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January 10, 2013
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News for the oil and natural gas industry

  Top Story 
  • Report: U.S. oil production reaches highest level since 1993
    The U.S. produced 7.002 million barrels per day in the week that closed Jan. 4, the highest output since March 1993, according to a report from the Department of Energy. Hydraulic fracturing and horizontal drilling played key roles in the production surge. "I don't think anyone expected the magnitude of the change in just one year," said Lipow Oil Associates President Andy Lipow. Bloomberg (1/9) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Industry, experts urge feds to craft baseline rules for Arctic drilling
    The Department of the Interior needs to implement baseline rules covering offshore Arctic drilling and production activities, according to several engineers, industry representatives and environmentalists. Regulators also need to consider requiring firms to perform spill deployment drills in the Arctic before operations there and should expand studies of oil spill response plans. The objective is to make sure that drillers are working "in the same way to achieve safety," said Charlie Williams, a member of the department's Ocean Energy Safety Advisory Arctic Subcommittee and head of the industry's Center for Offshore Safety. (1/9) LinkedInFacebookTwitterEmail this Story
  • Transocean makes first court appearance since Gulf spill settlement
    Transocean made its first federal court appearance since it agreed to settle Gulf of Mexico oil spill-related violations with the U.S. for $1.4 billion. The company, however, did not enter a plea during the hearing. "The purpose of this hearing is to advise the company of the nature of the charge against it and to set future dates," said U.S. Magistrate Judge Sally Shushan. Bloomberg (1/9) LinkedInFacebookTwitterEmail this Story
  Exploration & Production 
  • Shell's Gulf deepwater hub reaches production milestone
    Shell Oil's wells in its Perdido Hub in the Gulf of Mexico are producing more than 115,000 barrels per day of oil equivalent, nearing its total capacity of 130,000 barrels per day of oil equivalent, said President Marvin Odum. "The project is doing extremely well," he said. "We have crossed another milestone," he added. Platts (1/9) LinkedInFacebookTwitterEmail this Story
  • ATP requests bankruptcy court to OK sale of shallow Gulf wells
    ATP Oil & Gas, which in 2012 filed for bankruptcy protection, seeks to auction off several shallow-water oil wells in the Gulf of Mexico and has sought a U.S. bankruptcy court's approval for the effort. Lenders financing ATP's bankruptcy tasked the firm to begin the search for buyers, and under the loan terms, it needs to submit proposed auction rules for the assets. The rules "are designed to encourage all entities to put their best bids forward and to maximize the value of the shelf assets," ATP said. Bloomberg (1/9) LinkedInFacebookTwitterEmail this Story
  Refining & Marketing 
  • Tesoro announces conversion of Hawaii refinery to terminal
    Tesoro announced plans to convert its refinery in Kapolei, Hawaii, to an import, storage and distribution terminal this year. The terminal, its distribution system and associated properties will be placed for sale following the conversion, the company said. (1/9) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  • Industry backs efforts to expand offshore revenue sharing
    Efforts by some lawmakers to expand states' shares of offshore energy revenues drew support from the oil and natural gas industry. Progress on the issue indicates "significant shifts in policy that would allow for the responsible development of our nation's oil and natural gas," said Jack Gerard, president and CEO of the American Petroleum Institute. Fox Business/Dow Jones Newswires (1/9) LinkedInFacebookTwitterEmail this Story
  • Increased natural gas use is a priority of governors in 2013
    The National Governors Association will focus on the consumption of more natural gas this year, said Oklahoma Gov. Mary Fallin, the group's vice chairwoman. "Our initiative supports the production of American-made natural gas, the creation of American jobs, which would benefit our local economies, and certainly help our state budgets," Fallin said. Platts (1/9) LinkedInFacebookTwitterEmail this Story
  • Pa. lawmakers urge Obama to speed up LNG export project approvals
    President Barack Obama needs to accelerate permitting procedures for liquefied natural gas export projects, according to separate letters from Pennsylvania state lawmakers and the Pennsylvania Chamber of Business and Industry. "Selling LNG into the global marketplace is not only necessary for businesses, but would create more American jobs, increase demand, and spur more production without significantly impacting domestic prices," according to a letter from 28 lawmakers. The Philadelphia Inquirer (1/9) LinkedInFacebookTwitterEmail this Story
  API News 
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