Houston-based Swift Energy Company appointed former Chesapeake Energy executive Marcus C. Rowland as chairman of the Board, a role that had been filled on an interim basis since the company emerged from its Chapter 11 restructuring on April 11. Roland, 64, who was both executive vice president and chief financial officer during his tenure at Chesapeake, will will serve as a Class III Board member, with his terming running until the annual meeting of shareholders in 2019. He has more than 40 years of experience in upstream and midstream business and is founder and was […]
Israel’s decision to adopt changes to guidelines under which U.S. developers operate in its massive Leviathan natural gas field will likely lead to the largest infrastructure project the tiny nation has ever seen. The move clears the way for Houston-based Noble Energy’s planned $5 billion natural gas project that would encompass wells connected to an offshore platform, which would initially produce 1.2 Bcf/d of natural gas, though the output could be increased to nearly double that amount. The project, as it stands now, includes development of an undersea pipeline, running to Israel’s coast to serve...
This is an overview of one the world’s most important oil producing regions. South America is the fourth-largest continent (6,890,000 square miles) and is rich in natural resources that include gold, silver, copper, iron ore, tin, natural gas and oil. Collectively, the nations of South America produce 6 MMbopd and several of these producers have emerged as important exporters to the United States and other global markets. Although the peoples and nations of this part of the Western Hemisphere are often referred to as Latin America, our worldview is better informed by geology and the...
A report by Rystad Energy has revealed that new oil discoveries in 2015 totaled 12.1 billion barrels, which is the least amount of new oil discovered in a single year since 1952. Last year was also the fifth year in a row in which the amount of new reserves discovered was smaller than in the previous year. E&Ps have slashed their exploration budgets repeatedly in a bid to weather the effects of the oil price drop. They’ve laid off hundreds of thousands of staff and have focused on staying afloat, lacking not just the money, […]
India’s state-owned oil and gas giant ONGC risks losing a massive Persian Gulf gas field in a contracting hurdle, as it races against Saudi Arabia to extract gas reserves from two fields spanning the Iran-Saudi Arabia border. India’s flagship explorer does not have the necessary contract to exploit the over 12 trillion cubic feet of recoverable reserves at the Farzad-B field in the Persian Gulf. ONGC discovered the field in 2008, but hasn’t managed to strike a deal with Iran since, though Prime Minister Narendra Modi’s planned visit to Iran has since raised expectations of […]
As if the current oil markets weren’t tough enough for producers, companies are increasingly finding that regulators are making it harder to drill new sources of oil. For instance, BP was recently told by regulators that it will need to revise and resubmit its plan to explore for oil off of the Southern Australian coast. This request marks the second time that BP has been told to modify its proposal by Australian regulators. The Southern Australian Bight area off the coast of the country has attracted half a dozen major oil firms who have spent more […]
DOHA, Qatar (AP) — The oil market is slowly recovering from its steep drop over the past two years but crude is still not trading at a “fair price” to encourage necessary investment, Qatar’s energy and industry minister said Tuesday, ahead of next week’s meeting of OPEC producers. Speaking to The Associated Press from his high-rise office in the capital, Doha, Mohammed bin Saleh al-Sada said a minimum price of $65 a barrel is “badly needed at the moment.” He cautioned that the security of future supplies is as risk because of the price slump […]
The race to discover oil and gas in virgin Arctic waters is now on, as Norway offered oil majors a lifeline on Wednesday by opening up what experts say could be home to 15 percent of the world’s undiscovered oil and 33 percent of the world’s undiscovered natural gas. Norway officials on Wednesday awarded 10 new oil and gas licenses to explore the untapped area of the Arctic Barents Sea, an area that until 2011, was disputed for almost 40 years with Russia. The drilling licenses consist of 40 blocks that were awarded to 13 […]
Natural gas-fired power generation increased 19% in 2015, because of low natural gas prices, increased gas-fired generation capacity, and coal power plant retirements. EIA’s May 2016 Short-Term Energy Outlook forecasts that this year, natural gas-fired generation will exceed coal generation in the United States on an annual basis. Growth in natural gas-fired generation capacity is expected to continue over the next several years, as 18.7 gigawatts (GW) of new capacity comes online between 2016 and 2018. Many of the new natural gas-fired capacity additions in development are near major shale gas plays. The Mid-Atlantic states […]
TROMSOE, Norway (AP) — Norway awarded on Wednesday 10 new licenses for offshore oil and gas exploration in the Barents Sea, including three in previously untouched waters near the Russian border. The Oil Ministry said it is the first time new acreage has been opened for drilling in Norwegian waters in 20 years. “The potential is huge,” Oil Minister Tord Lien said. “If the companies are successful in their exploration, Northern Norway will enter a new era.” Thirteen companies were awarded 10 licenses consisting of 40 blocks in the Barents Sea, a portion of the […]
Even in the face of low prices, U.S. natural gas production hit its highest level ever. Average daily output in the U.S. set a record in February of 73.3 Bcf, up about 2% from the previous month, Platts Bentek said. The Energy Information Administration reported March 24 that producers had begun stockpiling gas, signaling an unusually early end to the winter heating season. Prices usually peak in winter, but instead declined steadily in the absence of cold weather. Gas futures for April delivery ended at $1.806 per million Btu, down roughly 40% since last May. […]
Increased pipeline infrastructural investments coupled with high exploration and production activities in the oil and gas sector and high consumer demand for energy will propel growth in the European oil and gas pipeline leak detection market, according to a report issued by Research and Markets. The leak detection system (LDS) market in the oil and gas industry has been growing at a high rate due to the shale revolution, despite steep declines in oil reserves and huge demand for imports, which in some countries has created an unstable environment for the oil field services and […]