Lenders are preparing to cut the credit lines to a group of junk-rated shale oil companies by as much as 30% in the coming days, dealing another blow as they struggle with a slump in crude prices, people familiar with the matter told Bloomberg. Sabine Oil & Gas Corp. became one of the first companies…
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The US hit a milestone last year that hasn’t been accomplished in over a hundred years. According to the Energy Information Administration (EIA), 2014 was the largest volume increase in oil production (including lease condensate) since record-keeping began in 1900. US crude oil production increased during 2014 by 1.2 million barrels per day (bbl/d) to…
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A gas pipeline connecting the Australian province of the Northern Territory to the east coast grid is now “almost certain” to be built, opening up massive potential development opportunities and expected cheaper domestic prices, Chief Minister Adam Giles said. APA Group, DDG Operations, Merlin Energy Australia and SGSP Assets have been chosen from a shortlist…
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A project which could lead to fracking wells in Lancashire being re-used to deliver geothermal heat has been agreed by gas exploration firm Cuadrilla and Geothermal Engineering Ltd. The two firms have signed a Memorandum of Understanding and the feasibility study is being backed by the Department of Energy and Climate Change. The project will…
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China’s top two state-owned companies PetroChina and Sinopec are pushing ahead with efforts to commercialize their dedicated shale gas projects in China, mainly because drilling costs have fallen. Speaking last week at the company’s annual results briefing, Sinopec Chairman Fu Chengyu said shale gas and unconventional gas will continue to be a strategic point of…
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Researchers from the University of Colorado and the National Oceanic and Atmospheric Administration in Boulder have begun a study to measure air pollution from oil and gas fields across the Western US. The scientists are flying a small airplane across numerous oil and gas basins, from North Dakota’s Bakken oil field, through Wyoming, Colorado, and…
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The US Marcellus Shale drillers will begin filing monthly production reports next week, to comply with a new law enacted last fall. Monthly production reports bring Pennsylvania in line with other major gas-producing states. The data was previously collected by the state Department of Environmental Protection twice a year. Transparency around gas production data has…
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Chevron abandoned Australian shale exploration and has sold its 50% stake in that nation’s largest oil refiner. Chevron notified Beach Energy, its partner in the central Australian shale project, that “the opportunity does not align strategically” with the US explorer’s portfolio, according to a statement from Beach. Chevron said it has completed the sell down…
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Mexico’s national oil company PEMEX has signed a deal with US-based investment firms BlackRock and First Reserve to begin the second phase of a pipeline that will bring natural gas from the Eagle Ford shale to cities hundreds of miles south of the border. PEMEX CEO Emilio Lozoya-Austin signed the deal with representatives from both…
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The longstanding US ban on crude exports is benefiting a handful of domestic refiners, at the expense of all US oil producers, according to a new study from Rice University. The economic analysis concludes that the pain is especially acute for companies pulling high-quality ultralight oil out of the Eagle Ford Shale in Texas. The…
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