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Sigmetnow

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Re: Oil and Gas Issues
« Reply #650 on: September 30, 2015, 05:28:43 PM »
The era of big oil mega-projects in Canadian oil sands may be over.

Canadian Oil Trapped Without More Pipeline Capacity
Quote
With falling investment and the potential that oil prices stay “lower for longer,” the “era of big megaprojects” in Canada’s oil sands could be over, says Peter Tertzakian of ARC Financial. “The oil sands has to compete for capital with all the other types of oil projects that are out there. It has to morph into something cleaner, smaller in size and less capital intensive. It’s definitely possible to do, but the old paradigm of 4,000-man camps and long construction periods is over,” Tertzakian told Alberta Oil Magazine this month. And the problem isn’t just that oil companies are being more cautious by deferring spending on projects. Institutional investors are also balking at putting money up for oil sands projects. “There’s zero interest in investing in the space right now,” Tertzakian said.
http://oilprice.com/Energy/Energy-General/Canadian-Oil-Trapped-Without-More-Pipeline-Capacity.html
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #651 on: October 01, 2015, 01:48:56 AM »
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #652 on: October 03, 2015, 07:28:45 PM »
The Real Estate Crisis in North Dakota's Man Camps
Quote
After struggling to house thousands of migrant roughnecks during the boom, the state faces a new real-estate crisis: The frenzied drilling that made it No. 1 in personal-income growth and job creation for five consecutive years hasn’t lasted long enough to support the oil-fueled building explosion.
http://www.bloomberg.com/news/articles/2015-09-29/man-camp-exodus-spurs-real-estate-crisis-across-u-s-shale-towns
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TerryM

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Re: Oil and Gas Issues
« Reply #653 on: October 04, 2015, 04:34:09 PM »
EBRD Approves $300 Million Loan for Ukraine Winter Gas
http://www.bloomberg.com/news/articles/2015-09-30/ebrd-approves-300-million-loan-for-ukraine-winter-gas-purchase

Ukraine was found in default on 10/02
ISDA DC has agreed that Ukraine has officially failed to pay credit and scheduled debt auctions.
The auctions begin 10/06. This will present serious difficulties to those offering or receiving loans.


Under at least my radar was the Egyptian offshore discovery of the largest gas field in the Mediterranean.
http://www.globes.co.il/en/article-enis-egypt-gas-find-limits-israels-export-options-1001065749

The Zohr find will change gas policy, at least in the near regions. Syria may not be as important as a gas corridor for Israeli Leviathan gas since most Moslem countries may prefer Egyptian gas when given a choice. If gas transport through Syria is no longer a consideration, is it possible that Assad could live to a ripe old age.

Germany & most of Western Europe seem to prefer cheap piped gas from Russia, as opposed to the much more expensive liquefied product from other sources. This apparently has left LNG as a glut on the market, with Shell notably giving no value to whatever gas was found in the Arctic.

If Ukraine loses her transit fees as seems a given at this point & having now defaulted on her outstanding loans, what does her future hold. Perhaps keeping their children huddled in basements while ours attend kindergarten was not a great domestic policy. Perhaps spending whatever could be borrowed to beef up the military as opposed to strengthening the economy was not viable. Perhaps having her gold reserves removed clandestinely should have been re-thought.

The above may be OT, but my primary concern re. AGW is that the drum beat of war will drown out whatever cooperative endeavours are planned.
Terry


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Buddy

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Re: Oil and Gas Issues
« Reply #654 on: October 05, 2015, 12:56:58 AM »
FOX (RT) News....."The Trump Channel.....where truth and journalism are dead."

Sigmetnow

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Re: Oil and Gas Issues
« Reply #655 on: October 07, 2015, 01:48:48 AM »
Congress Is Trying To Lift The Oil Export Ban. This Is Why They Will Fail.
Quote
The American public has some issues with the repeal. A poll from last year found that more than 80 percent of Americans thought we should use our oil here, not export it. This broad consensus could spell trouble for the senators trying to repeal the ban.
http://thinkprogress.org/climate/2015/10/06/3709456/oil-export-ban-considered/
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #656 on: October 13, 2015, 03:17:16 PM »
Exxon Confirmed Global Warming Consensus in 1982 with In-House Climate Models
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Through much of the 1980s, Exxon researchers worked alongside university and government scientists to generate objective climate models that yielded papers published in peer-reviewed journals. Their work confirmed the emerging scientific consensus on global warming's risks.

