HOUSTON (AP) — Oilfield services company Baker Hughes Inc. said the number of rigs exploring for oil and natural gas in the United States this week increased by one to 885.

Houston-based Baker Hughes said Friday 674 rigs were seeking oil and 211 explored for natural gas. A year ago, 1,896 rigs were active.

Among major oil- and gas-producing states, North Dakota and Oklahoma each gained three rigs and Alaska, California, Kansas and Wyoming each gained one.

Texas lost six rigs, Pennsylvania declined by two and Colorado, Louisiana and West Virginia each lost one.

NAPCA held its annual one-day workshop Thursday in Houston as the industry struggles to find solutions amid market conditions that can be characterized as anything but certain.

As one speaker, Dolty Cheramie, president of Pipe Exchange, put it, ““No CEO or anyone else has one single minute of experience in the market we are in today.”

During his presentation, “A Look at the Oilpatch,” Cheramie didn’t pull any punches in what he saw a rough sledding for at least the next couple of years.

DENVER (AP) — Colorado's battle over who should regulate fracking could be on the fast track to the state Supreme Court.

The Colorado Court of Appeals on Monday asked to bow out of lawsuits over Longmont's ban on fracking and a 5-year-moratorium in Fort Collins.

The move would allow the Supreme Court to take the cases immediately, without waiting for the appeals court to hear arguments and make rulings. The higher court hasn't said if it will take the cases.

The largest natural gas producer in Africa is overhauling its laws in order to halt the decline of production, which has stagnated for more than a decade.

Algeria is the continent’s largest natural gas producer and the second largest supplier of gas to Europe (Russia is the largest supplier). It is also the third-largest oil producer on the continent after Nigeria and Angola.

ExxonMobil will add flexibility to process light crudes at its Beaumont refinery, increasing production capacity by about 20,000 bpd. This expansion will further strengthen ExxonMobil’s integrated downstream portfolio in Southeast Texas.

The refinery can currently process 365,000 bpd and produce 2.8 billion gallons of gasoline each year.

ExxonMobil said its decision to increase production at the Beaumont facility was based on the abundant supply and low cost of U.S. light crude produced from shale.

While many observers believe the deal Iran struck with six world powers over its nuclear program may depress oil prices even further, Russia’s energy minister says the cost of producing shale oil is likely to have an even bigger impact on the world market.

Iran’s deputy oil minister, Mansour Moazami, said his country’s crude exports would nearly double eventually from 1.2 MMbpd to 2.3 MMbpd once the sanctions are lifted, and Tehran has urged fellow OPEC members to adjust their output accordingly in order to keep prices stable.

LONDON (AP) — Cuadrilla Resources Ltd. said it will appeal a local authority decision to block the oil and gas exploration company's bid to frack shale gas in northwest England — a setback for plans to establish a fracking industry in Britain.

Lancashire County Councilors last month rejected plans for exploratory drilling at two sites about 240 miles northwest of London, citing effects on traffic and the landscape.

Britain's government hopes fracking will reduce the country's reliance on gas imports.

Water used for fracking has always been a headache for the oil industry but now, thanks to new technology being developed in the United States, produced water – H2O used in the process of oil and gas extraction – could soon be recovered and used to power the operation or be put back into the grid, saving operators a bundle.

Critics of fracking have long pointed to the prodigious use of water in the fracking process as one of the reasons to be against the controversial procedure, which props open layers of shale rock in order to let the oil or gas hydrocarbons flow into the well bore.

Development of a clear climate framework and a global emissions target is essential if $48-53 trillion for a new sustainable energy infrastructure is to be delivered, according to a new report from the World Energy Council.

The findings are discussed in the fifth edition of the energy leaders’ dialogue series, the World Energy Trilemma Report, ‘Priority actions on climate change and how to balance the energy trilemma,’ released by the World Energy Council and project partner Oliver Wyman, along with the Global Risk Centre of its parent Marsh & McLennan Companies.

For every opportunity in the natural gas business there is an equal challenge, and conversely, every challenge can be turned into an opportunity. That’s the nature of the gas business today, but as any industry observer will tell you, that’s been the nature of the beast for the last 15 years.

Syndicate content