User: irge304 Topic: Energy Extraction
Category: Oil Exploration
Last updated: Feb 06 2016 04:34 IST RSS 2.0
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US rig count drops 48 this week to 571; Texas down 19 6.2.2016 Seattle Times: Business & Technology

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 48 this week to 571. The Houston firm said Friday 467 rigs sought oil and 104 explored for natural gas amid depressed energy prices. A year ago, 1,456 rigs were […]
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Energy loans likely to cause further losses for big banks 5.2.2016 AP Business
NEW YORK (AP) -- The nation's six largest banks have hit an oil slick....
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Energy loans likely to cause further losses for big banks 5.2.2016 Seattle Times: Business & Technology

NEW YORK (AP) — The nation’s six largest banks have hit an oil slick. They have tens of billions of dollars of exposure to risky energy loans that won’t all be paid back because low oil prices have sapped the profits of oil companies. The value of those loans will have to be written down […]
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Calif. Official Says Leaking Gas Well Might Be Sealed As Soon As Next Week 5.2.2016 NPR News
An adviser to Gov. Jerry Brown says the well that has been leaking since October could be capped in days — sooner than the end-of-February target that had been set by the utility that owns the well.
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BG Group Beats Production Targets but Profit Slips 5.2.2016 Wall St. Journal: US Business
Oil and natural gas company BG Group, which is being taken over by Shell, posted a sharp fall in fourth-quarter profit but said it had exceeded its full-year production targets thanks to projects in Brazil and Australia.
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Is the end in sight for the Porter Ranch-area gas leak? 5.2.2016 LA Times: Commentary

A state official said Thursday that under the most favorable circumstances, the damaged well that has spewed environmentally damaging natural gas from a storage facility near Porter Ranch could be capped as early as the end of next week.

But the timeline, he cautioned, was fraught with variables.

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First research links California quakes to oil operations 5.2.2016 Seattle Times: Nation & World

SAN FRANCISCO (AP) — A 2005 spate of quakes in California’s Central Valley almost certainly was triggered by oilfield injection underground, a study published Thursday said in the first such link in California between oil and gas operations and earthquakes. Researchers at the University of California at Santa Cruz, the University of Southern California and […]
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California earthquake series in 2005 linked to oilfield wastewater injections, study finds 5.2.2016 LA Times: Commentary

 A 2005 spate of quakes in California's Central Valley almost certainly was triggered by oilfield injection underground, a study published Thursday said, in the first such link in California between oil and gas operations and earthquakes.

Researchers at the University of California at Santa Cruz,...

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Study: Oil field operations caused California earthquakes 5.2.2016 SFGate: Business & Technology
For the first time, scientists have reported that the underground disposal of wastewater from oil drilling has probably triggered earthquakes in California, a problem already rattling nerves in Oklahoma and other states. The research paper, published by the American Geophysical Union, could not prove with absolute certainty that the wastewater injections caused the quakes. America’s recent oil production boom created a strange side effect — earthquakes shaking places that rarely suffered them before. Scientists fixed the blame on injection wells, once considered the most environmentally responsible way for oil companies to deal with their wastewater. Oil wells typically bring to the surface large amounts of mineral-laced water mixed with petroleum. The emergence of hydraulic fracturing, which uses high pressure water to crack underground rocks, has produced even more oil-field water that needs disposal. Scientists had previously tied quakes to underground injections of water into California’s ...
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L.A. leaders want someone overseeing oil operations in the city full time 3.2.2016 LA Times: Commentary

Los Angeles, a metropolis studded with hundreds of active oil and gas wells, is supposed to have someone who handles a long list of duties tied to petroleum, according to city codes.

Yet for decades, no one has held the job full time.

That vacuum has troubled some environmental and neighborhood...

