Archive for December, 2016
US crude stocks rise, while products draw down – EIA
US crude stocks up 614,000 barrels Dec 29 (Reuters) – US crude stocks unexpectedly rose last week, while gasoline and distillate product inventories dropped, the U.S. Energy Information Administration said on Thursday. Crude inventories were up 614,000 barrels in the week to Dec. 23, compared with expectations for a decrease of 2.1 million barrels. Oil […]
Obama designates monuments, protects federal land in Utah, Nevada
Obama: “Today’s actions will help protect this cultural legacy” By Valerie Volcovici WASHINGTON, Dec 28 (Reuters) – President Barack Obama on Wednesday designated over 1.6 million acres of land in Utah and Nevada as national monuments, protecting two areas rich in Native American artifacts from mining, oil and gas drilling in one of his final […]
China’s top oilfield Daqing to cut capex by 20 per cent in 2017
Older, inefficient Daqing fields under scrutiny BEIJING, Dec 29 (Reuters) – China’s largest oilfield Daqing will slash capital spending in 2017 by 20 per cent from a year earlier, owner PetroChina said late on Wednesday, even as it looks to keep output steady. China’s oil majors have been cutting output in recent months to rein in […]
Panasonic to invest over $256 million in Tesla’s U.S. plant for solar cells
Panasonic, Tesla longstanding partners TOKYO, Dec 27 (Reuters) – Panasonic Corp will invest more than 30 billion yen ($256 million) in a New York production facility of Elon Musk’s Tesla Motors to make photovoltaic (PV) cells and modules, deepening a partnership of the two companies. Tesla’s shares were up 3.5 per cent at $220.75 in […]
Exxon Papua New Guinea gas discovery announced
Exxon Papua New Guinea PNG LNG project made up of seven fields Dec 28 (Reuters) – Exxon Mobil Corp announced on Wednesday a new natural gas discovery in Papua New Guinea. ExxonMobil said it has a 42.5 per cent stake in the project, while the rest of the interest is owned by Oil Search Ltd […]
Egyptian oil and gas deals valued at $220 million signed
Egyptian oil output has failed to keep pace with rising demand CAIRO, Dec 28 (Reuters) – Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France’s Total, Britain’s BP, and Italian oil major ENI’s Egyptian subsidiary IEOC, the […]
Oil prices hold near annual peaks, awaiting OPEC cuts
Oil prices rise slightly in trading on Wednesday By David Gaffen NEW YORK, Dec 28 (Reuters) – Crude oil prices edged up for a fourth consecutive session on Wednesday, close to their highest levels since mid-2015, ahead of U.S. oil inventory figures and as the market awaits evidence of OPEC supply reductions in the new year. […]
US shale companies to boost spending as banks loosen purse strings
US shale industry’s credit cut by 40 per cent during price slide By Swetha Gopinath Dec 28 (Reuters) – US shale drillers are set to ramp up spending on exploration and production next year as recovering oil prices prompt banks to extend credit lines for the first time in two years. The credit increase is […]
Oil, gas industry working with Texas government – TXOGA
Ongoing government and industry collaboration helps to secure Texas economy, environment The oil and natural gas industry and Texas government work together to conduct groundbreaking research, advance the state economy, support education systems and keep all Texans safe, according to a press release from the Texas Oil & Gas Association. Each year, oil and natural gas professionals […]
Texas oil and gas production statistics for October 2016
Texas production in October came from 181,637 oil wells, 91,812 gas wells Production for Oct. 2016 as reported to the Railroad Commission of Texas is 73,565,318 barrels of crude oil and 582,136,569 mcf (thousand cubic feet) of total gas from oil and gas wells. These preliminary figures are based on production volumes reported by operators […]
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