Yet starting in 1989, Exxon leaders went down a different road. They repeatedly argued that the uncertainty inherent in computer models makes them useless for important policy decisions. Even as the models grew more powerful and reliable, Exxon publicly derided the type of work its own scientists had done. The company continued its involvement with climate research, but its reputation for objectivity began to erode as it campaigned internationally to cast doubt on the science.

This eight-month InsideClimate News investigation details Exxon's early research into global warming, based on hundreds of pages of internal documents and interviews with former employees and scientists. The company declined to provide comment or answer questions for this article.
Links to other parts of the investigation are provided at the bottom of the article.
http://insideclimatenews.org/news/18092015/exxon-confirmed-global-warming-consensus-in-1982-with-in-house-climate-models
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #657 on: October 13, 2015, 04:55:25 PM »
An earthquake with a magnitude of 4.5 that struck near the U.S. crude oil hub of Cushing, Oklahoma on Saturday occurred just days after regulators imposed new rules meant to prevent temblors in the area and said more changes were possible.
http://mobile.reuters.com/article/idUSKCN0S50SD20151011
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #658 on: October 13, 2015, 09:12:40 PM »
Oil unlikely to ever be fully exploited because of climate concerns – BP
Concerns about climate change and carbon emissions means world’s remaining oil resources are not likely to be exhausted, says BP’s chief economist.
Quote
The statement, by the group’s chief economist, is the clearest acknowledgement yet by a major fossil fuel company that some coal, oil and gas will have to remain in the ground if dangerous global warming is to be avoided.
http://www.theguardian.com/environment/2015/oct/13/oil-unlikely-to-ever-be-fully-exploited-because-of-climate-concerns-bp
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #659 on: October 13, 2015, 09:37:49 PM »
Oil Glut to Stay in 2016 as IEA Sees Slower Demand Growth
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Global demand growth will revert to long-term trend levels of 1.2 million barrels a day in 2016, down from 1.8 million this year, amid a softer economic outlook for oil producers such as Canada, Brazil, Venezuela, Russia and Saudi Arabia. Consumption worldwide will average 95.7 million barrels a day next year, about 100,000 a day less than projected in last month’s report.
http://www.bloomberg.com/news/articles/2015-10-13/oil-surplus-to-persist-in-2016-as-iea-sees-demand-growth-slowing
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #660 on: October 13, 2015, 09:59:31 PM »
Quote
@Slate: Not The Onion: Alaska's governor wants to fund climate adaptation via more oil drilling.
https://twitter.com/slate/status/654020308937142272

Alaska Gov. Says State “Urgently” Needs More Oil Drilling to Pay for Climate Change Damage
Quote
Unfortunately, this is the situation we find ourselves in as America trends toward petrostate politics. As the Hill notes, Alaska has no sales or income tax and derives a significant portion of its revenue from fossil fuel production on public lands. In a very real way, the recent dip in oil prices has hit the state hard—just as climate change impacts have begun to intensify. In one particularly stark example, although this year’s wildfire season was a record-breaker, the state had fewer resources with which to attack the blazes due in part to budget cuts linked to lower oil prices.
http://www.slate.com/blogs/future_tense/2015/10/13/alaska_gov_bill_walker_oil_should_fund_climate_adaptation.html
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AbruptSLR

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Re: Oil and Gas Issues
« Reply #661 on: October 14, 2015, 12:38:43 AM »
I think that it is sad that US shale drilling operations are allowed to flare their natural gas (which does not burn completely and the unburned portion combines with the leaked methane from these frequently poorly regulated operations):

http://www.climatecentral.org/news/shale-methane-may-exceed-estimates-19538
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #662 on: October 17, 2015, 02:26:12 PM »
Congressmen want probe of Exxon Mobil 'failing to disclose' climate change data
Quote
The congressmen are asking the Department of Justice to investigate whether Exxon violated the Racketeer Influenced and Corrupt Organizations Act, known as RICO, as well as consumer protection, truth in advertising, public health, shareholder protection or other laws.

