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.
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.
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.
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.
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.
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.
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
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
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.
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.
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.
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.
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.
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.
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.
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
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
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.
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