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March 1, 2013

News for the oil and natural gas industry

Top Story

EIA: Shale plays help U.S. reach two-decade high oil production
The U.S. produced more than 7 million barrels per day of oil in November and December 2012, the highest figure in 20 years, according to the Energy Information Administration. Surging output from shale formations, particularly those in Texas and North Dakota, spurred the increase, the report said. The Hill/E2 Wire blog (2/28)

Industry News

BP's Gulf spill report omitted crucial details, expert says
A BP safety expert accused the company of straying from its accident-response policy by failing to determine the role of management in the 2010 Gulf of Mexico oil spill. BP also omitted key correspondence between shore and rig managers the day of the rig blast and oil spill in its incident report, Mark Bly, who led an internal probe, said during a civil trial over the spill. FuelFix.com (2/28)

Keystone XL to secure U.S. approval before summer, exec says
TransCanada's Keystone XL pipeline is expected to secure the U.S. government's approval "by the first half of 2013," said Paul Miller, senior vice president in charge of oil pipelines at the company. "We anticipate to have this in service by end of 2014 or beginning of 2015," he said. Fox Business/Dow Jones Newswires (2/28)

AFL-CIO president supports Keystone XL project
The construction of TransCanada's Keystone XL pipeline is environmentally sound, AFL-CIO President Richard Trumka said. Environmentalists should support the project, because without it Canada would most likely use tankers to haul oil sands crude overseas, which is more carbon-intensive, he said. The New York Times (tiered subscription model) (2/27)

Conoco seeks sale of shares in Canadian, Australian properties
ConocoPhillips seeks to unload some of its shares in its Canadian oil sands properties and the Australia Pacific LNG project, as it focuses more on U.S. shale formations and other key assets, said Ryan Lance, the company's chairman and CEO. Conoco also plans to boost output and margins by up to 5% per year through 2017, he said. Rigzone/Dow Jones Newswires (2/28)

Exploration & Production

Apache seals leaking gas well in Gulf
Apache has successfully plugged and cemented a leaking natural gas well in the Gulf of Mexico, the company announced. Apache on Feb. 4 discovered an uncontrolled fluid flow at the site, prompting it to activate a blowout preventer. However, further tests indicated the migration of hydrocarbons underneath the ocean floor, which triggered well control operations. FuelFix.com (2/28)

Chevron provides update about deepwater Gulf well
Chevron's St. Malo well in the Gulf of Mexico flowed 13,000 barrels per day during a production test, the company said. Chevron is also developing the Jack field in the Gulf. "Jack and St. Malo fields are expected to provide a major step-up in Chevron's production from 2014 and produce domestic energy for decades to come," said Gary Luquette, president of Chevron North America Exploration and Production. Reuters (2/28)

Exxon, Petrom plan further drilling in Romanian Black Sea
ExxonMobil and Petrom seek to drill another well in the Neptun block in the Romanian Black Sea as early as the end of 2013, said John Knapp, the head of Exxon's Romanian subsidiary. "For a new appraisal of the block, we need to complete the 3D seismic studies and interpret the data and there is also additional drilling that needs to be done," Knapp said. Bloomberg Businessweek (2/28)

Policy Watch

Sen. Murkowski lauds Shell's Alaskan drilling decision
Royal Dutch Shell's decision to suspend its Alaskan offshore exploration activities this year was commended by Sen. Lisa Murkowski, R-Alaska. "I have been a strong supporter of Shell's activities in the waters off Alaska's northern coastline and in energy exploration in general, but I have always said that it must be done to the highest safety standards," Murkowski said. "Shell's decision to postpone this summer's exploratory drilling program shows that it shares that commitment to safety." Bloomberg Businessweek (2/28)

Official: Keystone XL ruling would show U.S. climate commitment
The Obama administration's rejection of TransCanada's Keystone XL pipeline would demonstrate that the U.S. is serious about its campaign against global warming, said Connie Hedegaard, the European Union's commissioner for climate action. "That would be an extremely strong signal for the Obama administration," she said. Reuters (2/28)

API News

Strategic Leadership Skills, April 15 to 19, Dallas
Research has shown that effective leaders have developed a pattern of success based on critical competencies that have been honed throughout their careers. In this program, you'll be exposed to a highly creative faculty who will give you the tools to think and work differently as you move through the leadership roles and challenges of the oil and natural gas industry for the next decade. Learn more.

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.

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