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Rig Count Holds Steady

Baker Hughes reported on Friday, May 20, that the weekly rig count held steady for the first time in 2016. The count is holding at 318, the lowest level since October 2009. Drillers have added only one rig in 2016, ...

Exploration Falls Below 1952

In 2015 the number of new oil discoveries fell to the lowest number recorded since 1952. Morgan Stanley analysts noted that as energy companies slashed their exploration budgets in 2015 in response to low oil prices, a gap was created ...

Arctic Oil Dream Continues

Norway announced last week that they plan to open exploration of Arctic waters off Norway. Officials say the Arctic holds “15 percent of the world’s undiscovered oil and 33 percent of the world’s undiscovered natural gas.” Norway has awarded 10 ...

TOTAL Launches New Gas Plant in Shetland Islands

On Monday, May 16th, TOTAL announced the opening of a huge new gas plant to be located in the Shetland Islands on Scotland’s west coast. The goal is to bring gas from the Laggan-Tormore fields in the North Sea to ...

American Dream of Energy Independence is a Pipedream

One victim of the 2014 oil price collapse is the concept of America’s Energy Dependence. In 2010 many experts were predicting the shale oil and gas “revolution” could lead to U.S. energy independence by 2020. The current reality is that ...

France Considers Ban on Importing U.S. Shale Gas

The French Parliament is discussing banning import of U.S. natural gas because the American LNG contains 40% shale gas. In France, environmentalists have pushed through a ban on shale gas exploitation using hydraulic fracturing. Lobbyists are pressuring the French government ...

Shareholder Dividends Increase Majors Debt

The profit to dividend ratio for many major oil companies has become severely imbalanced. Since mid-2014 U.S. oil and gas companies have lost over one trillion dollars in value. Yet, during that period many companies continues to increase quarterly dividends ...

Wild Fires Impact Canadian Oil Sands

Wildfires in Alberta and British Columbia have shut down over half the oil sands production in the Fort McMurry region. BP, Suncor Energy, Phillips 66, Statoil and Husky were among 11 production firms operating the oil sands that have had ...

Overview of GOM Deepwater Projects

Recovery from the deepwater drilling moratorium in the Gulf of Mexico growth continued from 2012 to late 2014, when the impact of low oil prices caused a 30% decline in spudding new wells in 2015. In 2012-1014 an average of ...

Colorado Supreme Court Overturns Local Laws against Fracking

The Colorado Supreme Court announced its ruling on Friday, April 29 against local communities that sought to severely restrict oil and gas development and fracking. The court said that the state’s right to regulate industry “trumps local measures, which the ...