Business and economy, gas. All know that the latest exceedingly influences the first one, so it comes as no surprise at all that everybody look at the rise of gas with that bitter taste in mouth. Due to latest news aren’t exactly the best ones. Just less than two weeks ago you were reading about Turning point for U.S. oil production, U.S. oil production finally exceeded oil consumption, everybody hardly waited for this to happen, but then this week we get Gas rise.
It goes without saying that the oil industry has brought in gainful revenue for companies engaging in shale oil production. Though it is a tough venture, drilling for shale resources has made the United States a record producer in such a small window of time, will soon exceed Saudi Arabia in terms of liquids production. Companies like EOG Resources (NYSE: EOG) have been leading the charge of the national production boom by concentrating on shale areas in Texas.
It seems that the UK might have a golden goose as IGas Energy Plc informed that it had much more shale gas than initially estimated. This revelation might mean an approaching revolution which in turn will significantly decrease the UK reliance on foreign gas. Thus the country should take advantage of its colossal shale gas reserves.
New tax breaks have brought a wave of investment as BP Plc decided to add two new drill rigs to the North Slope. The project, which is to be wrapped up by 2016, is an essential element of a $1 billion investment plan the British oil giant wants to introduce over the next five years.
We are standing at this point when we just have to either find or develop the fuel of the future. The fact is that mounting concerns over climate changes push us to look for alternative fuels or just fuels of the future. The need is even bigger when we take into account the fact that all reserves of known fossil fuels are slowly running out…
It seems that BG Group Plc is ready to once again to concentrate on exploration and liquefied natural gas (LNG) as it wants to regain its investors’ favor. The company, which is the UK third largest natural gas producer, aims to engage its partners into investment as it will try to expand its operations.
Glencore Xstrata Plc, one of the world’s biggest mining companies, informed that its saw copper output climb staggering 18 percent in the first quarter as its assets in Congo increased significantly the production. Indeed, increased copper production in Africa certainly helped the company enjoy strong first-quarter performance as it seeks ways to expand.
Shareholders of BP PLC had a message from their advisory body Pirac to vote against the compensation sought by the chief executive officer of BP PLC, Bob Dudley, as he demanded a BONUS of £2.6 million in shares and cash for standard performance of the company and poor profit margins.
It seems that Woodside Petroleum grew up to make a decision as it informed that it mothballed its controversial Browse LNG project. The US$40 billion onshore liquefied LNG project was put on hold due to raising ecological controversies and fast-increasing costs.
The UK North Sea gets another lift as Xcite Energy Ltd has informed that its Bentley field is rich in oil, according to the newest estimates. To top it all, the Bentley bed is estimated to be one of the largest heavy oil fields in the United Kingdom. The news awoke investors’ hopes, while shares of the company climbed as much as 12 percent on the report.
If one thinks that renewable energy is the future, then s/he can be surprised with a new decision made by BP Plc. Surprising or not, BP Plc has informed that it wants to get rid of its US wind arm. The sale of the US wind farm assets will close a chapter in the BP’s history of involvement in renewable energy which is also named the fuel of the future. The company intends to fully focus on its oil and gas projects as they are most profitable.
Exxon Mobil Corp. is incessantly continuing its attempts to clean up mess caused by the Arkansas oil spill. Another oil spill adds to concerns over the safety of pipeline systems and their conservation. But the Arkansas oil spill has also led to the beginning of a debate on the pipeline sector and the safety in general, not to mention the prospects of the Keystone XL project as well.
On the 28th of March, it was made public that an oil consortium led by BP Plc would plow as much as $500 million in an appraisal drilling project in the Clair field near Shetlands Islands. The investment is expected to bring many benefits to North Sea oil sector.
Everything indicates that BP Plc will have to dive into its pocket to cover all demands related to the Deepwater Horizon oil spill. On the 25th of February, the Gulf oil spill trial began. It is strongly believed that BP Plc, Transocean Ltd and Halliburton Corp. will have to play hard if they do not want to pay so much.
The UK is expected to benefit from an increase in North Sea investment as oil and gas companies will spend at least £13 billion in 2013. What is interesting is the fact that 2013 North Sea spending is estimated to reach its highest level in 30 years. The Oil & Gas UK, which is the industry trade body, also informed that companies would invest up to £100 billion in UK waters, which would have an immense impact on the economy.
British Petroleum Plc posted a 72 percent slump in the fourth fiscal quarter profits as the company had to pay a heavy fine and restructuring charges regarding the Deepwater Horizon oil spill. Also a fall in the production of oil and gas led to weak fourth quarter profits.
On the 31st of January, Royal Dutch Shell PLC informed that it saw a 13 percent jump in profit for the fourth quarter. As it was underlined by the Europe’s biggest energy company, increased costs in both exploration and output were balanced by high refining margins. However the profit for the final fiscal quarter did not meet with analysts’ estimates due to weaker prices in North America.
According to a Deloitte’s study published on the 18th of January, over 90 percent of the North Sea developments in 2012 were granted tax relief. Tax breaks, which have been recently introduced, are expected to encourage investors to engage more in the North Sea, the well-known oil province.
Royal Dutch Shell PLC is set to tow its grounded drilling rig in Alaska as soon as weather conditions are good enough to perform the operation. The Kulluk, the Shells’s drilling rig, will be moved to a save harbor, according to detailed plans of the company