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Oil, gas studies get $800K boost - Regina Leader-Post

Sat, 28 Jan 2012 11:53:42 +0000

Malcolm Wilson of the Petroleum Technology Research Centre discusses research funding at a news conference Friday. The federal and provincial governments are providing more than $800,000 for three oil and gas studies.

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More than $800,000 in federal and provincial funding will help the Petroleum Technology Research Centre (PTRC) and the University of Regina study innovative recovery methods for oil and gas production, while reducing their environmental impact. With the funding, the U of R will purchase and install laboratory equipment to develop new membranes and filtration systems to decontaminate produced water, a by-product of oil and gas production.

Oil, gas studies get $800K boost - Regina Leader-Post

Oil Ministry demands extra duty of Rs 80000 on diesel vehicles | More theme ... - NDTV

Sat, 28 Jan 2012 09:48:18 +0000

Oil Minister S Jaipal Reddy asked Finance Minister Pranab Mukherjee to impose additional excise duty of Rs 80,000 on diesel vehicles and grant 10-year tax holiday for oil and gas hunt and refineries in the forthcoming Union Budget.

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Sources said Reddy sought imposition of extra excise duty of Rs 80,000 on purchase of diesel vehicles to "discourage the dieselization of the economy" and bring additional revenues which can go towards meeting the fuel subsidy. The oil ministry also demanded scrapping 5 per cent customs or import duty on liquefied natural gas (LNG) to reduce cost of imported fuel for core sectors of fertilizer and power plants.

Oil Ministry demands extra duty of Rs 80000 on diesel vehicles | More theme ... - NDTV

Chevron's Profit Edges Lower - Wall Street Journal

Sat, 28 Jan 2012 07:12:09 +0000

Chevron Corp. reported a 3.2% drop in fourth-quarter earnings 2% as its refining arm swung to a loss, overshadowing a large addition of new oil and gas reserves.

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Chevron reported a profit of $5.12 billion, or $2.58 a share, down from $5.3 billion, or $2.64, a year earlier. The results were well below analysts' estimates of $2.84 a share—with the miss "entirely" due to the refining loss, according to UBS. Chevron's refining, marketing and chemical operations—known as downstream operations—posted $61 million in losses in the fourth quarter, compared with $742 million in profit in the same period a year earlier, ...

Chevron's Profit Edges Lower - Wall Street Journal

Oil & gas, consumer durables push Sensex up 157 points - Hindu Business Line

Fri, 27 Jan 2012 16:12:47 +0000

The stock markets closed the day in the green on Friday after the Republic Day holiday on Thursday. Indian benchmark indices, Nifty and Sensex, rose under one per cent.

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The Nifty was up 46.40 points or 0.9 per cent to close at 5,204.70, while the Sensex was up 156.80 points or 0.92 per cent to close at 17,233.98.

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The Nifty was up 46.40 points or 0.9 per cent to close at 5,204.70, while the Sensex was up 156.80 points or 0.92 per cent to close at 17,233.98. “Positive cues from Asia helped Asian markets and had a positive impact here as well. Almost all base metal stocks went up on the expectation that after the one-week holiday in China, the demand for metals would increase,” said Mr Alex Mathew, Head Research at Geojit BNP Paribas Financials Ltd.

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Oil & gas, consumer durables push Sensex up 157 points - Hindu Business Line

Obama Seeks Tax Break for Natural-Gas Trucks, Oil Lease Sale - BusinessWeek

Fri, 27 Jan 2012 02:12:40 +0000

Jan. 26 (Bloomberg) -- President Barack Obama said tax breaks for natural-gas powered trucks will help the U.S. cut its dependence on imported oil.

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Obama, in his second day promoting policies laid out in his State of the Union address on Jan. 24, proposes a credit equivalent of 50 percent of the extra cost of purchasing a natural gas-powered truck compared with one that runs on diesel or gasoline. U.S. energy production, manufacturing and education are shaping up to be the main themes of Obama’s economic message in his re-election campaign. His trip this week runs through five electoral battleground states that the president’s political advisers have targeted for the November vote.

