Archive for March, 2017
Texas oil and gas production statistics for January 2017
Texas production in Jan. 2017 came from 166,839 oil wells and 91,847 gas wells Production for Jan. 2017 as reported to the Railroad Commission of Texas is 75,331,644 barrels of crude oil and 608,396,818 mcf (thousand cubic feet) of total gas from oil and gas wells, according to a press release. These preliminary figures are […]
‘Fleeing oil sands capital’ story driven by Alberta politics, media – not reality
Buying oil sands assets for $32 billion total makes CNRL, Cenovus world class energy companies Cenovus buys ConocoPhillips oil sands assets for $17.7 billion Wednesday. Last week CNRL buys Shell and Marathon assets for $14.4 billion. Are super-major oil companies fleeing Rachel Notley’s NDP government or are the sales a sign of Alberta oil sands […]
Oil prices will remain steady, despite OPEC supply cuts: IEA
Oil prices steady due to supply glut The head of the International Energy Agency says he does not expect a major increase in oil prices despite the OPEC supply cut agreement. Speaking in Delhi, Fatih Birol told Reuters he does not believe the pact to cut combined output by almost 1.8 million b/d will significantly boost […]
Cenovus shares fall after purchasing Conoco oilsand assets
Cenovus purchase more than doubles production Cenovus Energy shares suffered their biggest one-day percentage drop on Thursday after the company announced it C$17.4 billion deal to buy Alberta oilsands and natural gas assets from ConocoPhillips. Cenovus shares fell 12.8 per cent on the Toronto Stock Exchange to $15.36, and ConocoPhillips shares rose 7.8 per cent. The sale is the fifth-largest […]
Environmental groups sue Trump administration for Keystone XL pipeline OK
Keystone XL would transport Alberta oilsands crude to US On Thursday, Reuters reported six environmental groups have filed a lawsuit against the Trump administration, challenging its decision to approve TransCanada’s Keystone XL pipeline. At a federal court in Montana on Thursday, the groups claimed that the State Department, which granted to pipeline permission to cross the Canada-US […]
Oil prices hit three-week highs on OPEC deal extension optimism
Oil prices up after Kuwait endorsed OPEC deal extension Oil prices rose for a third straight day to their highest in three weeks after Kuwait said it would support extending the OPEC supply cut deal into the second half of 2017. Brent crude oil was up by 54 cents to $52.96/barrel by 1:33 p.m., after hitting $53.10 […]
Westinghouse Nuclear files for chapter 11, announces restructuring
Westinghouse Nuclear files for chapter 11 protection and secures $800 million in DIP financing to fund operations Westinghouse Electric Company, LLC – commonly known as Westinghouse Nuclear – filed voluntary petitions under Chapter 11 of the US Bankruptcy Code Wednesday, according to a company press release. The company is seeking to undertake a strategic restructuring […]
Cenovus to double production and reserves in Canada
$17.7 billion acquisition establishes anchor position in two of Canada’s most attractive oil and gas plays Cenovus Energy Inc., one of Canada’s largest producers, has agreed to acquire U.S. oil major ConocoPhillips’ 50 per cent interest in the FCCL Partnership, the companies’ jointly owned oil sands venture operated by Cenovus, according to a press release. Cenovus […]
Will Tesla Model 3 electric vehicle ‘disrupt’ auto markets? Not a chance
The big launch of the Tesla Model 3 is on schedule for later in 2017 and pundits are already speculating that the $35,000 US electric vehicle will be a major disruption to the market for internal combustion engine (ICE) cars. That’s not impossible, but it is very very unlikely. Technical disruptions that significantly accelerate the […]
Russian LNG production in Arctic to be over 70 million tonnes/year
Russian LNG exports mostly to Asia Russian LNG production from its remote Arctic regions may reach over 70 million tonnes, according to the head of gas producer Novatek. Reuters reports Leonid Mikhelson, head and co-owner of Novatek told a conference “The Gydan and Yamal peninsulas have a vast resource base that allows the production of over […]
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