Oil & Gas
Top stories summarized by our editors
5/24/2018

A wildcat well drilled by Pemex in a sub-salt area west of the Gulf of Mexico's Perdido fold belt has been declared unsuccessful, a National Hydrocarbons Commission report says. A Pemex appraisal well in a similar area, however, has been designated a commercial producer with an estimated resource of 150 million to 200 million barrels of oil equivalent.

5/24/2018

Quadrant Energy plans to drill an exploration well off the coast of Western Australia as soon as swelling sea conditions subside, a project partner said Wednesday. Drilling of the Dorado-1 well, which will target natural gas and liquids, is expected to take 60 days.

5/24/2018

US shale production growth will likely disappoint in the future and climb at a slower-than-expected rate, said Mark Papa, former CEO of EOG Resources and current chairman and CEO of Centennial Resource Development. The weaker performance may be due to a lack of Tier 1 acreage, as Papa estimates that 70% of the better drilling locations in the Eagle Ford Shale and Bakken Shale have already been drilled.

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S&P Global Platts
5/24/2018

The Longmont, Colo., City Council on Tuesday voted 6-1 in favor of a plan to pay $3 million to oil and natural gas companies TOP Operating and Cub Creek Energy in a move that would put an end to surface drilling within the city and on city-owned properties.

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City Council, Longmont
5/24/2018

A study examines how stress from the North American and Eurasian tectonic plates influenced the flow of magma during the Bardarbunga volcano's eruption in Iceland in 2014. Scientists studied pressure from the magma flow, stress from the plates moving apart and changes to the Earth's surface during the eruption, determining that the plates largely affected the formation of an underground dike carrying the magma during part of its journey.

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Eos
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Bardarbunga volcano, Iceland
5/24/2018

The Permian Basin's infrastructure bottlenecks and surging production levels are contributing to a jump in demand for diesel, which fuels the drilling rigs as wells as the trucks increasingly used to haul crude to refineries, pipelines and storage tanks. The rise in diesel demand in West Texas and New Mexico has prompted some midstream companies, including Magellan Midstream Partners and Holly Energy Partners, to consider projects to increase refined products capacity in the region.

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S&P Global Platts
5/24/2018

The Texas Alliance of Energy Producers is calling on the Trump administration to grant steel tariff exemptions to several countries and get rid of import quotas. "The imposition of quotas will very likely raise the cost of oilfield steel products to American domestic producers to a much greater extent than tariffs," said TAEP President and Chief of Staff John Tintera.

5/23/2018

The US maintained the title of the world's No. 1 producer of petroleum and natural gas hydrocarbons in 2017, as production levels soared to new records, according to the Energy Information Administration. US petroleum production grew by 745,000 barrels per day last year as oil prices rallied to about $65 per barrel, while dry natural gas production was up by 5.7 billion cubic feet per day in the fourth quarter of 2017 compared with the first quarter.

5/23/2018

US crude stockpiles slumped by 1.3 million barrels last week and gasoline inventories gained 980,000 barrels, while distillate supplies dwindled by 1.3 million barrels, according to the American Petroleum Institute.

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MarketWatch
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US, American Petroleum Institute
5/23/2018

Cheniere Energy on Tuesday said it has decided to invest in the construction of a third liquefaction train at its liquefied natural gas export facility in Corpus Christi, Texas. The unit will have a capacity of 4.5 million metric tons per year, of which 1.2 million metric tons have been booked by China National Petroleum.

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Reuters