BOE Report Staff

LONDON - BP says the United States saw its biggest-ever annual increase in oil production in 2012, while the world's demand for energy grew at a slower pace than the year before. In its annual Statistical Review of World Energy released Wednesday, BP PLC says the U.S. produced 8.9 million barrels a day, up 13.9 per cent from 2011. Global oil production rose by 1.9 million barrels a day. Chief Executive Bob Dudley said the industry was seeing "a shift in supply towards a greater [Read more]

  LONDON, United Kingdom England - Canada is adopting a G8 initiative that would require companies to disclose any payments they make to governments, Prime Minister Stephen Harper announced Wednesday in London at a meeting with oil, gas and mining executives."In advance of the G8 summit, I'm pleased to announce that Canada will establish new, mandatory reporting standards for payments made to foreign and domestic governments by Canadian extractive companies," Harper said."With 70 per [Read more]

An EIA Report: Estimated shale oil and shale gas resources in the United States and in 137 shale formations in 41 other countries represent 10% of the world's crude oil and 32% of the world's natural gas technically recoverable resources, or those that can be produced using current technology without reference to economic profitability, according to a new EIA-sponsored study (see Table 1) released today (June 10, 2013). More than half of the identified shale oil resources outside [Read more]

  MONTREAL - Washington must continue to support peace in the Middle East despite an energy revolution that is decreasing its reliance on foreign oil, a U.S. government official said Tuesday. Carlos Pascual, a State Department official with the Bureau of Energy Resources, said the move towards self-sufficiency won't eliminate America's efforts to maintain global political stability. "It is fundamentally in our self-interest to ensure that peace and stability throughout the world is [Read more]

  NEW YORK — Oil prices dropped Tuesday along with stocks and other commodities on concerns that central banks around the globe may back off on measures to boost the global economy. OPEC’s disclosure that its members boosted production by 106,000 barrels a day in May also pressured prices. Some experts feel the world already has an ample supply to meet current demand. Benchmark oil for July delivery fell 39 cents to close at $95.38 per barrel on the New York Mercantile Exchange. [Read more]

  EDMONTON - Alberta's energy industry is finding that cleaning up oilsands tailings is going to be harder than first thought.The province's energy regulator has found that none of the oilsands companies affected by tailings reduction rules has met targets.The reasons range from problems with new and untested technologies to increases in production to poor planning for Alberta's weather.Companies have been given more time to capture at least half of the fine particles the mines produce [Read more]