Oil Gas Prices

Canadian oil-sands industry’s expansion wavers with $75/bbl crude

CALGARY, Alberta (Bloomberg) -- The Canadian oil-sands frenzy that led to $265 billion of investments in less than a decade won’t immediately stop with $75 crude. Two years from now is another matter. Oil-sands projects are multibillion-dollar investments made upfront to allow many years of output, unlike competing U.S. shale wells that require constant injections of capital. It’s future expansion that’s at risk.

25 Nov 2014 | 2:15 am EST

Oil seen dropping another $30 by ICAP on commodity, dollar cycle

JERSEY CITY, New Jersey (Bloomberg) -- New York-traded crude oil will probably drop another $30 in the next two years as long-term cycles in commodities and currencies converge, no matter what happens at this week’s OPEC meeting and Iran nuclear talks, according to brokerage United-ICAP. West Texas Intermediate crude, the U.S. benchmark, has collapsed five times since the contract’s introduction in 1983, said Walter Zimmerman, chief technical strategist for United-ICAP in Jersey City, New Jersey.

24 Nov 2014 | 7:37 am EST

McAda Fluids Heating breaks ground on Colorado facility

FORT LUPTON, COLORADO -- McAda Fluids Heating Services and McAda Drilling Fluids has broken ground on a 10-acre facility near Fort Lupton. The new facility, to be open in spring of 2015, will serve the Niobrara shale and other Rockie Mountain regional activities.

24 Nov 2014 | 4:56 am EST

The 153-year-old well that produces nonstop in boom and bust

TITUSVILLE, Pennsylvania (Bloomberg) -- About 70 miles north of Pittsburgh, a pothole-pocked dirt road along the side of a warehouse leads to a solitary oil well, undisturbed by the recent plunge in crude prices. McClintock No. 1, the world’s oldest continually producing oil well, is still going after 153 years, quietly churning out about 1/10 of a barrel each day from a small spot in a clearing of trees.

24 Nov 2014 | 3:28 am EST

Iran may seek OPEC cut of 1 MMbopd in Saudi talks

VIENNA, Austria (Bloomberg) -- Iran may propose that OPEC cut its output target by as much as 1 MMbpd when the country’s oil minister consults with his Saudi counterpart before the group gathers this week, Mehr News reported. Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will talk on the sidelines of the meeting in Vienna of the Organization of Petroleum Exporting Countries, seeking to define a common view among its 12 members for supporting prices, Iran’s state-run Mehr News agency reported, without saying where it got the information. An official in Iran’s oil ministry didn’t immediately comment when contacted by phone.

24 Nov 2014 | 2:48 am EST

Oil at $75/bbl won’t shut in much U.S. shale, Dow’s Liveris says

DUBAI (Bloomberg) -- Oil at $75/bbl won’t affect U.S. output from shale much because investments in wells and production have already been made, said Andrew Liveris, chairman and CEO of Dow Chemical Co. Some U.S. shale producers are already hurt by the drop in oil prices, though Dow, based in Midland, Michigan, sells enough different products that it can withstand lower crude, Liveris, the head of the largest U.S. chemical maker, said at a conference in Dubai.

24 Nov 2014 | 2:19 am EST

Ecopetrol, Talisman discover hydrocarbons in Colombia's Block CPO-9

Talisman, Ecopetrol discover hydrocarbons in Block CPO 9 in Colombia CALGARY, Alberta Talisman Energy and Ecopetrol have proven the presence of hydrocarbons in the Nueva Esperanza 1 exploratory well (A2b), located in block CPO 9, Department of Meta, Colombia. The

24 Nov 2014 | 12:48 am EST

TDW executes gas valve upgrade project in GoM

TDW executes gas valve upgrade project in GoM TULSA, Oklahoma   Pipeline services specialist, T.D. Williamson (TDW) has executed a gas valve upgrade project on a deepwater gas export pipeline, offshore New Orleans in the Gulf of Mexico (GoM). TDW

23 Nov 2014 | 10:29 pm EST

ProSep appoints Patrick McCarthy to Board of Directors

HOUSTON -- ProSep has appointed a new non-executive Board Director, Patrick McCarthy, to spearhead a five-year enterprise growth plan. McCarthy brings almost four decades of experience to the post as he joins ProSep from NATCO, where he served as COO since 2006.

