LONDON - Oil prices fell further to a new seven-month low on Wednesday, with the international benchmark for crude sliding below $46 a barrel before recovering somewhat. That is just above the price seen in November, when OPEC and 10 other oil-producing countries agreed to cut their production to combat a growing supply glut and push the market up. While Russia, Saudi Arabia and other nations involved in the deal have met their targeted cuts, an unforeseen increase in U.S. supply [Read more]
EQT buys Rice Energy to create shale gas drilling giant
PITTSBURGH - EQT Corp. is merging with Rice Energy Inc. in a deal that combines two of western Pennsylvania's largest natural gas-drilling firms. The deal announce Monday will see EQT buy all outstanding shares of Rice common stock for about $6.7 billion and assume $1.5 billion in net debt and preferred equity. The companies say the deal should close in the fourth quarter this year. EQT's president and chief executive officer, Steve Schlotterbeck, says the deal "brings together [Read more]
2nd pipeline under Straits of Mackinac passes pressure test
MACKINAW CITY, Mich. - Enbridge says a second oil pipeline beneath the Straits of Mackinac in northern Michigan has passed a pressure test required in a Justice Department agreement following a 2010 oil spill in southwestern Michigan. The most recent test was Friday on one pipeline that's part of Line 5. The Canadian company pumped the line's east segment with water and kept pressure higher than usual. Enbridge said in a statement Sunday that it's "pleased with the validating [Read more]
US rig count rises this week 6 to 933
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. rose by six this week to 933. A year ago, just 424 rigs were active. Houston oilfield services company Baker Hughes said Friday that 747 rigs sought oil and 186 explored for natural gas this week. Among major oil- and gas-producing states, North Dakota added three rigs while Alaska, Colorado and New Mexico gained two rigs each. California and Louisiana increased by one apiece. Oklahoma [Read more]
Emails reiterate EPA chief’s ties to fossil fuel interests
WASHINGTON - Newly obtained emails underscore just how closely Environmental Protection Agency chief Scott Pruitt co-ordinated with fossil fuel companies while serving as Oklahoma's state attorney general, a position in which he frequently sued to block federal efforts to curb planet-warming carbon emissions. The latest batch of Pruitt's emails, provided to The Associated Press on Thursday, runs more than 4,000 pages. They include schedules and lists of speaking engagements from the [Read more]
Fire reported at partly flooded Mexican refinery
MEXICO CITY - A massive fire broke out at a partially flooded refinery in southern Mexico Wednesday, injuring seven people. The state-owned oil company Pemex said none of the injuries were life-threatening. Television and social media footage showed a huge column of flames and thick black smoke pouring from one part of the refinery complex. The refinery's operations had been suspended Tuesday because of heavy rains from former Tropical Storm Calvin, which had partly [Read more]
US oil production seen thwarting OPEC effort to boost prices
PARIS - The International Energy Agency says OPEC's plan to cut production and support prices are likely to be undone by increased output in non-OPEC countries like the U.S. If correct, that could keep a lid on oil prices as a glut of supply grows despite the efforts of countries in the OPEC cartel and allies like Russia to limit production. The IEA said in its monthly oil report Wednesday it expects non-OPEC production to grow 700,000 barrels daily this year and 1.5 million [Read more]
US bucks trend amid increases for clean energy research
BEIJING - Energy ministers from around the world gathered in Beijing this week to report increased spending to help counter climate change. Yet one prominent voice, that of U.S. Energy Secretary Rick Perry, delivered a starkly countervailing message as the Trump administration seeks to roll back spending on clean energy and promote fossil fuels. India, France, Norway, Canada, Australia, Japan and others said during a private meeting of ministers earlier this week that they were on track [Read more]
Poland, Ukraine develop gas hub for independence from Russia
WARSAW, Poland - Poland and Ukraine said Tuesday they are working toward developing a regional gas hub that would end Central and Eastern Europe's dependence on Russian supplies and keep prices in line with European standards. The region still relies to some extent on Russian natural gas and has been exposed to political pressure from Moscow, which has at times in the past limited supply volumes or hiked gas prices. Governments in the region have been reducing their imports of gas from [Read more]
Spain’s Repsol makes big gas find in Caribbean
MADRID - Spanish energy company Repsol and London-based BP say they have found a gas field in the Caribbean containing an estimated two trillion cubic feet of natural gas — equivalent to two years of Spanish demand. Repsol says it is the largest volume of gas it has discovered in the last five years and the most significant in a decade for Trinidad and Tobago. Repsol holds a 30 per cent stake in the exploration consortium, with the rest held by BP. A Repsol statement Monday says [Read more]
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