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Price Drops Not Temporary per IEA
The International Energy Agency predicts that oil prices will not return to previous levels in the near future. Prices have dropped 30% since June due to a strong U.S. dollar and increased shale oil production. These factors, in concert with lower Chinese economic growth, will prevent a price recovery during the first half of 2015. … Read More
House Passes Keystone Pipeline Bill but it Faces Senate Vote and Potential Veto
“Rigzone” reports that on Friday the U. S. House of representatives passed Representative Bill Cassidy’s (R-LA) Keystone Pipeline bill 252-161. Marie Landrieu (D-LA), the Chairman of the Senate Energy Committee is now co-sponsoring John Hoeven’s (R-ND) companion bill in the upper chamber. Given that Cassidy and Landrieu are facing each other in a run-off election… Read More
Energy Independence by 2025?
According to a recent article in “Rigzone”, energy consulting group Wood Mackenzie thinks the U. S. could be energy independent again by 2025. If so, this would be the first time since 1952. Wood Mackenzie thinks this is possible because domestic oil and gas production is increasing and demand is decreasing. However, a number of… Read More
BHP to Sell Fayetteville Shale Assets
BHP Billiton, the world’s largest mining enterprise, has announced its intention to sell their position in the Fayetteville Shale in Arkansas, according to a recent article in “Rigzone”. The company purchased these assets from Chesapeake and Petrohawk Energy in 2011 for almost $20 billion. However, when gas prices dropped, BHP had to write down the… Read More
American Energy Increases Presence in Permian Basin
In June, American Energy Partners LP announced its intention to invest $4.25 billion in shale oil and gas assets in the Permian Basin. “Rigzone” reports that they are well on their way to doing just that. Since the end of July the company has acquired 27,000 net acres and 1,400 barrels of oil equivalent per… Read More