23 Nov 2014 | 8:25 pm EST

Exxon awards Alternate Path completion license to Delta Screens

HOUSTON -- Exxon Mobil has awarded Delta Screens & Filtration a limited international license to Exxon Mobil’s Alternate Path technology patent portfolio for gravel packing cased and openhole completion wells.

23 Nov 2014 | 5:43 pm EST

OPEC underestimated resiliency of U.S. oil production, Yergin says

NEW YORK (Bloomberg) -- OPEC was mistaken in thinking that U.S. shale oil production would be unprofitable once crude prices slipped below $90/bbl, according to Pulitzer Prize-winning author Daniel Yergin.

21 Nov 2014 | 4:34 pm EST

BSEE investigating fatal explosion in Gulf of Mexico

NEW ORLEANS - The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is actively investigating an explosion aboard a production platform at West Delta 105, operated by Fieldwood Energy. The explosion, which took place on Nov. 20, resulted in one fatality and three injured.

21 Nov 2014 | 3:39 pm EST

NWE naphtha weakness reaches multi-year lows as demand struggles

Platts editors discuss the recent weakness in the European naphtha market with oversupply in Europe and low demand in Asia.

21 Nov 2014 | 9:45 am EST

Oil at $75 means patches of Texas shale turn unprofitable

NEW YORK (Bloomberg) -- With crude at $75/bbl, the price Goldman Sachs Group Inc. says will be the average in the first three months of next year, 19 U.S. shale regions are no longer profitable, according to data compiled by Bloomberg New Energy Finance.

21 Nov 2014 | 6:44 am EST

JW Operating Company acquires Louisiana properties from BHP Billiton

DALLAS -- J-W Operating Company has oil and gas properties in northern Louisiana from BHP Billiton. The properties are located in the Elm Grove and Caspiana fields. and include interests in approximately 1,200 wellbores and associated gathering lines and compressor facilities. 

21 Nov 2014 | 6:41 am EST

CGG nets another commitment to StagSeis solution in Gulf of Mexico

PARIS -- CGG has announced another significant commitment from an E&P company to its StagSeis multi-client solution in the Gulf of Mexico, this time with an earlier prefunder expanding their position. Following completion of acquisition in October, StagSeis presales of all three surveys, IBALT, DEUX and TROIS, have continued to strengthen, both with new companies joining, and with repeat customers increasing their commitments.

21 Nov 2014 | 2:00 am EST

Logan announces acquisition of the HE specialty fishing tool product line

Logan announces acquisition of the HE specialty fishing tool product line CALAGRY, Alberta Logan Oil Tools, a wholly owned subsidiary of Logan International has purchased certain assets from Smith International. These assets include, inventory, the rights to manufacture and sell

21 Nov 2014 | 12:17 am EST

Signal Hill Petroleum conducts first aerial gravity gradiometry survey of Los Angeles basin

Signal Hill Petroleum conducts first aerial gravity gradiometry survey of Los Angeles basin SIGNAL HILL, California Signal Hill Petroleum has recently completed the first airborne Full Tensor Gravity Gradiometry (FTG) survey of the Los Angeles basin. For areas that may

20 Nov 2014 | 7:58 pm EST

BSEE responding to explosion in Gulf of Mexico; 1 fatality

NEW ORLEANS -- The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is responding to an explosion at West Delta 105 in the Gulf of Mexico, approximately 12 miles off the coast of New Orleans.

20 Nov 2014 | 3:46 pm EST

Liner-less spill containment system reduces wellsite contamination risk

Liner less spill containment system reduces wellsite contamination risk LAFAYETTE, Louisiana — Newpark Mats and Integrated Services (NMIS) has unveiled the Dura Base Defender liner less spill containment system, which provides drilling and completion crews with a faster and more

20 Nov 2014 | 5:58 am EST


Back to Oil Gas Prices Home Page