US independent EOG has urged its stakeholders to reject a share purchase offer by TRC Capital, which has made a name for itself – not necessarily a good one – for its unsolicited “mini-tender” bids in a range of industries, including energy. EOG is the latest in a laundry list of large energy companies that… Keep reading →
US independents Anadarko and Noble Energy have agreed to exchange around 50,000 net acres of leasehold in the Wattenberg field in northeastern Colorado. US independent Devon and midstream company Crosstex have agreed to combine Crosstex’s assets and Devon’s midstream assets to form a new midstream business, which remains unnamed for the time being. Devon is… Keep reading →
The Center for Biological Diversity is accusing the Obama Administration of violating a 19th-century law by allowing oil and gas companies to continue drilling on public lands that are now closed to other visitors during the government shutdown. “Previously permitted oil and gas development on public lands isn’t affected by the shutdown.” [Fuel Fix] An… Keep reading →
“There has rarely been a more compelling time to invest in energy,” said Barclays analysts in their latest Global Energy Outlook, released this morning. Here are four key takeaways: Oil price risk has swung from downside to upside, thanks to geopolitical risk. Geopolitical risk has supplanted US production growth as the big global story in… Keep reading →
MarketWatch has compiled a list of hedge funds’ top ten energy stocks as of the end of June. On the list are Anadarko – which yesterday announced the sale of 10% of Mozambique Offshore Area 1 to India’s ONGC for $2.64 bln – as well as Occidental, Hess, and oilfield services firms Schlumberger and Halliburton.… Keep reading →
Breaking Energy recently toured Anadarko Petroleum Company’s natural gas drilling, completion and production operations in the heart of the Marcellus Shale in Central Pennsylvania. The tour was organized by the American Petroleum Institute. Over the past few years, unconventional natural gas production surprised many industry observers and surpassed many expectations, significantly altering communities where the… Keep reading →
Energy News Roundup: Saudi Oil Output Hits Record, ExxonMobil Goes for More Gas in Papua New Guinea, Shell Goes for Less Gas Offshore East AfricaBy Conway Irwin
Saudi oil output hit a record 9.51 million barrels per day in 2012, when the country lifted output to offset the impact of supply disruptions in Libya and a 1 July EU embargo on Iranian crude shipments. Saudi Arabia exported about 6.9 million bbls/d of oil last year, of which more than 50% went to… Keep reading →
The head of the American Petroleum Institute on Wednesday signaled a thaw in relations between major oil companies and the Obama administration, telling reporters that the White House has started more constructive talks with the lobby on energy development.
“We have noticed a marked change in our dialogue, perhaps just over the last three or four months,” API President Jack Gerard told reporters. “We have opened a dialogue that is constructive and we give credit where it is due: the president and his people are having a more open dialogue with us.” Keep reading →
Will financial system regulatory reforms make energy price hedging costly – or impossible?
That was the question experts grappled with – and disagreed over – at the National Association of Regulatory Utility Commissioners (NARUC) meeting in Washington, DC this week. Keep reading →
When it comes to superlative descriptions of oil and gas reserves, the Utica Shale may be in a class of its own.
The rock layer that extends from Quebec to Kentucky with major concentrations in Ohio, Pennsylvania and West Virginia has been called the next big play for shale gas; attracted billions of dollars in land investment, and been hailed by Chesapeake Energy chief Aubrey McClendon as “one of the biggest discoveries in US history.” Keep reading →