Archives December 2014

Dec
31
2014

BP starts production from Kinnoull field in central North Sea

BP PLC reported start of oil and gas production from Kinnoull field in the central North Sea. Kinnoull is BP’s seventh and final major upstream project start-up in 2014, the company said. …read more Source: Oil Gas Journal   

Dec
30
2014

Petrobras declares commerciality of Iara area

Petroleo Brasileiro SA (Petrobras) has submitted declarations of commerciality for three separate oil and gas accumulations in the Iara evaluation area on Block BM-S-11, 300 km offshore Brazil in 2,200 m of water in the Santos basin presalt. …read more Source: Oil Gas Journal   

Dec
29
2014

BHI: US land drilling down 35 units in most recent rig count

The US drilling rig count dropped 35 units to settle at 1,840 units working during the week ended Dec. 26, pushed down entirely by losses on land, Baker Hughes Inc. reported. …read more Source: Oil Gas Journal   

Dec
28
2014

Partial Lift of Crude Oil Export Ban

Back in February 2014, oil-price.net posted an astonishing report on the US government’s trade restrictions on its own oil industry. While other governments protect their home industries and give preference to their own national interests, by a convoluted path of logic, successive administrations in the US stymied the producers of crude oil in […] …read […]

Dec
28
2014

Oil Price Fall Threatens US Oil Production

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA’s recent fracking boom will come to an end. Forces are at […]

Dec
28
2014

Oil Price Drops on Oversupply

In June of 2014 the Brent Crude Oil Price hit $115 per barrel and many oil market insiders were predicting higher prices. Other analyst however, called a peak, and their predictions proved to be correct. By the beginning of October 2014, the Index dropped to $95 and predictions of further falls down to $90 or […]

Dec
28
2014

Falling Oil Price slows US Fracking

Recent falls in oil prices alter the financial dynamics of oil extraction. Certain sources of oil entail lower costs than others. For example, conventional pumped oil extraction in high pressure onshore wells costs relatively little to set up and operate, whereas remote oil fields beneath icy seas require specialized equipment and override wages […] …read […]

Dec
22
2014

TAEP: TPI still up, but 'contraction unavoidable'

The Texas Petro Index (TPI), a composite index based on a comprehensive group of upstream economic indicators released by the Texas Alliance of Energy Producers (TAEP), set well-permitting and employment records in October, resulting in another record high score overall. …read more Source: Oil Gas Journal   

Dec
22
2014

BASF, Gazprom cancel asset swap

BASF and OAO Gazprom have agreed not to complete an asset swap that was scheduled for yearend. …read more Source: Oil Gas Journal   

Dec
22
2014

Mexico uses PSCs in first Round One step

Mexico is offering production-sharing contracts to companies incorporated in the country for exploration of 14 shallow-water areas in Round One bidding for oil and gas opportunities. …read more Source: Oil Gas Journal   

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