Share
0
Facebook
0
LinkedIn
0
Twitter
0
GooglePlus
0
Reddit
0
StumbleUpon
Loading, please wait

Article Archive

  • Chevron Responds To Eight Week Drop In Rig Count By Slashing Jobs

    For the 8th week in a row (something that hasn't happened since June 2009), US total rig count plunged. This week's 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 - lowest since Jan 2013). The total rig count is now down 20% in the last 8 weeks to the lowest since June 2010 as it tracks the 4-month lagged oil price perfectly. This is the 2nd biggest 8-week drop in 22 years. This - rather unsurprisingly - has led Chevron to decide to cut 23% of its Pennsylvania workforce "due to…

  • Leaked Document Could Shatter UK Shale Dreams

    U.K. Prime Minister David Cameron’s hopes for a British-style shale gas revolution recently took a major hit. Cameron has promised that his government will be “going all out” to develop Britain’s shale gas resources, which he argues will create new jobs and cut dependence on imported gas. But a committee made up of members of parliament (MPs) from several political parties issued a damning new report on the state of “fracking” in the United Kingdom. The Environmental Audit Committee published a report that called for a 30-month moratorium on fracking, citing “huge uncertainties” regarding the environmental fallout from widespread drilling.…

  • Russian Stimulus Plan ‘Just Talk’

    Russia is ready to institute a $35 billion “anti-crisis” stimulus plan intended to rescue an economy crippled by plummeting oil prices and Western sanctions by increasing spending on agricultural and social programs while cutting most other spending by 10 percent this year. Defense and social spending would not be touched. At the core of the plan is shoring up banks and big companies – mostly energy concerns – to keep them from collapsing until the crisis has eased, and to increase pension payments to match inflation. These initiatives would be paid for by reductions in spending for long-term government programs,…

  • Can Saudi Arabia Diversify Away From Oil?

    The Saudi government hopes new special economic zones can spur foreign investment and lessen the Kingdom’s reliance on oil. Regulatory reforms are needed, however, to convince foreign firms that Saudi Arabia has more to offer than just cheap energy. Just off the coast of the Red Sea, about 60 miles north of Jeddah, a massive construction project diverts the eye from an otherwise barren Saudi Arabian landscape. Shiny, modern towers glimmer under the Gulf sun, casting a brief shadow over the empty shipping port and arched gates that boast large billboards of King Abdullah. The project, known as King Abdullah…

  • Future Of $14 Billion GTL Plant In Louisiana Uncertain

    Yet another large energy company has shifted its focus from capital spending to savings because of the increasingly low price of oil. Sasol Ltd. of South Africa is reassessing its plan to invest in building a large gas-to-liquid (GTL) facility worth up to $14 billion in Louisiana. Already, Sasol has a broad program to save $347.3 million by 2016, and it said in a statement on Jan. 28 that it wants to save more, targeting the GTL complex that would turn natural gas into liquid fuels. It would be situated in Westlake, La., on the shores of Lake Charles. In…

  • Been There, Seen That And Why Investors Shouldn’t Be Worried

    With oil and gas prices down, it's time to cull the herd, sell marginal producers and double down on the strong ones in your portfolio, says Michael Waring, founder of Galileo Global Equity Advisors Inc. In this interview with The Energy Report, Waring explains that this kind of correction happens every 10 years in this space. It presents opportunities for companies to improve and investors to profit—and he names four companies he considers most likely to succeed. The Energy Report: Michael, you said in November that the Organization of the Petroleum Exporting Countries (OPEC) expected the U.S. to share in…

  • First Drilling In 30 Years For This Forgotten Petro-Play?

    Critical policy shift announced by the U.S. government this week. Opening the door for oil and gas drilling in a place that hasn’t seen any activity for three decades. That’s the Atlantic Ocean. Where legislators from the Department of the Interior are now looking at conducting a historic leasing round for petroleum exploration. The Department released Tuesday a draft strategy for offshore oil and gas leasing, covering the five-year period from 2017-2022.Related: Spain To Consider Fracking Following Canary Islands Failure As expected, much of the planned activity for this period focused on the Gulf of Mexico–with 10 lease sales planned here…

  • This Emerging Shale Play Is Ripe For The Picking

    Ten Reasons to Love this Small Company in an Emerging Shale Region That is STILL Economic at Current Oil and Gas Prices Low oil prices continue to slam the energy sector, forcing oil and gas companies to gut capital expenditures and severely narrow their ambitions. For the energy investor, not only are we in tough times, but there is virtually no safe-haven as stocks get clobbered in everything from oil field services to refining and manufacturing. But the fact remains: the world needs oil as there is essentially no alternative. That ensures robust demand for the long haul. After excess…

  • Russia And China’s Growing Energy Relationship

    Russia’s economic freefall and isolation from the West has made it increasingly eager to build its relationship with China, even at the cost of lost leverage with Beijing. But new economic data from China shows that Russia has succeeded in capturing a larger share of the massive – and growing – Chinese oil import market. China’s imports of Russian oil skyrocketed by 36 percent in 2014. The rapid rise in Russian oil exports to China is displacing other sources, such as Saudi Arabia and other OPEC members. The Wall Street Journal reports that China’s oil imports from Saudi Arabia fell…

  • Drug Cartels Threaten Mexican Energy Future More Than Oil Prices

    As the oil and gas industry deals with a very unfavorable international market environment, Mexico’s current government can no longer ignore the risks posed by the country’s challenging security scenario. 2014 has been a difficult year for Peña Nieto’s government, as it endures a considerable public backlash resulting from a series of corruption scandals and its mishandling of the case of the disappearance of 43 students in Iguala, Mexico. Over the past six months, personnel of the oil and gas industry have also continued to be targeted by criminal groups. Adopted from its predecessor, Peña Nieto’s security strategy has enjoyed…