An explosion at a refinery in California could have been prevented, according to a new government report. The incident at an ExxonMobil oil refinery last year saw an 80,000lb piece of equipment blown clear of the facility.
Officials will discuss the preliminary findings of an investigation into an explosion last year at an ExxonMobil refinery in the US.
President Barack Obama said he would move to change the way in which US oil and coal resources are managed in his final State of the Union address. The Democratic politician said the US had to “accelerate” its transition away from fossil fuels to cleaner energy. Obama, who is now in his final year of office, did not go into any finer details of what that would entail.
A powerful B-52 bomber flew low over South Korea in a clear show of force from the US as tensions increased between its ally Seoul and North Korea following Pyongyang’s fourth nuclear test.
This offshore crew had quite a challenge getting to work as huge waves battered the sea. The footage, captured by Frankie Nauta, shows workers on a boat trying to get on board. Watch as the staff eventually make the successful leap on board the deck.
As the price of oil hits an 11-year low, Energy Voice looks at the cost of producing a barrel around the globe.
Jericho Oil said it has closed its non-brokered private placement of more than 17million units for $6.929million. The company said the proceeds of the offering were used to acquire producing wells and prospective acreage in Central Oklahoma.
Oil major Chevron has joined a number of businesses to opt out of the Texas open carry law - which means employees will no longer be able to carry firearms inside office buildings. The move was made apparent to employees in an email sent on the final day of last year. The decision covers handguns, rifles or shotguns.
The worst fears of OPEC and Asian gas exporters are about to come true.
A report published earlier this month by the Dallas Fed has estimated the US has lost around 70,000 oil and gas jobs since a year ago. The figures, which calculate back to October 2014, represent an estimated 14.5% drop.
In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a- barrel crude. To cope with the 50 percent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to squeeze all the oil they could out of every well. Those efforts, to the surprise of many observers, largely succeeded. As of this month, U.S. oil output remained within 4 percent of a 43-year high.
Enterprise Products Partners has won its first contract to export US crude, days after the US congress lifted a 40 year old ban on oil exports.
RedT Energy said the transaction for the sale of its US biogas assets has now been completed.
Enerplus said it has completed the sale of a number of non-operated interests in North Dakota.
BG Group has received approval from the US Federal Energy Regulatory Commission (FERC) to construct and operate a natural gas liquefaction and export facility in Louisiana.
In the world’s biggest oil market, buyers have better options than US crude. As the country inches toward ending the last restrictions on exports, Asian buyers will probably have a limited appetite for the quality of crude on offer. Many of the region’s refiners are geared to process heavier, cheaper oil with higher sulfur content.
Donald Trump last night instructed his lawyers to take his fight against an offshore windfarm to the European Court of Justice. The Supreme Court in London – the highest court in the land – yesterday announced it had rejected the US businessman’s appeal against the Scottish Government’s approval of the 11-turbine project at Aberdeen Bay. Vattenfall and Aberdeen Renewable Energy Group (AREG), partners of Aberdeen Offshore Wind Farm Ltd (AOWFL), welcomed the decision and reaffirmed their commitment to the project – with campaigners also hailing the victory for renewable energy.
US shale drillers will soon be able to sell their oil all over the world. Too bad no one needs it right now. A congressional deal to lift the 1970s-era prohibition on shipping crude overseas has the potential to unleash a flood of oil from Texas and North Dakota shale fields into markets already flush with cheap supplies from the Persian Gulf, Russia and Africa. The arrival of US barrels in trading hubs from Rotterdam to Singapore will intensify competition for market share between oil-rich nations, publicly traded producers and trading houses, adding pressure to prices that have tumbled 67 percent in the past 18 months. In the longer term, it may also extend a lifeline to shale drillers strapped for cash after amassing huge debt loads during the boom years.
Restrictions on US crude exports may disappear. That doesn’t mean the sky is falling for refiners. A Bloomberg index of 11 US independent refiners rose 2.3 percent in New York Wednesday, after congressional leaders agreed on a deal to lift a 40-year ban on most oil exports. Some refiners, which process crude into gasoline and diesel, would get a tax break on the cost of transporting oil as part of the deal. The break is expected to be $119 million in 2016, or about 0.5 percent of next year’s combined pre-tax profits of the refiners in the index, according to government and analyst estimates.
A US oil and gas producer has filed for Chapter 11 bankruptcy protection as the low oil price continues. Magnum Hunter said it expects to emerge from bankruptcy in April next year.
No topic has so dominated public discussion over the past week like Donald Trump’s call to indefinitely ban Muslims from entering the U.S. Editorial pages have raged, talk shows have engaged, even leaders of his Republican Party have forcefully rejected the proposal. One group of national leaders, however, has said little: corporate chiefs. A few, it is true, have spoken in broad terms, usually without mentioning Trump. Mark Zuckerberg, for example, wrote on his Facebook page that Muslims should know they are always welcome at Facebook “and that we will fight to protect your rights and create a peaceful and safe environment for you.”
The incoming chief executive of Occidental Petroleum has been given a promotion ahead of starting her new role. Vicki Hollub will now become the company’s president and chief operating officer and will replace the current boss Stephen Chazen in 2016. Earlier this year it was announced she would take over when Chazen retired as chief executive of the company.
Wood Group said it remains focused on mergers and acquisitions as it said its overall financial outlook for the year remains unchanged, despite challenging market conditions. The company issued its pre-close trading update for the year ahead of results being published in 2016. Earlier this year the company announced the acquisition of Infinity as well as a previously deal to acquire Automated Technology Group in September as well as Beta Machinery Analysis in June.
A lawsuit has been filed by the Attorney General in Pennsylvania against Chesapeake Energy over alleged claims of underpayment to landowners who leased acreage for fracking.
Oil giant Chevron said it will cut its budget by 24% next year as it aims to control spending following the decline in oil price. The company said it would spend $26.6billion in 2016, with the bulk of spending planned on international oil and gas exploration and production projects.