RICO was the same law used to prosecute tobacco companies, which allows a company’s higher-ups to be held responsible for the actions of those they supervise.

“Exxon’s situation is even worse,” said Lieu, comparing the company’s behavior with the tobacco industry. “It was taking advantage of the science … while denying the facts to the public.”
http://www.latimes.com/local/lanow/la-me-ln-investigation-exxonmobil-20151015-story.html
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #663 on: October 18, 2015, 03:35:35 AM »
February 2015 oil train derailment in West Virginia was caused by a broken rail, which had been noted on two previous inspections but not repaired.

Quote
MONTGOMERY — In a report released Friday, the Federal Railroad Administration stated the February's derailment in Mount Carbon which displaced more than 1,000 people from their homes for days was preventable.
...
In response to the derailment, the FRA will release a safety advisory urging closer and more detailed inspections where defects are suspected and stronger training for rail inspection vehicle operators. FRA is developing a regulation to govern rail-head wear standards and could require railroads to slow trains or replace rails when conditions pose a safety risk.
http://www.register-herald.com/news/broken-rail-cause-derailment-in-mt-carbon/article_2c7043c7-025f-560b-9c4b-edbf4a7b90d5.html

Government findings and response:
https://www.fra.dot.gov/eLib/Details/L17122
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Theta

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Re: Oil and Gas Issues
« Reply #664 on: October 18, 2015, 07:06:14 PM »
I thought I would throw up another link from "Our Finite World" as Gail talks about the deflation issue along with Climate Change.

Quote
In this presentation, I suggest that the standard diagnosis of the problems facing the energy system is incomplete. While climate change may be a problem, there is another urgent problem that attendees at the conference should be aware of as well–affordability, and the severe near-term impact affordability can be expected to have on the system.

I understand that this may not be entirely relevant to the forum, but since well-affordability is a near-term issue, perhaps the conclusion of Gail and the commentors on her blog that this will lead to the end of civilisation as we know it, will act as a solution to Climate Change because we will no longer be able to continue poisoning the earth, leaving only the problems with natural feedbacks like aerosol loss and methane clathrate gun firing while everyone tries to adapt to a world that should progressively improve.

http://ourfiniteworld.com/2015/10/14/our-electricity-problem-getting-the-diagnosis-correct/
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #665 on: October 18, 2015, 09:43:18 PM »
See #656 and #662 above.

Quote
@billmckibben: I don't think the #exxonknew scandal can be contained. Today it made the front page of Exxon's hometown newspaper. http://t.co/H1i4B8I0xF

https://twitter.com/billmckibben/status/655822414585188352
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #666 on: October 19, 2015, 03:25:36 AM »
More on the Cushing, Oklahoma earthquake (see #657 above).  That location is a particularly dangerous one.

New Concern Over Quakes in Oklahoma Near a Hub of U.S. Oil
Quote
A sharp earthquake in central Oklahoma last weekend has raised fresh concern about the security of a vast crude oil storage complex, close to the quake’s center, that sits at the crossroads of the nation’s oil pipeline network.

The magnitude 4.5 quake struck Saturday afternoon about three miles northwest of Cushing, roughly midway between Oklahoma City and Tulsa. The town of about 8,000 people is home to the so-called Cushing Hub, a sprawling tank farm that is among the largest oil storage facilities in the world.

Scientists reported in a paper published online last month that a large earthquake near the storage hub “could seriously damage storage tanks and pipelines.” Saturday’s quake continues a worrisome pattern of moderate quakes, suggesting that a large earthquake is more than a passing concern, the lead author of that study, Daniel McNamara, said in an interview.

“When we see these fault systems producing multiple magnitude 4s, we start to get concerned that it could knock into higher magnitudes,” he said. “Given the number of magnitude 4s here, it’s a high concern.”

