Industry News | on Friday, May 15th, 2009

China National Offshore Oil Corporation to make $3M gas investment

The China National Offshore Oil Corporation (CNOOC) is planning a $2.93 million oil and gas investment on a petroleum project in Zhuhai, Guangdong Province. The project will be a base for natural gas exploration and is expected to begin this year. CNOOC has already inked a deal (read full article »)

Published in Industry News | on Friday, May 15th, 2009

Offshore Technology Conference 2009

The 2009 Offshore Technology Conference was held May 4-7 at Reliant Park in Houston. Surprisingly 66,000 attendees from over 120 countries participated in the midst of a global economic recession and in spite of concerns about the swine flu. The conference was the second largest in the OTC’s 40-year history and was (read full article »)

Published in Industry News | on Wednesday, May 13th, 2009

Investment up despite falling profits

Oil and gas investment, particularly by supermajors in capital projects, during a time when public companies are showing weak quarterly reports is a positive sign for the petroleum industry and indicates a bullish outlook for the energy sector.

The root of this continued investment can observed in (read full article »)

Published in Industry News | on Wednesday, May 13th, 2009

Colorado passes restrictive House Bill 1292

Colorado House Bill 1292 – also known as HB 1292 – was recently signed by Governor Bill Ritter and dramatically increases the regulations and approval process for oil and gas drilling in the state. Ritter’s office said in announcement the bill “ushered in a new era (read full article »)

Published in Industry News | on Thursday, May 7th, 2009

MidConExpo ‘09 Now Underway

The Mid-Continent Prospect Expo (MidConExpo), organized by the Oklahoma Independent Petroleum Association (OIPA) runs today through May 7 in Oklahoma City, OK. The Expo, which provides a venue for mid-continent producers to buy and sell prospects and properties, will have representatives from companies such as ConocoPhillips and Chesapeake Energy present.

Bret Boteler, founder and (read full article »)

Published in Industry News | on Wednesday, May 6th, 2009

Asia’s rising oil demand

The Asia region consumes 40 percent of the international demand for oil and gas and that demand is expected to increase by 120 percent by 2030 according to Qatari Oil Minister Abdullah bin Hamad al-Attiyah. Key figures from Asia’s major oil producing and consuming nations are meeting (read full article »)

Published in Industry News | on Monday, May 4th, 2009

Price of oil hurts Mideast economies

A number of oil industry analysts may see the price of crude poising for a rebound, but the ongoing lower price of oil is beginning to take a toll on Mideast economies that are highly dependent on petroleum income. OPEC has been unsuccessful in trying to drive the (read full article »)

Published in Industry News | on Thursday, April 30th, 2009

Biodiesel Backfire

When the government created an incentive to make biodiesel fuel competitive with petroleum diesel, markets responded. A $1-per-gallon tax credit to blend biofuel (based from vegetable or animal fat) with diesel was established in 2004.

According to the U.S. Departments of Agriculture and Commerce, (read full article »)

Published in Industry News | on Wednesday, April 29th, 2009

Asia becoming hot spot for oil and gas investment

Venezuela’s Hugo Chavez has recently courted Japanese and Chinese dollars to shore up the oil-rich nation’s petroleum development and infrastructure. Currently, energy ministers and officials from Mideast OPEC nations have gone east to meet with their largest Asian customers in Tokyo to (read full article »)

Published in Industry News | on Tuesday, April 28th, 2009

Oil and gas news from the United Kingdom

The United Kingdom government has announced incentives to stimulate oil and gas investment on the UK Continental Shelf (UKCS) with the incentives targeting small and challenging petroleum projects. Along with the incentive announcement came a reminder for the oil and gas industry that additional measures (read full article »)

Published in Industry News | on Monday, April 27th, 2009

Lower oil prices hurt state-owned oil and gas companies

Oil dependent countries and their state-owned petroleum companies are finding the continued lower price of crude comes with a corresponding lessening of power. Over the last several years, when the price of oil was at historic highs during an extended bull market, a number of oil-rich nations used price induced power to hammer at (read full article »)

Published in Industry News | on Thursday, April 23rd, 2009

Unconventional natural gas is on the rise

A report by Ziff Energy Group Ltd., a Houston consulting company, forecasts unconventional natural gas production will account for over half of the U.S. gas supply by 2030. Unconventional shales accounted for around 30 percent of the U.S. gas supply in 2000.

The report highlights advances in natural gas production from shale reservoirs, “New technology (read full article »)

Published in Industry News | on Wednesday, April 22nd, 2009

More assurance about summer gas prices

The latest Short-term Energy Outlook produced by the U.S. Energy Information Administration affirms that retail prices for transportation fuels through September should be significantly lower than those of last summer. Regular gasoline retail prices are expected to average $2.23 per gallon, versus $3.81 per gallon last summer. The price of diesel will peak at (read full article »)

Published in Industry News | on Tuesday, April 21st, 2009

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