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Trump administration imposes sweeping sanctions on Venezuela

August 25, 201710:15 AM The Associated Press0 Comments

CARACAS, Venezuela - The Trump administration on Friday slapped sweeping financial sanctions on Venezuela, barring banks from any new financial deals with the government or state-run oil giant PDVSA. The sanctions Trump signed by executive order are bound to dramatically escalate tensions between Venezuela and the U.S. and exacerbate the country's economic crisis. "These measures are carefully calibrated to deny the Maduro dictatorship a critical source of financing to maintain [Read more]

US rig count increases by 8 this week to 958

July 28, 201712:03 PM The Associated Press0 Comments

HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. increased by eight this week to 958. A year ago, just 463 rigs were active. Houston oilfield services company Baker Hughes said Friday that 766 rigs sought oil and 192 explored for natural gas this week. Among major oil- and gas-producing states, New Mexico gained four rigs, Oklahoma increased by three and Louisiana, Ohio, West Virginia and Wyoming each gained one. Texas declined by one [Read more]

Gas storage deemed safe after blowout but challenge looms

July 28, 20171:20 AM The Associated Press0 Comments

LOS ANGELES - The fight over reopening a massive gas storage facility that has been crippled since a major blowout is heading to court. Lawyers for Los Angeles County will ask a Superior Court judge Friday to stop Southern California Gas Co. from restarting operations at Aliso Canyon because of earthquake risks. The measure comes just a week after state regulators gave approval to pump gas into underground storage wells after an overhaul and extensive testing. The storage [Read more]

Tribes fight trade groups’ intervention in pipeline dispute

July 26, 20171:55 PM The Associated Press0 Comments

BISMARCK, N.D. - American Indian tribes trying to shut down the Dakota Access oil pipeline are objecting to the possible intervention of national energy and manufacturing trade groups in the legal dispute. Attorneys for the Standing Rock and Cheyenne River Sioux tribes say in court documents filed Tuesday that the arguments of the trade groups are too lengthy and duplicate those already made by Texas-based pipeline developer Energy Transfer Partners and the Army Corps of Engineers, the [Read more]

US rig count decreases by 2 this week to 950

July 21, 201712:19 PM The Associated Press0 Comments

HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. decreased by two this week to 950. A year ago, just 462 rigs were active. Houston oilfield services company Baker Hughes said Friday that 764 rigs sought oil and 186 explored for natural gas this week. Among major oil- and gas-producing states, Louisiana gained four rigs, California increased by two and North Dakota and Utah each gained one. Oklahoma and Texas each declined by three, New [Read more]

Oil pipeline rupture in Texas spills 1,200 barrels of crude

July 13, 201711:46 AM The Associated Press0 Comments

BASTROP, Texas - Authorities say about 50,000 gallons (189,000 litres) of crude oil spilled after a contractor accidentally cut an underground pipeline in Central Texas. A spokesman for Magellan Midstream Partners, Bruce Heine (hyn), says the contractor was conducting maintenance Thursday morning when he struck a fitting on the Longhorn pipeline system, causing the spill at the rural site near Bastrop, about 30 miles (50 kilometres) east of Austin. Heine says the spill leaked [Read more]

Agency says OPEC compliance with output cut fell in June

July 13, 20177:00 AM The Associated Press0 Comments

PARIS - The International Energy Agency says the rate of compliance by OPEC countries to their agreed production cuts fell sharply in June, one reason why oil prices dropped to 2017 lows in recent weeks. In a monthly update, the Paris-based agency said Thursday it estimates compliance fell to 78 per cent in June from 95 per cent the previous month. However, it noted that compliance should be judged over the whole period of the production cut to March 2018, rather than just one [Read more]

Private firms confirm oil find in Mexico shallow-water well

July 12, 201711:12 AM The Associated Press0 Comments

MEXICO CITY - A consortium of Mexican and foreign private companies says a well drilled in shallow water has found between 1.4 and 2 billion barrels of crude oil equivalent in the Gulf of Mexico. Houston, Texas-based Talos Energy LLC says it has a 35 per cent interest, along Sierra Oil and Gas and Premier Oil Plc. Talos said in a statement Wednesday the well started at a depth of 545 feet (166 metres) below the Gulf surface and reached a depth of 11,100 feet (3,383 metres) [Read more]

Oil tanker collides with cargo ship in Dover Strait off UK

July 1, 20177:24 AM The Associated Press0 Comments

PARIS - An oil tanker and a large cargo ship collided Saturday in the Dover Strait between Britain and France but no casualties or pollution from the accident have been reported so far, French authorities say. The local Maritime Prefecture said the collision between the two Honk Kong-flagged vessels took place overnight 20 miles (32 kilometres) off the northern French port of Dunkirk, in the British zone of the strait between the English Channel and the North Sea, one of the world's [Read more]

Trump plan would expand oil drilling in Arctic and Atlantic

June 29, 20171:55 PM The Associated Press0 Comments

WASHINGTON - The Trump administration said Thursday it is taking steps to expand oil drilling in the Arctic and Atlantic oceans as President Donald Trump continues to push for U.S. "energy dominance" in the global market. The Interior Department is rewriting a five-year drilling plan established by the Obama administration, with an eye toward opening areas in the Arctic and Atlantic oceans that now are off-limits to drilling. It's one of six initiatives that the president unveiled [Read more]

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