Obama Seeks Tax Break for Natural-Gas Trucks, Oil Lease Sale - BusinessWeek

Why Do Oil and Gas Producers Disapprove of Obama? - energybiz

Thu, 26 Jan 2012 12:12:56 +0000

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Politically, the president can’t straddle the fence. But he is able to show support for increased natural gas usage because it has wide appeal and because it would displace coal consumption. And while most environmentalists would rather see the emphasis on renewable fuels, they will nonetheless work to enact more safeguards with respect to the drilling process. “We have a supply of natural gas that can last America nearly 100 years, and my administration will take every possible action to safely develop this energy,” Obama intoned. “Experts believe this will support more than 600,000 jobs by the end of the decade. And I’m requiring all companies that drill for gas on public lands to disclose the chemicals they use” that are blamed by some for polluting drinking water supplies.

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The president goes on to point out that he is opening up more offshore areas to drilling -- a move that he had committed to make before the BP oil disaster in the Gulf of Mexico. Now that the administration has reviewed that situation and implemented new safety measures, he said that exploration can go on.

Why Do Oil and Gas Producers Disapprove of Obama? - energybiz

Proof Obama Loves Gas and Oil Shale - Wealth Daily

Wed, 25 Jan 2012 22:13:26 +0000

Bloomberg quotes New York Commissioner of Environmental Conservation Joe Martens that the Marcellus could add more than 13,000 jobs — direct and indirect to his state.

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Bloomberg quotes New York Commissioner of Environmental Conservation Joe Martens that the Marcellus could add more than 13,000 jobs — direct and indirect to his state. “That’s our most conservative estimate. The higher estimate is nearly 54,000 jobs,” Martens said. The U.S. now seems to possess a 100-year supply of natural gas, which is the cleanest of the fossil fuels. This cleaner, cheaper energy source is already replacing dirtier coal-fired plants. It could serve as the ideal bridge, Amy Jaffe of Rice University says, until renewable sources like wind and solar mature.

Proof Obama Loves Gas and Oil Shale - Wealth Daily

Big Oil had good 2011, despite 4th-quarter slump - Houston Chronicle

Wed, 25 Jan 2012 08:01:24 +0000

After gangbuster results earlier in 2011, giant integrated energy companies are set to report lackluster fourth-quarter earnings starting Wednesday, and it has a lot to do with the price of oil in London.

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The results will take some shine off an otherwise strong 2011 for Big Oil as benchmark U.S. crude prices rose 20 percent and often exceeded $100 a barrel in trading on the New York Mercantile Exchange . The major public oil companies - Exxon Mobil Corp., Royal Dutch Shell , BP, Chevron Corp. and ConocoPhillips - are expected to report that their refining arms took a hit in the quarter.

Big Oil had good 2011, despite 4th-quarter slump - Houston Chronicle

Shell to spend $1B on NS's offshore oil and gas - CBC.ca

Sat, 21 Jan 2012 06:24:07 +0000

The company will spend $970 million for the work on four parcels of deep-water land off the province's southwestern shore. That is the highest bid ever in Atlantic Canada.

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The company will spend $970 million for the work on four parcels of deep-water land off the province's southwestern shore. That is the highest bid ever in Atlantic Canada. "Shell demonstrated that it has extensive worldwide experience in deepwater drilling, including involvement in three previous deepwater exploratory wells drilled offshore Nova Scotia and Newfoundland," the board said. Shell now has the right to drill off the Scotia Shelf in water ranging in depth from 1,400 to 3,700 metres, according to Stuart Pinks, CEO of the petroleum board.

Shell to spend $1B on NS's offshore oil and gas - CBC.ca

Gas pump prices at record high on supply concerns - The Associated Press

Sat, 21 Jan 2012 04:16:22 +0000

Retail gas prices are at their highest levels ever for this time of year despite ample supplies and declining demand. That's because tension in the Persian Gulf has kept crude oil prices around $100 per barrel for most of the month.

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Analysts say oil prices are likely to remain at those levels until there is more clarity about what will happen in the Gulf, where Iran has threatened to close the Strait of Hormuz if the U.S. and other countries impose more sanctions on its nuclear program.

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Both oil and gasoline futures have moved in a narrow range for most of the month. In addition to the Iranian situation, investors are concerned about the European debt crisis and whether it will impact the global economy.

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Gas pump prices at record high on supply concerns - The Associated Press

Outlook for Indian oil and gas sector stable in 2012: Fitch - Economic Times

Fri, 20 Jan 2012 14:03:58 +0000

NEW DELHI: Notwithstanding the huge subsidy burden and uncertain global economic environment, the outlook for the Indian oil and gas sector remains stable in 2012, according to global ratings agency Fitch.

