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March 20, 2013
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News for the oil and natural gas industry

  Top Story 
  • Anadarko, Conoco tout potential of Gulf deepwater find
    Anadarko Petroleum and ConocoPhillips reported strong results from their Shenandoah-2 well in the Gulf of Mexico. The well, which was drilled to 31,405 feet in approximately 5,800 feet of water, contained over 1,000 feet of net oil pay. "With ownership in the successful Shenandoah wells, the adjacent Yucatan prospect and the very encouraging results from the nearby Coronado well, Anadarko is strategically positioned in the Shenandoah Basin, which has the potential to become one of the most prolific new areas in the deepwater Gulf of Mexico," said Bob Daniels, senior vice president for deepwater and international exploration at Anadarko. (3/19) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Court hears Transocean CEO's testimony in Gulf spill trial
    Transocean President and CEO Steven Newman believes his workers should have done more to prevent a fatal blast at its Deepwater Horizon rig in the Gulf of Mexico in 2010. Transocean, however, didn't discover any "management failures" that led to the 2010 incident, Newman said during a civil trial. He said, however, that BP was responsible for determining whether a crucial safety test before the blowout was successful. The Washington Post/The Associated Press (3/19) LinkedInFacebookTwitterEmail this Story
  • Chevron wins SEC ruling on blocking shareholder plan
    Chevron secured the Securities and Exchange Commission's approval to block a shareholder plan to separate the jobs of chairman and CEO at the company. The proposal is tied with a $19 billion lawsuit against Chevron over environmental damages in Ecuador. Some shareholder groups argue that the proposal would show good corporate governance, since different people hold the positions in most companies. San Francisco Chronicle/Fossils and Photons blog (3/18) LinkedInFacebookTwitterEmail this Story
  • Next oil boom could occur in N.M., experts say
    The Mancos Shale formation in New Mexico has the potential to become the site of the next major oil boom in the U.S., observers say. The play, located in the San Juan Basin, could contain approximately 1.8 billion barrels of oil in recoverable reserves, said former Sen. Pete Domenici. "We have the technology to make a run to recover a huge part of it. Hydraulic fracturing and horizontal drilling have unlocked a tremendous amount of resources," he said. Albuquerque Journal (N.M.) (subscription required) (3/18) LinkedInFacebookTwitterEmail this Story
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  Exploration & Production 
  • Apache signs joint Gulf exploration deal with Energy XXI
    Apache and Energy XXI have struck a deal to jointly explore the Gulf of Mexico's shallow waters. The companies have purchased a 25% interest in 21 nonproducing leases, Energy XXI said, and have launched seismic studies to determine the area's potential. Reuters (3/19) LinkedInFacebookTwitterEmail this Story
  • Report predicts increase in Gulf oil production in 2013
    Financial firm Raymond James anticipates an increase in Gulf of Mexico oil production in 2013, marking an end to three consecutive years of declines in the aftermath of the Macondo oil spill. "While production is likely to flatten out in 2014 and 2015, there is a very meaningful amount of volumes on deck for startup in the second half of the decade," according to the report. United Press International (3/19) LinkedInFacebookTwitterEmail this Story
  Refining & Marketing 
  • Valero Energy won't sell Calif. refineries, CEO says
    Valero Energy's two refineries in California won't be sold, the company confirmed. "It didn't seem like the right thing for our shareholders" because "there aren't a lot of buyers" and "there's not a lot of value," said Bill Klesse, Valero's chairman and CEO. Reuters (3/19) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • Lawmakers to introduce bill to expand energy revenue sharing
    Sens. Mary Landrieu, D-La., and Lisa Murkowski, R-Alaska, will introduce legislation that would give coastal states a larger share of revenues from offshore oil and natural gas production. States could get up to 37.5% of offshore energy revenues under the bill. "For far too long, coastal energy producing states have faced a glaring inequity in federal energy policy that allows onshore producing states to keep 50% of revenues, while offshore producing states, like Louisiana and Alaska, keep virtually nothing," Landrieu said. Platts (3/19) LinkedInFacebookTwitterEmail this Story
  • Energy Dept. continues review of LNG export comments
    The Department of Energy continues to study comments about a NERA Economic Consulting study on the impact of liquefied natural gas exports and has not taken a position, said Christopher Smith, acting assistant secretary for fossil energy. According to the report, such exports would benefit the U.S. economy. The comments will be addressed when the department decides on project applications, Smith said. Reuters (3/19) LinkedInFacebookTwitterEmail this Story
  • Romania lifts shale drilling moratorium
    Romania has lifted its shale natural gas drilling ban in an effort to increase domestic energy production and reduce Russian fuel imports. "If shale gas is found in Romania, I'm convinced that technology will advance so much in four or five years that it will practically ensure the release of all the regular environmental permits," Prime Minister Victor Ponta said. Chevron has exploration licenses in the country and seeks to begin shale drilling at its Barlad concession. Bloomberg (3/19) LinkedInFacebookTwitterEmail this Story
  API News 
  • 79th Annual API Federal Tax Forum, April 29 and 30
    The forum is one of the only legal conferences focusing on federal oil and gas taxation and is consistently praised by participants as an excellent learning opportunity. It is open to private lawyers and accountants interested in this area and attracts speakers who are leading authorities in their fields. The topics covered at the forum are usually selected to address both basic and advanced issues on the U.S. taxation of domestic and international oil and gas operations. Learn more. LinkedInFacebookTwitterEmail this Story
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