The federal government has designated the hub, run by energy industry companies, a critical national infrastructure. Major tank ruptures could cause serious environmental damage, raise the risk of fire and other disasters and disrupt the flow of oil to refineries nationwide, said Dr. McNamara, a research geophysicist at the National Earthquake Information Center in Colorado.
http://www.nytimes.com/2015/10/15/us/new-concern-over-quakes-in-oklahoma-near-a-hub-of-us-oil.html
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #667 on: October 21, 2015, 01:44:56 PM »
Strong editorial in Exxon's Texas hometown newspaper about the oil giant's actions on climate change.
Quote
Nevertheless, we can’t shake the image of Exxon’s executives dismissing the damage their primary product creates but consistently questioning the science that underpins the global-warming argument. It reminds us of the days when Big Tobacco adamantly insisted that science was inconclusive about the cancer-causing effects of cigarettes.
http://www.dallasnews.com/opinion/editorials/20151020-editorial-exxons-missed-opportunity-to-address-climate-change.ece
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Buddy

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Re: Oil and Gas Issues
« Reply #668 on: October 21, 2015, 03:20:39 PM »
The next 10 - 20 years is going to be a PAINFUL TIME in the "oil patch."

http://finance.yahoo.com/news/jim-chanos-nails-between-debt-103435995.html

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Sigmetnow

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Re: Oil and Gas Issues
« Reply #669 on: October 21, 2015, 11:38:16 PM »
Came across this John Oliver piece on North Dakota's lax safety standards for their oil and gas industry. 
20-minute video. (Caution: language.)

Last Week Tonight with John Oliver: North Dakota (HBO)
https://m.youtube.com/watch?v=jYusNNldesc&feature=youtu.be
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #670 on: October 22, 2015, 12:43:41 AM »
The Link Between Debt and Energy
Quote
U.S. oil production is expected to grow 6 percent in 2015, despite a stunning 59 percent drop in the U.S. rig count over the past year.
...
According to Chanos, cash flow from operations at some of the most prominent exploration and production companies has not covered capital expenditure since 2010, meaning that they have consistently outspent income.
http://www.bloomberg.com/news/articles/2015-10-21/jim-chanos-nails-the-link-between-debt-and-energy
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Buddy

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Re: Oil and Gas Issues
« Reply #671 on: October 24, 2015, 07:42:25 PM »
FOX (RT) News....."The Trump Channel.....where truth and journalism are dead."

Sigmetnow

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Re: Oil and Gas Issues
« Reply #672 on: October 27, 2015, 01:09:17 PM »
Are IEA reports tilted toward extra FF use?

Quote
International Energy Agency (IEA) projections that show the world will continue its heavy reliance on fossil fuels deep into this century are uncertain and being used to mislead governments and shareholders, according to a new report.

The fossil fuel industry commonly cites modelling by the IEA, an intergovernmental organisation considered to be an authoritative source of information on energy, which finds demand for their products increasing until at least 2040.

But analysts at the London-based Carbon Tracker thinktank found IEA models were based on high-end assumptions about global population and economic growth. In additon, the agency has failed to track the exponential growth of the renewable energy industry
Quote
The IEA’s spokesman said: “The differences that have occurred between actual levels of renewables generation and projected levels in [our past reports] really just serve to reinforce the point that the IEA has made for a long time: that policies do matter.”
http://www.theguardian.com/environment/2015/oct/23/are-fossil-fuel-companies-using-iea-reports-to-talk-up-demand
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #673 on: October 28, 2015, 03:01:39 AM »
Royal Dutch Shell Plc quits Carmon Creek oilsands project over lack of pipeline capacity
http://business.financialpost.com/news/energy/royal-dutch-shell-plc-quits-carmon-creek-oilsands-project-taking-us2b-charge
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #674 on: October 29, 2015, 02:17:47 AM »
Next door to Oklahoma.  The number of earthquakes in the state jumped from four in 2013, to 817 in 2014!