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More big oil companies take hits in 4th-quarter results 3.2.2016 SFGate: Business & Technology
The newest measure of the oil industry’s falling fortunes came Tuesday in the form of a $3.3 billion fourth-quarter loss reported by BP. Low oil and natural gas prices are saving families hundreds of dollars a year, but there are few cheers among energy executives. Longer term, there are questions about the value of oil still under the ground and the sea floor, as climate concerns prompt energy users of all sizes to seek alternatives to fossil fuels. BP and Exxon Mobil continue to pledge their commitment to their dividends, helped by the strong returns that refineries tend to show when oil and gas, vital raw inputs, are low. Senior oil executives noted that unseasonably warm weather had lowered demand for natural gas and that refining and chemical profit margins were weakening in some areas of the world. [...] despite the challenges, oil executives expressed confidence Tuesday that their businesses would survive and prosper in the future, and that oil and gas prices would eventually rebound to lofty ...
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Syrian crop dusters get an airstrip fit for C-130s 3.2.2016 CNN: Top Stories
Exclusive: CNN sees the secret airstrip the U.S. is using in its fight against ISIS and meets the young soldiers who call in the airstrikes.
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Oil Slump Pressures Exxon, BP Results 3.2.2016 Wall St. Journal: US Business
Exxon posted its weakest annual results in more than a decade and BP suffered a loss as big as that booked in the aftermath of the worst offshore oil spill in its history, showing the extent of the damage that the crude-price slump can inflict on even the biggest oil companies.
Cheap oil buoys consumers, shakes up global governments 2.2.2016 AP Business
Cheap oil will be sticking around for a while....
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Cheap oil buoys consumers, shakes up global governments 2.2.2016 Seattle Times: Business & Technology

Cheap oil will be sticking around for a while. That reality is wreaking havoc and causing uncertainty for some governments and businesses, while creating financial windfalls for others. Less expensive crude is delighting consumers in some regions, while leading to widespread job losses elsewhere. Oil has fallen from $107 to around $30 in the past […]
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Wall Street loses nearly 1.5% as US crude slips below $30 - business live 2.2.2016 The Guardian -- Front Page
BP shares slump after big loss 4.16pm GMT As European markets head towards the close nursing heavy losses again Chris Beauchamp, senior market analyst at IG, said: The end of January, when markets raced higher, seems such a long time ago. Major indices are rapidly shedding the gains they made in the second half of January, as a cocktail of worries returns. The first of these is the oil price, which has rediscovered its old habit of diving like a stone, helped in no small part by the absence of any rumours about another OPEC meeting. The session started with oil firms in the red, as BP’s results sent the shares into a tail spin, but the company has been joined at the bottom of the index by miners and insurers. The former are down as economic growth concerns take centre stage, with this concern not helped by warnings from Fed policymakers, while the latter are in retreat thanks to China, which appears to be coming up with new and creative ways to try to stem capital flight. The reaction is probably ...
Ex-Petrobras international head jailed for 12 years 2.2.2016 New Kerala: World News
Brasilia, Feb 2 : Scandal-ridden Brazilian oil giant Petrobras' former international head has been jailed for 12 years for corruption and money laundering, the media reported on Tuesday.
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Brazil Petrobras ex-director jailed 2.2.2016 BBC: Business
A former director of the Brazilian state-owned oil company Petrobras has been sentenced to 12 years in jail as part of a huge corruption probe.
Iranian Political Battles Pose Risk for Oil Contracts 2.2.2016 Wall St. Journal: US Business
Iran is struggling to finalize the terms under which foreign companies can drill for oil, as a political battle rages between the country’s more moderate forces and its conservative hard-liners.
In Utah: A ‘grand bargain’ on public land? 1.2.2016 Durango Herald
For the past three years, conservation groups held out hope that Republican Rep. Rob Bishop would protect some of Utah’s most stunning and vulnerable red rock landscapes in exchange for oil and gas drilling, economic development and motorized use elsewhere. Some were skeptical: Even as Bishop touted a balanced approach for his...
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