Warren Buffett’s Berkshire Hathaway bought 40.1MM shares of ExxonMobil for $3.45bln, and now holds about 0.9% of the company’s stock. UK’s BG has sold additional interests in its Queensland Curtis LNG project in Australia to China National Offshore Oil Corp. for $1.93 billion, and to supply the state-controlled Chinese firm with an additional 5 million tons per year of LNG… Keep reading →
“Yet another reason to hate fracking: It’s connected with an increase in STDs, car crashes, drug-related crimes, and sexual assault in areas where the oil and gas industry sets up shop.” The article then goes on to explain that it’s actually not hydraulic fracturing that’s linked to these things, it’s working conditions at oil and… Keep reading →
Oil prices had risen on hopes of a US debt deal….but have dipped again since a deal was reached. “U.S. futures slid to their lowest since early July, as stockpiles in the Cushing, Oklahoma oil hub reversed a months-long decline and as signs of progress in talks over Iran’s nuclear program pressured prices.” [Reuters] Petrobras workers are striking to protest foreign… Keep reading →
A recent Wall Street Journal article discussed major oil company reserve holdings and how investors should evaluate a company’s reserve quality, quantity and global geographic distribution. It is an interesting story about a very important topic, but a lack of clarity with regard to some of the methodology and terminology leaves many questions unanswered. However,… Keep reading →
Australia’s Prime Minister has announced a plan to replace a carbon tax with an emissions-trading scheme in 2014, a year earlier than the initial 2015 timetable. “The move to bring forward the market-based system a full year earlier is expected to quickly produce a sharp drop in the cost of carbon, from a predicted $23.30… Keep reading →
Mexico is heading towards much-needed energy sector reform, and with two of the country’s three major political parties in broad alignment on energy goals, major changes to the sector look more likely than ever, according to attorneys in the energy practice of law firm Mayer Brown. Mexico is major oil producer, and one of the… Keep reading →
The theme of this Q&A is “Why pipes matter.” Can you address this question in a
A. Definitely. As you know, the era of cheap, easy oil is over. The International Energy Agency estimates that 70 percent of the world’s remaining oil reserves consist of crude oil with either high sulfur or CO2 content that requires high quality, corrosion-resistant materials. In order to keep up with demand, oil companies must identify new technologies to develop these heavy oil reserves. The same is true of gas – gas from more than 50 percent of the world’s gas fields is highly corrosive. In these challenging environments, oil and gas developers need to leverage every available technical solution to maintain optimal production. A key element is the integrity of risers and flowlines, which is where corrosion-resistant clad pipe comes into play. Keep reading →
Sustained growth in spending on exploration and production across the globe will focus on plays outside North America, a survey from a global bank concludes, despite the country’s growing profile and its potential to become the top global crude producer in coming decades.
Global exploration-and-production spending is poised to reach a record $644 billion by the end of 2013, a semi-annual Barclays analysis predicts. The spending report also foresees strong oil prices, which have emerged as the principal bellwether for growth in E&P budgets. Keep reading →
The global fleet of ultra-deepwater oil rigs was increasing steadily until April 2010, when regulatory aftershocks from BP’s Macondo disaster slowed its overall growth rate. But now, two years after the Gulf spill, there are indications that drilling in the ultra-deep could be poised for a long-term surge.
One of the key indicators is rig demand. And a Barclays equity research report says oil companies are clamoring for rigs designed to operate in water depths of 7,500 feet or more – the generally accepted threshold for the ultra-deep space. Keep reading →