Southern Kansas sees sudden spike in earthquakes
http://www.washingtonpost.com/news/energy-environment/wp/2015/10/27/southern-kansas-sees-sudden-spike-in-earthquakes/

Edit:  Kansas geologists look for earthquake and fracking correlation
http://fuelfix.com/blog/2015/02/06/kansas-geologists-look-for-earthquake-and-fracking-correlation/

Another edit: Kansas Geological Survey links earthquakes to fracking waste disposal
http://www.kansas.com/news/state/article7540583.html
« Last Edit: October 29, 2015, 03:47:07 AM by Sigmetnow »
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Re: Oil and Gas Issues
« Reply #675 on: October 29, 2015, 11:05:11 PM »
Helooo ! What's that I hear ? A bell, I think, faint in the distance. It sounds like the same bell that's tolling so loudly now for the coalpits. But one's saying something about gas. Getting closer too.

http://www.bloomberg.com/news/articles/2015-10-23/wind-energy-cheaper-than-natural-gas-for-xcel-ceo-fowke-says

" ... is receiving bids for 20-year power-purchase agreements at about $25 a megawatt-hour for wind energy ... "

" ... it’s a hedge against natural gas ... "

That last quote says it all.

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Sigmetnow

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Re: Oil and Gas Issues
« Reply #676 on: October 30, 2015, 03:42:18 AM »
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #677 on: October 30, 2015, 03:59:05 PM »
Oil Producers Curb Megaproject Ambitions to Focus on U.S. Shale
Quote
Big U.S. oil companies are starting to think small.

A stubborn 16-month crude rout with no end in sight is driving the largest U.S. oil producers away from costly, high-risk megaprojects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors.

Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., ConocoPhillips and Hess Corp. have all either delayed or abandoned projects that range from the deep seas of the Gulf of Mexico to Canada’s oil sands and the U.S. Arctic. At the same time, Exxon and Chevron both announced plans to substantially increase U.S. crude production, largely as a result of their shale operations.

“What makes more sense in this environment: drill a $100 million well in the deepwater Gulf that might come up empty, or poke lots of holes in west Texas where you already know there’s oil for a few million apiece?” said Michael Webber, deputy director of the University of Texas Energy Institute.
http://www.bloomberg.com/news/articles/2015-10-29/oil-producers-curb-megaproject-ambitions-to-focus-on-u-s-shale
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wili

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Re: Oil and Gas Issues
« Reply #678 on: November 03, 2015, 03:05:32 AM »
http://www.wsj.com/articles/transcanada-requests-suspension-of-u-s-permit-for-keystone-xl-pipeline-1446507279

This seems like kinda big news. Is Keystone finally dead?

Quote
TransCanada Requests Suspension of U.S. Permit for Keystone XL Pipeline

The company behind the Keystone XL pipeline on Monday asked the U.S. government to suspend its permit application, throwing the politically fraught project into an indefinite state of limbo, beyond the 2016 U.S. elections.

Calgary, Alberta-based TransCanada Corp. sent a letter to the State Department, which reviews cross-border pipelines, to suspend its application while the company goes through a state review process in Nebraska it had previously resisted. The move comes in the face of an expected rejection by the Obama administration and low oil prices that are sapping business interests in Canada’s oil reserves.

“In order to allow time for certainty regarding the Nebraska route, TransCanada requests that the State Department pause in its review of the Presidential Permit application for Keystone XL,” the company said in the suspension request reviewed by The Wall Street Journal. “This will allow a decision on the Permit to be made later based on certainty with respect to the route of the pipeline.”

The announcement marks a turning point for the company’s effort to get the pipeline approved. Its executives have repeatedly said over the years they wouldn’t back down from seeking a permit in the face of political or economic uncertainty. Low oil prices have called into question to what extent oil companies would need the pipeline and President Barack Obama has repeatedly said he doubted the pipeline would benefit the U.S.
----------------------------------------------
Keystone XL also has faced unexpected resistance in Alberta, home to Canada’s oil sands, with the election in May of a left-leaning government that has adopted a lukewarm approach to the project. Premier Rachel Notley has questioned the need for greater access to the U.S. market, which buys nearly all the oil that Canada exports. Ms. Notley instead has signaled her support for alternative routes such as a proposed pipeline that would link to Eastern Canadian refineries.

