JERUSALEM - Israeli and American energy companies expressed disappointment on Monday over Israel's Supreme Court decision that struck down a government deal that would have given them the rights to begin pumping natural gas from offshore deposits.David Stover, the chairman of Houston-based Noble Energy, said the ruling was "disappointing."Prime Minister Benjamin Netanyahu had emphatically supported the deal struck between his government and a consortium of gas developers as a path to Israeli [Read more]
Arctic exploration permits in sensitive Arctic area may be expired
Environmentalists say talks on creating a third national marine conservation area are being held up over Arctic offshore energy exploration permits that may not legally exist."Looking at the permits, it looks like the rights expired in 1979," said Alex Speers-Roesch of Greenpeace.The federal government has been trying for years to protect the waters of Lancaster Sound, the eastern gate of the Northwest Passage and home to a wealth of Arctic seabirds and mammals. The effort is strongly supported [Read more]
US rig count drops 12 this week to all-time low of 464
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. dropped 12 this week to 464, a record low amid continuing price woes in the energy industry.A year ago, 1,048 rigs were active.Houston-based oilfield services company Baker Hughes Inc. said Thursday 372 rigs sought oil and 92 explored for natural gas.Among major oil- and gas-producing states, Texas lost eight rigs, Oklahoma three, Alaska two and Kansas and Pennsylvania each dropped by one.Louisiana gained two rigs and New [Read more]
Cyprus opens 3 areas for offshore gas drilling license bids
NICOSIA, Cyprus - Cyprus has formally launched a third round for offshore gas drilling licenses, opening three areas off its southern coast to potential bidders.Energy Minister Yiorgos Lakkotrypis said Thursday the geological make-up of the sea bed in those areas is similar to that where Italian energy firm Eni last year discovered in Egyptian waters what it said was the largest gas field every found in the Mediterranean sea.The application deadline has been set for July 22nd.U.S. company Noble [Read more]
Qatar offshore rig catches fire, 6 workers injured
DUBAI, United Arab Emirates - Fire broke out on an offshore rig run by the subsidiary of a Qatar-based drilling company, injuring six workers, the firm said Monday, in the second disruption within a year aboard one its platforms.Gulf International Services, partly owned by state-run Qatar Petroleum, announced the fire at its GDI-3 rig in a statement published on the Qatar Stock Exchange. It said workers had been preparing to move the Gulf Drilling International rig to a new location and later [Read more]
US rig count drops 4 this week to all-time low of 476
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. dropped 4 this week to 476, a record low and another sign of continuing price woes in the oil and gas industry.A year ago, 1,069 rigs were active.Houston-based oilfield services company Baker Hughes Inc. said Friday that 387 rigs sought oil and 89 explored for natural gas this week.Among major oil- and gas-producing states, New Mexico lost two rigs and Kansas, North Dakota, Ohio and Oklahoma each lost one.Texas gained two [Read more]
Major oil producers to talk output freeze in Qatar in April
DUBAI, United Arab Emirates — OPEC member states and other major oil producers plan to meet next month to discuss a freeze in oil output levels, Qatar’s top energy official said Wednesday. The gathering, which will build on earlier talks that included major suppliers Russia and Saudi Arabia, reflects a growing sense of urgency among producers to try to shore up crude prices following a steep drop that is straining their domestic budgets. Qatar holds the rotating presidency of OPEC and will [Read more]
US rig count drops 9 this week to all-time low of 480
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. declined by 9 this week to 480, a record low and another sign of the continuing economic woes in the oil and gas industry.The number of rigs seeking oil was at 386 while 94 explored for natural gas, Houston-based oilfield services company Baker Hughes Inc. said Friday.A year ago, 1,125 rigs were active. At the recent boom's height, the count had climbed to 1,931 in September 2014. But it has steadily fallen since then as [Read more]
Oil price appears to have ‘bottomed out,’ energy agency says
PARIS - The organization that represents major oil-consuming nations said Friday that signs of a market that has "bottomed out" are emerging.U.S. crude prices jumped to a high for the year. Brent crude, used as a global benchmark, hit a high for the year Tuesday and rose 1 per cent Friday.Energy companies have been shutting down rigs and laying off thousands of workers as oil prices plunged to around $30 per barrel, from well over $100 per barrel just two years ago.A broad retreat by the energy [Read more]
Pennsylvania families win $4.24M verdict against gas driller
SCRANTON, Pa. - Two couples were awarded nearly $4.25 million on Thursday after a federal jury found one of the largest natural gas drillers in Pennsylvania polluted their well water.The verdict came at the end of a bitter and long-running federal lawsuit pitting homeowners in the village of Dimock against Houston-based Cabot Oil & Gas Corp.The company said it will appeal, accusing the jury of ignoring "overwhelming scientific and factual evidence that Cabot acted as a prudent operator in [Read more]
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