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US oil, gas production down across the board – EIA productivity report

Although the U.S. shale revolution has maintained impressive momentum over the course of the past year, depressed oil prices have taken their toll. The Energy Information Administration released its monthly drilling productivity report this week, and it has confirmed what many industry experts saw coming. With the exception of the Permian Basin, the U.S. has…

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US slips past Russia as World’s top gas producer, but Russia reserves up – BP data

The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields. U.S. oil production rose to a record last year, growing by 1.6 million barrels a day, according to BP Plc’s Statistical Review of World Energy…

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The bottom line: well-managed fracking does not impact drinking water – University

West Virginia University experts say that the newly published findings from the Environmental Protection Agency’s report on hydraulic fracturing’s effect on drinking water confirm that proper well management is essential to the safety of the water supply. Brian Anderson, director of WVU’s Energy Institute and the GE Plastics Material Engineering Professor of Chemical Engineering, said…

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Federal Reserve Bank finds a big fall in US oil service costs

The newest monthly assessment from the Federal Reserve reports that oil production companies are experiencing lower than usual service costs. For the most part, the June issue of the Beige Book prepared by the Federal Reserve Bank of Dallas reiterated what most already know about the state of the industry. Oil and natural gas activity…

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Economics squeeze Conoco out of Poland shale gas; the last global oil firm to quit

Energy major ConocoPhillips has stopped its shale gas exploration in Poland due to unsatisfactory results, leaving the rest of the field to Polish state-run firms. Earlier this year Chevron Corp gave up looking for shale gas in Poland, following the withdrawal of Exxon Mobil, Total and Marathon Oil over the past three years. ConocoPhillips said…

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