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Oil & Gas Spending Encourages Exploration & Development

May 7, 2014 9:54 am | by U.S. Energy Information Administration | News | Comments

Annual reports from 42 oil and natural gas companies that have reported data on upstream expenditures since 2000 show that spending on exploration and development throughout the world increased by 5% ($18 billion) in 2013, while spending on property acquisition fell by $17 billion. 

Striking Oil On Campus

May 5, 2014 2:42 pm | by Associated Press | News | Comments

A contractor has struck oil at Indiana State University's campus, but it could be a while before school officials know how much it is worth.                                 

Side Effects Of The Fracking Boom

May 5, 2014 2:38 pm | by JONATHAN FAHEY, KEVIN BEGOS, Associated Press | News | Comments

Booming production of oil and natural gas has exacted a little-known price on some of the nation's roads, contributing to a spike in traffic fatalities in states where many streets and highways are choked with large trucks and heavy drilling equipment.

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Exxon Mobil Corporation (NYSE:XOM) expects to start production at a record 10 major projects in 2014, adding new capacity of approximately 300,000 net oil equivalent barrels per day and contributing to profitable production growth

ExxonMobil Ahead Of Schedule At PNG LNG Project

May 5, 2014 2:28 pm | by ExxonMobil | News | Comments

Exxon Mobil Corporation announced the $19 billion PNG LNG project has started producing liquefied natural gas (LNG) in Papua New Guinea ahead of schedule.                            

Royal Dutch Shell said Friday it is selling its Australian gasoline stations and refinery to energy trader Vitol Group for 2.9 billion Australian dollars ($2.6 billion).

Shell Considers Huge Build In Pennsylvania

May 5, 2014 10:33 am | by Associated Press | News | Comments

Zinc production has shut down at a western Pennsylvania site where Shell Oil Co. is considering building a high dollar petrochemical plant.                                 

Oil Dispute Erupts In The South China Sea

May 5, 2014 10:29 am | by CHRIS BRUMMITT, Associated Press | News | Comments

Vietnam demanded China stop oil drilling operations in a disputed patch of the South China Sea, saying on Monday that Beijing's decision to deploy a deep sea rig over the weekend was illegal.                 

Train Derailment Cause Still Unknown

May 5, 2014 10:15 am | by ALAN SUDERMAN, LARRY O'DELL, Associated Press | News | Comments

Early reviews found no human error or mechanical failure that could have caused a fiery derailment of an oil train in downtown Lynchburg, Virginia, the National Transportation Safety Board said Friday.                

Chevron Profit Plunges

May 2, 2014 10:53 am | by Associated Press | News | Comments

Chevron Corp. says its net income fell 27 percent in the first quarter because of lower global oil prices and decreased production of oil as a result of bad weather.                      

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Train Crash Heightens Concerns

May 2, 2014 10:48 am | by ALAN SUDERMAN, LARRY O'DELL, Associated Press | News | Comments

Across the state on the same rail line where a train loaded with highly combustible crude oil derailed, a fire chief sees the potential for a nightmare scenario: A blaze his crews don't have the means to put out, threatening a colonial-era tourist attraction and one of the nation's oldest institutions of higher learning.

Get The Facts On The Virginia Train Derailment

May 2, 2014 10:35 am | by Associated Press | News | Comments

The Lynchburg train derailment and fire comes amid a surge in domestic oil drilling that has prompted oil companies to move increasing amounts of crude by rail over the past several years.                     

Gas Production Halts At North Pole Refinery

May 2, 2014 10:31 am | by Associated Press | News | Comments

Flint Hills announced in February that it would close the facility because of the high costs of doing business in Alaska and its ongoing obligations from a chemical spill that has affected local water supplies.          

Crude Shipper Switches To Safer Tankers

May 1, 2014 10:50 am | by Associated Press | News | Comments

Fuel shipping company Global Partners will require tanker cars to meet with updated standards for all crude oil trains arriving at its East and West Coast terminals, starting in upstate New York and Oregon, the company announced Wednesday.

