Tag Archives: drilling wells

US Judge OKs $20 Billion BP Oil Spill Settlement

March 2016, Vol. 243, No. 3

NEW ORLEANS (AP) — A federal judge in New Orleans granted final approval Monday to an estimated $20 billion settlement over the 2010 BP oil spill in the Gulf of Mexico, resolving years of litigation over the worst offshore spill in the nation’s history. The settlement, first announced in July, includes $5.5 billion in civil Clean Water Act penalties and billions more to cover environmental damage and other claims by the five Gulf states and local governments. The money is to be paid out over roughly 16 years. The U.S. Justice Department has estimated that […]

Shale Primed to Decline Substantially this Year

February 2016, Vol. 243, No. 2

U.S. shale has weathered the oil crash better than many expected, but the stubborn persistence of low prices through 2016 could amount to the “straw breaking the camel’s back” for shale production. The International Energy Agency released its Medium Term Oil Market Report on Feb. 22 at the IHS CERA Week conference in Houston, an annual confab for the elite of the oil industry. In its report, the IEA sees U.S. shale finally capitulating this year, falling by 600,000 bpd, plus another contraction of 200,000 bpd in 2017. By then, oil prices should rebound as […]

Feds Seek Limit on Methane Gas Flaring at Drilling Sites

January 2016, Vol. 243, No. 1

WASHINGTON (AP) — The Obama administration on Friday proposed new rules to clamp down on oil companies that burn off natural gas on public land, arguing the effort will reduce waste and harmful methane emissions as part of President Barack Obama’s bid to curb climate change. Energy companies frequently “flare” or burn off vast supplies of natural gas at drilling sites because it does not earn as much money as oil. A report by the Government Accountability Office said 40% of the methane gas being burned or vented could be captured economically and sold. Interior Secretary […]

U.S. Production to Fall to 8.1 MMbpd by Year End, Genscape Says

January 2016, Vol. 243, No. 1

  With sustained weakness in crude prices and oil rigs at the lowest level since the economic crisis of 2008, production in the United States is set to see significant year-over-year declines. U.S. production for the year peaked at 9.6 MMbpd in April and declined to 9.2 MMbpd by December. Industry research group Genscape expects these declines to continue into 2016 with production falling to 8.1 MMbpd by the end of 2016 – a 740 MMbpd year-over-year decline from 2015. In the last two weeks of 2015, total rig counts dropped 75 rigs, and Genscape’s […]

More Quakes Rattle Oklahoma but State Avoids Tough Measures

January 2016, Vol. 243, No. 1

OKLAHOMA CITY (AP) — In Oklahoma, now the country’s earthquake capital, people are talking nervously about the big one as man-made quakes get stronger, more frequent and closer to major population centers. Next door in Kansas, they’re feeling on firmer ground though no one is ready yet to declare victory. A year ago, the states had a common problem — earthquakes caused by the disposal of wastewater from oil and gas exploration. They chose different solutions. Kansas, following early scientific studies, decided to restrict how much and how fast the wastewater could be pumped back […]