Monthly Archives: May 2017

Sharara Output Jump Puts Libyan Output At Peak Since October 2014

An anonymous source told Bloomberg on Wednesday that the giant field now boasts a 250,000 barrel-per-day extraction rate – 25,000 barrels higher than the last official output data reported. National production now stands at 827,000 barrels per day, according to Mustafa Sanalla, chairman of the National Oil Corporation (NOC). Libya is a member of the Organization of Petroleum Exporting Countries (Read more...)

Source: Oilprice.com

Dakota Access pipeline expected to begin shipping Thursday

BISMARCK, N.D. – The developer of the Dakota Access oil pipeline, which is expected to begin shipping oil on Thursday, will face scrutiny later this summer on whether it violated North Dakota rules during construction. The three-member North Dakota Public Service Commission is looking into whether Texas-based Energy Transfer Partners removed too many trees and [Read More…]

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Source: OSY Rentals

Oil Tanker Passing Through Red Sea Attacked By Unknown Militants

An oil tanker passing through the Red Sea near Yemen suffered an attack on Wednesday perpetrated by unknown agents, according to the European Union’s naval forces. The assailants used rocket-propelled grenades on a tanker bearing the Marshall Islands’ flag in the Bab al-Mandab Strait, which is the focus of the proxy war between Saudi Arabia and Iran being fought as (Read more...)

Source: Oilprice.com

Whitecap Resources Inc. Announces Closing of Senior Secured Notes and Provides Operational Update

CALGARY, May 31, 2017 /CNW/ – Whitecap Resources Inc. (“Whitecap” or the “Company”) (TSX: WCP) is pleased to announce that it has closed an issuance of Cdn$200 million senior secured notes which have an annual coupon rate of 3.54% and mature in 7 years on May 31, 2024. The notes were issued by way of a [Read More…]

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Source: OSY Rentals

Houston still world’s energy capital, BP exec says

Despite the crash in oil prices and the loss of thousands of jobs, Houston remains the world’s energy capital, BP’s number two executive said on Wednesday. Lamar McKay, speaking at the Greater Houston Partnership’s fourth annual State of Energy address, said the city is BP’s largest office, an “exceptionally important” base in the world. “It ...

Source: Fuel Fix

Elon Musk says he has “no choice” but to quit Trump’s advisory boards if the US leaves the Paris climate agreement

Elon Musk’s strained relationship with US president Donald Trump may be nearing the breaking point. After months of defending his decision to serve on Trump’s business advisory board, the Tesla CEO said a US pullout from the Paris climate agreement would effectively end their official ties.

Musk took to Twitter to say that he had done everything possible to lobby (Read more...)

Source: Energy Shocks – Quartz

America’s Shale Gas Bounty Is Heading Overseas at a Record Clip

America’s natural gas is flowing out of the country at a record pace, helping to ease a supply glut at home while tumbling prices for the fuel entice overseas buyers. When the liquefied natural gas tanker Ribera Del Duero Knutsen left Cheniere Energy Inc.’s Sabine Pass export terminal in Louisiana late Tuesday, it became the 18th [Read More…]

Source: Headlines – BOE Report

Ensco Buys Atwood In Downturn’s First Offshore Drilling Merger

In the first merger among offshore drillers since the downturn, London’s Ensco Plc (NYSE: ESV) said May 30 it agreed to acquire Houston-based Atwood Oceanics Inc. (NYSE ATW) in an all-stock transaction valued at about $1.9 billion. Under the merger agreement, Ensco will purchase Atwood for 1.60 shares of Ensco for each share of Atwood. Based on Ensco’s (Read more...)

Source: Oilandgasinvestor.com Feeds

US EPA Halts Methane Rule For Oil, Gas Industry

The U.S. Environmental Protection Agency (EPA) on May 31 halted methane emission standards for oil and gas companies in its latest move to unwind Obama administration climate change rules, amid reports that the U.S. will withdraw from a global climate change agreement. The agency issued a 90-day stay of the 2016 New Source Performance Standards for the oil (Read more...)

Source: Oilandgasinvestor.com Feeds

Callon Petroleum Company Announces New Credit Agreement with Increased Borrowing Base and Commitment Size

 NATCHEZ, Miss., May 31, 2017 /PRNewswire/ — Callon Petroleum Company (“Callon” or the “Company”) (NYSE: CPE) today announced it has entered into an amended and restated credit agreement with respect to the senior secured revolving credit facility (the “Facility”). The agreement extends the maturity date of the Facility until May 25, 2022, increases the borrowing base [Read More…]

Source: Headlines – BOE Report