Oil & Gas Industry News
Welcome to the Energy News Page. Here you can find links to the latest news from reputable sources in the oil and gas industry.
Use technology to address climate change, Oxy exec advises
More oil and gas producers should be ready to use technology to address climate change instead of denying the problem exists, Occidental Petroleum Corp. Pres. and Chief Executive Officer Vicki A. Hollub recommended on Dec. 14. “We’ve been doing enhanced oil recovery for decades. When carbon dioxide is used to produce oil, the net emissions are 20% less than oil produced without EOR,” she said during an appearance at the Bipartisan Policy Center in Washington, DC.
Baker Hughes: Canada sees another double-digit drop in rigs
Close on the heels of a 13-rig drop a week ago, Canada lost 12 rigs for the week ended Dec. 14, according to Baker Hughes data. With 174 rigs running, the count is below the 238 units drilling this week a year ago. The number of oil-directed rigs in Canada fell by 7, bringing the count to 95 rigs for the week. Gas-directed rigs were down 5 to 79 units.
Williams receives FERC approval for Gateway expansion
Williams Cos. Inc., Tulsa, has received a certificate of public convenience and necessity from the US Federal Energy Regulatory Commission authorizing the Gateway Expansion project—an expansion of the Transco natural gas pipeline to serve the US Northeast.
Western Gas signs MOU for Equus gas project off Western Australia
Privately held Western Gas Corp. Pty. Ltd., Perth, has signed a memorandum of understanding with international service companies McDermott and Baker Hughes to be exclusive development partners for the Equus gas project offshore northwest Western Australia.
Two blocks offered off Sable Island, NS
Two blocks nominated by the oil and gas industry are on offer off Sable Island in the northern Atlantic. The Canada-Nova Scotia Offshore Petroleum Board will accept bids through May 8, 2019, for exploration licenses covering 75,788-hectare Parcel 1 and 73,004-hectare Parcel 2, both in less than 100 m of water on the Scotian Shelf.
IPC closes BlackPearl Resources acquisition
International Petroleum Corp. (IPC), Vancouver, BC, has closed its $675-million (Can.) acquisition of BlackPearl Resources Inc., Calgary. BlackPearl Pres. and Chief Executive Officer John Festival becomes an IPC director.
PTTEP wins Bongkot, Erawan concessions
PTT Exploration & Production will remain operator of Bongkot natural gas field in the Gulf of Thailand and replace a Chevron Corp. subsidiary as operator of Erawan gas field in 2022. The state-owned company won bidding for new concessions covering both fields. The current Bongkot license will expire in 2023, and the Erawan license will expire in 2022.
MARKET WATCH: Crude oil benchmark make gains on deficit concerns
Crude oil benchmark prices settled more than $1 higher Dec. 13 as signs point to an emerging global oil market deficit. News of a drop in US crude stocks was reported Dec. 12. The weekly Petroleum Status Report showed US oil production dropped 100,000 b/d to 11.6 million b/d for the week ended Dec. 7.