TransCanada also lost a staunch ally when Canada’s longtime ruling party lost its mandate in federal elections earlier this month, prompting the ouster of Prime Minister Stephen Harper, who once called Keystone XL a “no-brainer.” His successor, Prime Minister-elect Justin Trudeau has signaled support for Keystone XL but isn’t expected to make it a signal issue in U.S.-Canadian relations.
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #679 on: November 03, 2015, 03:45:04 AM »
Nothing firm, but this is from today:
Quote
Earlier in the week, the White House indicated its intention to rule on the controversy-ridden pipeline by the end of Obama's term; some were expecting the State Department decision to reject the pipeline as soon as the end of the week.
http://www.motherjones.com/blue-marble/2015/11/transcanada-just-asked-us-suspend-keystone-xl-pipeline
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #680 on: November 03, 2015, 03:47:25 AM »
Quote
Saudi Arabia is creating a special office to tighten oversight of government spending as the country grapples with sliding oil prices and its first projected budget deficit since 2009, two people with knowledge of the matter said.
http://www.bloomberg.com/news/articles/2015-11-02/saudi-arabia-said-to-create-special-office-to-help-cut-spending
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #681 on: November 04, 2015, 07:21:08 PM »
U.S. Senator Richard Blumenthal--who also is former state Attorney General--joins the call for Exxon accountability.
Quote
...Blumenthal and three fellow New England Democratic senators last week sent a letter to oil and gas giant ExxonMobil demanding to know whether the company or its employees made anonymous donations to a conservative fund that backs climate change denial research.
http://m.hartfordbusiness.com/ARTICLE/20151103/NEWS/151109985
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #682 on: November 06, 2015, 07:12:57 PM »
New York’s Attorney General Is Investigating Exxon
Quote
Schneiderman’s investigation will seek to answer questions about whether ExxonMobil engaged in a cover-up to mislead the public about the risks of human-caused climate change. Those questions were raised publicly by recent investigations from Inside Climate News and the Los Angeles Times, which found that the company knew as far back as 1977 that its product was contributing to climate change.

Instead of acknowledging this, however, the investigations found that Exxon gave millions of dollars to politicians and groups that deny climate science, and downplayed the scientific certainty. According to the Times, Schneiderman’s investigation began in secret a year ago, but the reporting from Inside Climate and The Los Angeles Times added “impetus” to their effort.
http://thinkprogress.org/climate/2015/11/05/3719767/investigate-exxon-new-york-attorney-general/
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #683 on: November 08, 2015, 04:03:19 AM »
That Time I Tried to Buy an Actual Barrel of Crude Oil
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Could a barrel of crude really kill me?" I asked a petrochemical engineer captive to my persistent, doubtlessly annoying questions. It absolutely can, he said. Hydrogen sulfide gas—H2S, for short—has a terrible propensity to evaporate from crude, knock out your olfactory capabilities, and slowly suffocate you to death.
http://www.bloomberg.com/news/articles/2015-11-03/that-time-i-tried-to-buy-some-crude-oil
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #684 on: November 08, 2015, 04:48:52 PM »
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #685 on: November 09, 2015, 12:59:04 PM »
Is Exxon's financial support of climate change denial protected as a "free speech" issue?

The war against Exxon Mobil
https://www.washingtonpost.com/opinions/the-war-against-exxon-mobil/2015/11/08/094ff978-84a6-11e5-8ba6-cec48b74b2a7_story.html
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AbruptSLR

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Re: Oil and Gas Issues
« Reply #686 on: November 12, 2015, 12:02:47 AM »
The linked article discusses how crude oil prices remain low; which means that it will take longer for renewables to gain market share:

http://www.reuters.com/article/2015/11/11/us-global-oil-idUSKCN0T001520151111#bvjFvxIAjAD3Jzq2.97

Extract: "Oil prices fell about 3 percent on Wednesday, hitting August lows, on worries U.S. crude inventories were piling up and Iraq was bringing on more supply that would intensify OPEC's fight for market share."
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #687 on: November 13, 2015, 03:19:32 AM »
Oklahoma world's No. 1 earthquake area
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ENID, Okla. — Oklahoma is now the No. 1 earthquake area in the world, an Oklahoma Corporation Commission spokesman said Monday.