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The agency also added that slow policy reforms along with high international prices were leading to burgeoning under-recoveries of oil and gas firms. The agency also added that slow policy reforms along with high international prices were leading to burgeoning under-recoveries of oil and gas firms. "The 2012 outlook for both public and private sector Indian oil and gas companies is stable despite various challenges, including the increasing fuel subsidy burden on public sector companies (PSCs) and an uncertain global macroeconomic environment," Fitch said in its report '2012 Outlook: Indian Oil and Gas'.

Outlook for Indian oil and gas sector stable in 2012: Fitch - Economic Times

Why More Oil & Gas Development Mean We Need More Vigilance from the Industry - Natural Resources Defense Council (blog)

Fri, 20 Jan 2012 00:16:22 +0000

Over the past few years, America has experienced a surge in fossil fuel development. Armed with new technology and funded by record profits, the oil and gas industry is finding new ways to tap reserves: Extracting natural gas by fracking ; squeezing oil from dirty tar sands ; erecting drilling rigs in the most remote places of our earth.

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Many leaders in the oil and gas industry view this new development as an unmitigated blessing, but not everyone agrees. Unless we both use the natural gas in the right way and extract it in the right way, for instance, it could cause more harm than good.

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The scientists who connect climate change to the increase in extreme weather and the residents in Pennsylvania, Colorado, and Wyoming whose drinking water has been contaminated know the true cost of unchecked drilling. And they are not alone. From the Deepwater Horizon to the Kalamazoo River pipeline spill , more and more Americans are learning the toll oil and gas development can take on our health and well being.

Why More Oil & Gas Development Mean We Need More Vigilance from the Industry - Natural Resources Defense Council (blog)

'No oil payment problem with Iran' - The Hindu

Thu, 19 Jan 2012 10:16:53 +0000

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Asserting that India was not facing any problem in making payments for the import of crude oil from Iran, Petroleum and Natural Gas Minister Jaipal Reddy on Wednesday warned that the country needed to be prepared for all eventualities. “We continue to be optimistic. Iran continues to be positive. However we have to be prepared for all eventualities,” Mr. Reddy told journalists after inaugurating Oil and Gas Conservation Fortnight 2012 here on Wednesday. Oil marketing companies (OMCs) are at present making payments through Turkey's Turkiye Halk Bankasi AS, the bank through which India routes payments in euro to Iran for about 3.70 lakh barrels a day of crude oil supplies. “Turkey has informed us that it will not like to open new accounts but continue to service existing accounts through which payments are routed to Iran. Not a single payment has defaulted since India began using the Turkey conduit in July last year,” a senior official said.

'No oil payment problem with Iran' - The Hindu

Bulgaria bans shale oil and gas drilling - Reuters

Wed, 18 Jan 2012 20:15:42 +0000

SOFIA, Jan 18 (Reuters) - The Bulgarian parliament banned on Wednesday shale oil and gas exploration through hydraulic fracturing or fracking due to environmental concerns following widespread protests against the unconventional procedure.

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The Balkan country is the second European Union state after France to ban fracking, which involves injecting water mixed with sand and chemicals at high pressure into shale formations. Deputies across the political spectrum said there were not enough proofs the drilling method was environmentally safe. Critics worry it may poison underground waters, trigger earthquakes and pose serious hazards to public health.

Bulgaria bans shale oil and gas drilling - Reuters

ONGC in talks with US firm for deepsea oil exploration - Business Standard

Tue, 17 Jan 2012 16:04:26 +0000

State-run Oil and Natural Gas Corp (ONGC) is in talks with US energy firm ConocoPhillips to explore possibilities of joining hands for exploration of oil and gas in Indian deepsea and shale gas in North America.

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ONGC is proposing to sign a Memorandum of Understanding (MOU) with ConocoPhillips for cooperation in exploration and development of shale gas and deepwater opportunities, a company official said. The state-owned firm is keen to rope in a foreign major with technology to develop deepwater finds like the ultra deepsea UD-1 discovery in KG-DWN-98/2 block in Krishna Godavari basin. ConocoPhillips last October visited data room for 19 deepwater blocks of ONGC.

ONGC in talks with US firm for deepsea oil exploration - Business Standard