Exxon Earnings Slip

May 1, 2014 10:48 am | by JONATHAN FAHEY, AP Energy Writer | News | Comments

Exxon Mobil said Thursday that its net income fell 4 percent in the fourth quarter as it produced less oil and natural gas and posted weaker refining results.                          

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FERC Weighs In On Cameron LNG

May 1, 2014 10:41 am | by Associated Press | News | Comments

A proposed liquefied natural gas export terminal in Cameron Parish would not significantly damage the environment, the Federal Energy Regulatory Commission staff said Wednesday. The conclusion also applies to 21 miles of pipeline and associated facilities proposed for Cameron, Calcasieu and Beauregard parishes.               

WY Gas Plant Partially Operational After Fire

May 1, 2014 10:34 am | by Associated Press | News | Comments

A Wyoming natural gas processing plant is operating at about 40 percent of its typical seasonal level just over a week after an explosion and fire.                     

Oil Tankers Derail Into Virginia River

May 1, 2014 10:30 am | by ALAN SUDERMAN, MICHAEL FELBERBAUM, Associated Press | News | Comments

Virginia state officials are still trying to figure out the environmental impact of a train derailment that plunged three oil-carrying tanker cars into the James River.                            

Life Cycle Engineering Partners With OSIsoft

April 30, 2014 12:13 pm | News | Comments

Life Cycle Engineering (LCE), Inc., announced a partnership with OSIsoft to offer predictive analytics and intelligent asset management solutions for the oil and gas industry.                    

Royal Dutch Shell said Friday it is selling its Australian gasoline stations and refinery to energy trader Vitol Group for 2.9 billion Australian dollars ($2.6 billion).

Shell To Stay Out Of Russia

April 30, 2014 11:19 am | by TOBY STERLING, AP Business Writer | News | Comments

Royal Dutch Shell PLC says it will not be entering new investments in Russia anytime soon as tensions rise over the country's confrontation with Ukraine.                                 

Oil Spill Damage Claim Found Phony

April 30, 2014 11:09 am | by KEVIN McGILL, Associated Press | News | Comments

A federal judge ruled Tuesday that a $357,000 payment in a damage claim from the 2010 BP oil spill must be repaid because the claim was fraudulent.                            

Crude Facility Fears Aired

April 30, 2014 11:05 am | by Associated Press | News | Comments

Wolverine Terminals Corp. officials have sought to reassure worried St. James Parish residents that its plans for a crude oil facility in Paulina will be safe and do not pose a threat.                   

Bakken Hits Billion Barrel Mark

April 30, 2014 11:03 am | by JAMES MacPHERSON, Associated Press | News | Comments

Oil drillers targeting the rich Bakken shale formation in western North Dakota and eastern Montana have produced 1 billion barrels of crude, data from the two states show.                           

Oil & Grain Train Fight Continues

April 29, 2014 11:08 am | by JAMES MacPHERSON | News | Comments

Crude oil trains are not displacing grain shipments in the Dakotas and surrounding states, railroad officials assured North Dakota regulators Monday.                                 

BP plans to create a separate, more competitive business to manage its onshore oil and gas assets, including its shale operations, in the 48 contiguous U.S. states.

BP Committed To Russia Despite Sanctions

April 29, 2014 11:05 am | by Associated Press | News | Comments

Energy company BP said Tuesday that it remains committed to its investment in the Russian oil firm Rosneft, despite U.S. sanctions targeting its president, Igor Sechin, and sharp drops in income from its stake.              

Missionaries Struggle In Oil Fields

April 28, 2014 10:41 am | by JOSH WOOD, Associated Press | News | Comments

When the oil and gas boom took off, tens of thousands of workers flocked there for jobs and missionaries soon followed. Many of them say the work is every bit as challenging as seeking converts in Africa or Asia — because of the roughnecks' transient lifestyles, their exhausting round-the-clock shifts and the fact that many work camps won't let them in.           

ND Approves Oil Spill Restoration Plan

April 28, 2014 10:33 am | by Associated Press | News | Comments

The North Dakota Department of Health has approved plans to restore land damaged last fall by a pipeline break that spilled more than 20,000 barrels of crude oil across a northwestern wheat field.                             

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