Spokesman Matt Skinner said the state is unique in terms of frequency.

"We have had 15 (earthquakes) in Medford since 5 o'clock Saturday morning," he noted. "We've got an earthquake issue."
http://www.enidnews.com/news/local_news/oklahoma-world-s-no-earthquake-area/article_69b145b8-c180-5065-8f99-b2a7ec7ce913.html


Oklahoma regulators limit disposal wells after Medford-area earthquakes
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State regulators on Tuesday directed five companies to limit operations at nine disposal wells north of Medford after more than two dozen earthquakes shook the area over the past four days.
http://newsok.com/article/5459507
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #688 on: November 13, 2015, 01:36:33 PM »
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #689 on: November 13, 2015, 01:52:11 PM »
"Peak demand" means world may never see oil at $100 a barrel again
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Oil at Peak Demand: Cheap gas and renewable energy have slashed demand for oil, erasing decades-old concerns about “peak supply” and opening a new era of “peak demand.” Oil today stands at around $50 a barrel, a fraction of the price analysts predicted in the 1980s as global reserves were expected to become scarcer. Higher fuel efficiencies for cars and the industry's switch towards less-polluting sources of energy such as gas, biofuels, solar and wind power, mean that oil demand could plateau in the coming decades.

http://www.reuters.com/article/2015/11/05/oil-demand-idUSL8N12Z4ZJ20151105
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Re: Oil and Gas Issues
« Reply #690 on: November 13, 2015, 05:33:48 PM »
You might want to watch Exxon stock over the next couple of weeks STARTING TODAY.  From a "technical charting" point of view.....it looks poised to drop to the $60ish area from its current $79 bucks.

Oil and gas companies have been getting HAMMERED over the last 12 months.....and it looks like we have one more step down before that area "rallies".

If Exxon moves down to the $60ish area over the next week or two....it could have a nice rally UP after that for 12 - 18 months.....before it ULTIMATELY CRATERS....and continues its LONG downward trend.

I honestly don't think the O&G players REALLY know what is coming their way regarding the move AWAY from fossil fuels.  I think they see a light at the end of the tunnel.....but they don't know it is a train coming their way.

It is truly fascinating to watch.  It is like watching a high speed wreck in slow motion......

 
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #691 on: November 14, 2015, 02:39:30 AM »
More discussion over in the Keystone Pipeline thread.

Tanker Ban Spells End for the Enbridge Northern Gateway Pipeline
Quote
[Vancouver, British Columbia] Today the Prime Minister of Canada instructed his incoming Minister of Transport to formalize a moratorium on crude oil tanker traffic on British Columbia’s north coast.

Karen Mahon, ForestEthics Advocacy director issued the following statement:

“This ban ends the dangerous Northern Gateway pipeline proposal.”

“Without tankers crude oil has no place to go, that means no pipelines, no oil trains moving tar sands to the northern BC coast.”

“We are living the tipping point on climate disruption. Exactly a week ago President Obama killed the Keystone XL pipeline, today Prime Minister Trudeau killed the Enbridge pipeline. The whole world is heading to Paris this month to come up with a plan to fight climate change. This is the beginning of the end for the dirtiest crude oil on Earth.”
http://www.forestethics.org/news/tanker-ban-spells-end-enbridge-northern-gateway-pipeline
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #692 on: November 14, 2015, 01:23:46 PM »
From 2014:  Q&A: Why First Nations Are Stopping Enbridge's Tar Sands Pipeline
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All of our communities have a land use plan. We have a marine use plan. What that means is that we're serious about our economy. We want to make sure that it's self-sufficient based on what's there, and that it doesn't harm the environment—so it lasts forever.
http://insideclimatenews.org/news/20140731/qa-why-first-nations-are-stopping-enbridges-tar-sands-pipeline
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #693 on: November 15, 2015, 03:34:02 PM »
3-minute Bloomberg video opines that no single energy source will take over for oil in the near future.  (And that electric vehicles hold the key to the switch.)

