Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms
Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex.
Five Missing in Explosion at US Drilling Site
Five workers were missing on Monday after a gas explosion at an oil and gas drilling site in eastern Oklahoma, authorities said. The blast occurred at around 9 a.m. local time (1500 GMT) near Quinton, Oklahoma, about 146 miles (235 km) from Oklahoma City. Five of 22 workers at the site were still listed as missing…
Oil Falls From 2015 Highs as Rally Fizzles
Oil prices dipped on Wednesday after hitting a near two-and-a-half year high in the previous session as a rally fuelled by supply outages in Libya and the North Sea ran out of momentum. Brent crude futures dropped to $66.38 a barrel, down 0.9 percent, or 64 cents, at 1933 GMT after breaking through $67 for the first time since May 2015 the previous day. U.S.
BP's US Gulf Platforms, Texas Chemical Plant Remain Online
BP Plc said on Monday that its offshore oil platforms in the U.S. Gulf of Mexico and its Texas City chemical plant remain online during Tropical Storm Harvey. The company is closing its U.S. headquarters in Houston and asking its 5,000 employees to work remotely. The office will reopen only when conditions improve, said spokesman Jason Ryan.
US Charges Penn West Petroleum with Accounting Fraud
U.S. securities regulators on Wednesday filed civil accounting fraud charges against Canada-based oil and gas company Penn West Petroleum Ltd and several of its former top finance executives. The U.S. Securities and Exchange Commission alleged Penn West Petroleum, which this week changed its name to Obsidian Energy…
Canada Plans New Rules as Firms Find Bad Pipeline Parts
Canada's National Energy Board (NEB) will push for a shift in standards for pipeline parts after TransCanada Corp and Enbridge Inc discovered some that they were using had been substandard, a senior regulatory official told Reuters. The NEB's changes must pass external standards committees…
Colombia Oil Industry Threatened by Local Opposition
Colombia's oil industry is threatened by a growing number of public referendums that seek to ban crude production, the country's oil association said on Monday, as the mining sector faced similar votes. The warning from the Colombian Petroleum Association (ACP), which represents private producers in the Andean country…
BP Accuses Former Analyst of Stealing Trade Secrets
BP Plc has sued a former U.S. oil analyst for allegedly stealing trade secrets and other confidential information, according to court filings. BP's oil trading division alleged that Joseph Giljum, a crude oil analyst who left the company in April, compiled over 950 business files containing…
Pemex March Crude Oil Exports Hit Record Low
Mexican national oil company Pemex said on Friday that March crude exports fell to a record low of just above 1 million barrels per day (bpd), while oil output for the month also dipped. Pemex's March crude shipments averaged 1.001 million bpd, the lowest level of monthly exports going back to at least 1990 when records began.
Syncrude Resumes Shipping from Mildred Lake Upgrader
The Syncrude Canada oil sands project has started shipping crude from its Mildred Lake upgrader again after cutting production as a result of a fire at the plant in mid-March, majority-owner Suncor said on Monday. Shipments are currently at 140,000 barrels per day and are expected to ramp up as maintenance on other units wraps up, Suncor said in a statement.
US Will Not Issue Drilling Waivers to Russia Sanctions
The United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by U.S. sanctions on Russia, Treasury Secretary Steven Mnuchin said on Friday. "In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S.
Trump's EPA to Reconsider O&G Emissions Rule
The U.S. Environmental Protection Agency said on Wednesday it would reconsider a rule on emissions from oil and gas operations and delay its implementation, marking the Trump administration's latest effort to dismantle Obama-era environmental regulations. Oil interest groups, including the American Petroleum Institute and the Texas Oil and Gas Association…
New York Seeks to Develop US' Biggest Offshore Wind Projects
New York Governor Andrew Cuomo this week proposed to develop up to 2,400 megawatts (MW) of offshore wind power by 2030 capable of powering 1.25 million homes as the state seeks to lead the nation in renewable energy production. The offshore wind proposal came after the Democratic governor said on Monday that Entergy Corp's 2…
Ecuador: $900m in oil-for-loan Pacts
Ecuador expects to receive $900 million in loans agreed to this month with Thailand's PTT International and Oman Trading International, which will be repaid with crude and fuel oil shipments, the government said in a document seen by Reuters on Monday. In the last decade, Ecuador and Venezuela have had access to billions of dollars in loans from Chinese…
Peru Workers Plan Strike That Could Disrupt LNG Exports
Natural gas workers in Peru plan to hold an indefinite strike starting Dec. 29 that would disrupt production of the widely-used fuel as well as Royal Dutch Shell Plc's liquefied natural gas exports, the union SUTRAPPEC said Thursday. Some 200 unionized workers needed to operate Peru's Camisea…
Oil Rallies to Best Week in Years
Oil prices rallied for their best week in at least five years on Friday, steadying above $51 a barrel, following OPEC's decision to cut crude output to rein in a global glut that has weighed on prices for more than two years. After the deal was announced on Wednesday, the market focused on the implementation and impact of OPEC's first output cuts since 2008…
US Fracking Sand Firms Boost Prices in Sign of Shale Recovery
U.S. producers of sand used to extract oil from shale are raising prices due to stronger demand, a sign higher oil prices are improving the outlook for the domestic fracking industry. U.S. shale oil companies, which pump sand into oil wells to make them more efficient, were ravaged by a 2014…
Sunoco Pipeline Spills Gasoline near Pennsylvania River
A pipeline breach on Friday spilled gasoline in the vicinity of the Susquehanna River in Lycoming County, Pennsylvania, environmental authorities said, prompting a utility firm to warn customers to reduce water use as a precaution. The breach occurred on a Sunoco Logistics Partners LP pipeline in the area of Gamble Township…
Lyondell's Houston Refinery Draws Bids from Aramco, Valero, Sunco
At least three firms including Saudi Arabian state oil giant Saudi Aramco have bid over $1 billion for LyondellBasell Industries NV's refinery in Houston, according to four people familiar with the process. The Saudi firm was initially seen as the front-runner among bidders that also included Valero Energy Corp and Suncor Inc…
Encana Slashes 2016 Costs by $50 Mln
Encana Corp said on Wednesday it has made $50 million in cost savings in 2016, continuing a trend of Canadian oil and gas producers squeezing spending in response to the prolonged downturn in global crude prices. Calgary-based Encana updated its 2016 guidance to reflect savings in production and mineral taxes…
