Phoenix Global Resources plans to invest up to $120 million in the Vaca Muerta Shale and other unconventional formations in Argentina's Neuquen Basin. The company increased its projected capital expenditure this year from $90 million to $190 million.
Scientists say they can use seismic data from the seafloor to determine the timing and strength of major storms such as hurricanes and typhoons, providing records from as far back as more than a century ago. Colliding waves cause vertical pressure and seafloor movement, triggering seismometers on islands and in coastal areas, researchers say.
The Wyoming Senate is considering a bill that would slash the oil and natural gas severance tax by half for wells in the third and fourth year of production. The sponsors of the bill hope the tax break will encourage more producers to drill in the state and help offset declining fossil fuel revenue.
Surging shale production, Gulf Coast infrastructure expansions and looser regulations are positioning the US to become one of the world's top liquefied natural gas exporters over the next few years. There are six LNG projects under development that would add 10 billion cubic feet per day to the US' export capacity once they come online and help expand the nation's reach to new markets.
US crude inventories climbed by 1.8 million barrels last week, versus analyst expectations for a 2.6-million-barrel increase, while gasoline stocks rose by 3.6 million barrels and distillate supplies dropped by 500,000 barrels, according to the Energy Information Administration. Weekly crude production grew by 20,000 barrels per day to a new record of 10.27 million barrels per day, the EIA said.
The Colorado Oil and Gas Conservation Commission on Monday voted in favor of increasing taxes on oil and natural gas producers to help the state address the environmental impacts of drilling. Under the plan, the state would raise $4.8 million by charging drillers 0.11 cents per dollar of oil and gas produced.
Companies plan to spend an average of $19.5 billion annually on over 560 oil and natural gas fields in the North Sea until 2020, according to a GlobalData analysis. Norway-based Statoil will spend almost $10 billion, mostly on the Johan Sverdrup oilfield, the data show.
Harvard University scientists are proposing that Oklahoma use artificial intelligence to detect more earthquakes. The technology, which researchers say can detect 17 times more quakes than are picked up by conventional seismographs, removes the Earth's ambient seismic noises and recognizes small temblors.
China and the Philippines will create a group to negotiate a way for the countries to cooperate on oil and natural gas exploration in contested areas of the South China Sea. The Philippines is eager to explore the sea, most of which is claimed by China, because it is depending heavily on imports and has nearly depleted its offshore Malampaya natural gas field.
More efficient drilling and productivity gains helped Occidental Petroleum boost Permian Basin production by nearly 15% in the fourth quarter over the third quarter, but despite this, pretax income for oil and natural gas fell from $220 million to $44 million.