Power Struggle: How the Energy Market Could Shift in 2016
http://www.bloomberg.com/news/videos/2015-11-11/power-struggle-how-the-energy-market-could-shift-in-2016
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Re: Oil and Gas Issues
« Reply #694 on: November 19, 2015, 04:06:57 AM »
Oil cracks $40 on global supply glut, may head to $30
Quote
"We should normally in November until January be in a drawdown period for crude oil inventories, and that has not been the case in the last four weeks," said Mike Dragosits, senior commodities analyst at TD Securities. "We continue to see builds. As we go forward, we're going to start to see some of the petroleum products building, gasoline, distillates and if we have crude oil inventories not declining, even building, we're going to stay in a record oversupply situation."
http://www.cnbc.com/2015/11/18/oil-cracks-40-on-global-supply-glut-may-head-to-30.html
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #695 on: November 19, 2015, 07:01:40 PM »
"OPEC took a swing at U.S. shale and knocked down Canada."

OPEC Targets U.S. Shale, But Hits Canada Instead
http://www.bloomberg.com/news/articles/2015-11-18/opec-threatened-by-u-s-shale-hits-canada-harder-in-price-fight
Quote
Threatened by surging production from North America, the Organization of Petroleum Exporting Countries has been pumping above its quota for 17 months as it seeks to take market share from higher-cost regions. The resulting 60 percent price crash is hitting Alberta harder than Texas.

Canadian producers are struggling to cut the cost of extracting bitumen from the oil sands, and their other wells are failing to match the efficiency gains of U.S. rivals, a Bloomberg Intelligence analysis shows. While output keeps rising in the Permian Basin, the largest U.S. shale play, companies are slowing output from wells in Alberta and have shelved 18 oil-sands projects during the downturn, according to ARC Financial Corp.
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #696 on: November 20, 2015, 05:28:17 PM »
Strong Earthquake Rattles Oklahoma, Felt in 7 Other States
Quote
The Oklahoma Geological Survey concluded that the injection of wastewater byproducts into deep underground disposal wells from fracking operations has awakened the state’s dormant fault lines.

Oklahoma now has more earthquakes than anywhere else in the world, a spokesperson from the Oklahoma Corporation Commission reported.

In a joint statement last year, the USGS and the Oklahoma Geological Survey said that the risk of a damaging earthquake—one larger than magnitude 5.0—has significantly increased in central Oklahoma.

As for Kansas, the Washington Post reported last month that the number of earthquakes in the state have jumped from only four in 2013 to a whopping 817 in 2014.
...
In August, Oklahoma Gov. Mary Fallin admitted that there was a “direct correlation between the increase of earthquakes that we’ve seen in Oklahoma [and] disposal wells.” Fallin, however, must weigh the pros and cons of fracking in her state, as the sector provides a significant number of jobs.
http://ecowatch.com/2015/11/19/oklahoma-earthquake-fracking/
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #697 on: November 20, 2015, 08:21:51 PM »
With Pipeline Stopped, Fight Ramps Up Against 'Keystone of the Great Lakes'
Groups are urging State Dept. scrutiny of an Enbridge pipeline they say is moving twice the amount of tar sands oil into the U.S. than it's permitted for.
http://insideclimatenews.org/news/20112015/activists-keystone-xl-pipeline-enbridge-alberta-clipper-tar-sands-great-lakes
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #698 on: November 22, 2015, 04:35:32 AM »
Oklahoma Corporation Commission closes disposal wells following magnitude-4.7 earthquake
http://m.newsok.com/corporation-commission-closes-disposal-wells-following-magnitude-4.7-earthquake/article/5461512
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #699 on: November 22, 2015, 03:47:33 PM »
Oil companies brace for big wave of debt defaults
Quote
Low oil prices are leaving many oil and gas companies with difficult debt loads, causing them to default at an extraordinary rate.

On top of that, rating firm Moody's forecasts the default rate will increase.

"The energy sector remains the most troubled, accounting for almost a quarter of the 79 defaults so far this year," said Sharon Ou, Moody's Credit Policy Research senior credit officer.

The strain on the oil patch comes after years of borrowing heavily at the start of the domestic energy renaissance.
http://www.cnbc.com/2015/11/20/oil-companies-brace-for-big-wave-of-debt-defaults.html
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