Hayward steps in as interim Glencore chairman Former BP Chief Executive Tony Hayward is will serve as interim board chairman at mining behemoth Glencore Xstrata until a replacement can be found. Hayward was head of BP at the time of the Deepwater Horizon incident – a rig explosion in the Gulf of Mexico in 2010… Keep reading →
Turkey’s state-run oil firm has struck an agreement with U.S. oil giant Exxon Mobil Corp. (XOM) to develop joint projects in Kurdish-administered northern Iraq, the country’s Prime Minister Recep Tayyip Erdogan said Tuesday. Mr. Erdogan also said that Turkey can pursue separate arrangements with the Erbil-based Kurdistan Regional Government, or KRG. “Countries from various parts… Keep reading →
While New York is often referred to as the global energy finance center, it is not otherwise known as an energy industry focal point. That appears to be changing, however, as energy issues have recently shot towards the top of local and state political agendas and high-profile energy events – like New York Energy Week… Keep reading →
Mergers and acquisitions in the utilities sector picked up in the first quarter as companies have begun to jettison merchant plants, according to PricewaterhouseCoopers US power and utilities deals leader Jeremy Fago. PwC reported that first-quarter deal value in the utilities sector rose by 33% over the same period a year ago. This was driven… Keep reading →
The energy business – particularly the oil & gas sector – is one of the most global industries by virtue of the need to go where the resources are located. This makes national borders arbitrary and leads companies to invest billions of dollars in jurisdictions with high levels of above-ground risk. In their 2013 Fraud… Keep reading →
Saudi Arabia’s oil minister said on Tuesday he welcomes the new U.S. energy supplies as he expects the country to remain an importer of crude from the Middle East.
The United States is producing oil at the highest level in 20 years thanks to hydraulic fracturing and other advanced drilling techniques. “The United States is and will remain a major energy consumer,” Ali al-Naimi said at a speech at the Center for Strategic and International Studies in Washington.
“Talk of energy independence fails to recognize the interconnected nature of international energy markets. I believe this talk of ending reliance is a naive a rather simplistic view,” he said.
Published April 30, 2013 / Reuters
(Reporting by Timothy Gardner; Editing by Gerald E. McCormick)
Some companies see gas-to-liquids (GTL) as a promising means of converting the US’ massive gas resources into vehicle fuel, but Chevron has little interest in GTL projects in the US.
Chevron is a large player in GTL. The company is a partner in the Escravos GTL plant in Nigeria, which will convert 325 million cubic feet of natural gas per day into 33,000 barrels of liquids, mostly synthetic diesel, and is scheduled to come onstream later this year. Commissioning is underway, but “it’s a complex plant and the commissioning activity will really go on for the bulk of this year,” said Chief Financial Office Pat Yarrington during the company’s first-quarter 2013 earnings call on Friday. Keep reading →
Range Resources’ position in the Marcellus, and the market access it offers, gives the a leg up over condensate producers in other parts of the country, according to the company’s Senior Vice-President Rodney Waller.
Range holds a million acres in the Pennsylvania portion of the Marcellus shale some in dry gas areas, and some in wet gas or “super rich,” where the production stream yields liquids, such as condensate and NGLs. Range Chief Executive Jeff Ventura noted earlier this year that in 2012, the company’s Marcellus wet gas acreage was producing 49% liquids, compared to 57% in the super rich area. Keep reading →
It would have seemed the stuff of science fiction if it hadn’t appeared on newspapers across the world: According to new forecasts, the United States may soon overtake Saudi Arabia as the planet’s largest oil producing country. Developments in technology and high oil prices have created stunning oil booms across the U.S., transforming sleepy towns into energy powerhouses, and making the longtime dream of American energy independence a possibility again.
There’s just one problem: More oil requires more oil workers. Keep reading →
The oddest thing about the meteoric rise in the price of natural gas over the past year might be supplies of the energy commodity have never been more abundant.
That’s not how economics usually works: When supplies go up, the price is supposed to go down, and vice versa. Keep reading →
Jared Anderson
Conway Irwin
Peter Gardett