December 16, 2017

Small south Texas town upset about oil and gas waste dump | News – Home

The small south Texas town of Nordheim, population 307, is none too happy about the prospect of oil and gas drilling waste — enough to fill the Empire State Building — getting buried in its backyard. But the Texas Railroad Commission is likely to approve the controversial South Texas dump Tuesday despite heavy opposition from elected officials who represent the area, echoing issues of local control that played out in the Capitol during the last legislative session. Pyote Reclamation Systems wants to build the facility on a 200-acre tract a quarter of a mile outside Nordheim, on the southeastern fringe…

Falkland Oil and Gas still hopeful of another oil discovery despite delays | Business | London Evening Standard

Explorer Falkland Oil and Gas’s hopes of making a third significant oil discovery this year remain alive, despite it revealing delays in its search. The company is exploring the deep water Humpback well in the South Falklands basin, having made two discoveries in the first half of the year. John Martin, who joined the company as non-executive chairman in June, said: “With two successes under our belt already and two more wells to complete, the board looks to the future with confidence.” Any new discovery in waters around the Falklands is likely to infuriate Argentina which claims sovereignty of the…

Japanese Oil and Gas Interests Eye Opportunities in Iran – Middle East – Haaretz Daily Newspaper Israel News

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Japan and Iran will start negotiations on an investment accord once sanctions are lifted following last month’s landmark international deal on Tehran’s nuclear program, business daily Nikkei Asian Review reported on Wednesday, citing Japanese government sources. Initial talks are being held between the two countries to prepare for the lifting of sanctions and begin formal negotiations, Nikkei said, without identifying the sources. Japan is keen to boost ties with Iran and invest in resource projects in the country, as well as return imports of Iranian oil to about 10 percent of the total from 5 percent now after sanctions forced…

Cost-cutting continues at oil and gas giant Wood – News / Business / The Courier

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The downturn in the oil and gas market has weighed on Scottish energy services giant Wood Group’s half-year results. Total revenue for the six months to June 30 was down 19.3% at $3.06 billion, while profit before tax and exceptional items also fell 14.3% to $156.3 million. The north east-based firm said the oil and gas sector remained “very challenging” and it had continued to take measures to offset the impact of lower activity and pressure on prices. Wood said it had reduced its workforce by 13% since December, a total drop of around 5,000. It had made overhead cost…

Oil is cheaper than it’s been in years. Why aren’t gas prices? – The Washington Post

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  Oil prices have fallen this month to their lowest point in years, but fuel costs haven’t fallen nearly as quickly. While West Texas Intermediate crude, a U.S. benchmark, has dropped 15 percent in the last month, the cheapest it has been since 2009, prices at the pump have slipped just 3 percent. A barrel of crude cost $42.61 Tuesday afternoon. The national average for a gallon of regular-grade gasoline is now $2.66, according to AAA, still much cheaper than last year but well above what a gallon cost last winter. The gulf owes to a handful of factors — more people…

Along the Atlantic Coast, Resistance to Oil and Gas Drilling Grows

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Monthly town council meetings in Kure Beach, North Carolina, an oceanfront community of 2,000 people located 15 miles south of the port city of Wilmington, are usually quiet affairs, drawing a half-dozen or so residents to discuss mundane matters like board appointments and budgets. But the council’s first meeting last year was anything but quiet or mundane: What happened there on Jan. 27, 2014 is considered the bellwether for the growing grassroots movement against oil and gas drilling in Atlantic Ocean waters. Some 300 people showed up at the town hall that Monday evening, filling the meeting room and spilling…

Obama Proposes Cuts in Methane Leaks From Oil, Gas Operators – Bloomberg Business

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  The Obama administration proposed rules to cut methane emissions from oil and gas production, the second major climate initiative by President Barack Obama this month. The proposed rules from the Environmental Protection Agency target for the first time oil wells, compressors and other equipment as part of a broad effort to reduce leaks of methane, a more intense greenhouse gas than carbon dioxide, by 40 percent to 45 percent by 2025 from 2012 levels. The industry says it has cut the pollution, and rules could choke a U.S. energy renaissance already dented by oil prices near a six-year low….

Nigeria to cut fuel imports with refinery makeover |Oxford Business Group

Low oil prices have hurt Nigeria’s upstream revenues but a long-overdue administrative restructuring of the national oil company and improved production at Nigeria’s refineries should give the country’s downstream hydrocarbons sector a welcome boost. Nigeria, the largest oil producer in Africa, has seen export earnings fall this year as oil prices have tumbled worldwide, with oil responsible for about 90% of Nigeria’s export earnings. Given that the country is reliant on imports for fuels and refined products – which account for 35% of foreign currency outflows, according to central bank data – the low prices have also slowed the increase…

NEWS  |  Nigeria’s NNPC to Review Production-Sharing Contracts, Joint Ventures  |  Rigzone

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ABUJA, Aug 16 (Reuters) – The new head of the Nigerian National Petroleum Corp (NNPC) said on Sunday he will review all production-sharing contracts and joint venture agreements with its partners “to reflect current day realities in the global oil and gas industry”. Emmanuel Kachikwu, who was appointed two weeks ago to head the state oil company, which has been accused of corruption and mismanagement, said he would remit all crude oil proceeds due to the Nigerian government and plug all revenue leaks throughout the oil sector. “The mandate … is to turn around the entire commercial processes and procedures…

Plunging oil price pushes producers to the brink | The Week UK

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Plunging oil prices have stretched the finances of producer nations and pushed several to the brink of collapse, with little sign of a change in fortunes on the horizon. CNN Money reports that Russia’s rouble hit a six-month intraday low against the dollar on Monday before recovering slightly. The currency has dropped 44.8 per cent against the dollar in the last year and 12 per cent in the last month, contributing to rapant inflation which topped 16 per cent in July, and the oil price is at least partly responsible The economy is struggling with the effects of cheap oil, which…