Petroleum production News

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Blowout Could Spill 58 Million Gallons in Arctic

ANCHORAGE, Alaska -- The federal agency overseeing offshore drilling in Alaska says the worst-case scenario for a blowout in the Chukchi Sea lease could result in a spill of more than 58 million gallons of oil into Arctic waters. That's about a quarter of the Deepwater Horizon spill, which put 206 million gallons of oil...

Greenpeace Occupies Rig in Arctic Drilling Protest

ANKARA, Turkey -- Greenpeace activists climbed aboard an oil rig off Istanbul on Friday in a bid to prevent it from reaching Greenland to begin deep-water drilling in the Arctic, but the vessel continued on its course undeterred. The environmental group said eleven activists, some in rock-climbing gear, used speedboats to...

BP, Gulf Spill Partners Sue Each Other

MIAMI -- After being hammered for a year over the Gulf of Mexico oil spill, BP is going on the offensive with multibillion-dollar lawsuits seeking to shift at least part of the blame to those who owned the ill-fated rig or designed a failed safety device or supplied cement that didn't hold. Those companies - Transocean,...

BP Sues Rig Owner for $40B; Blames It for Disaster

NEW ORLEANS -- BP on Wednesday sued the maker of the device that failed to stop last year's calamitous Gulf oil spill and the owner of the rig that exploded, alleging that negligence by both helped cause the disaster. The British company said in papers filed in federal court in New Orleans that it is suing rig owner...

Science May Be Murky in the Gulf for Years

Oil is still in a few places in the Gulf, but for the most part it looks pristine. Anecdotal evidence indicates a rapidly recovering area -- escaped crude oil itself is scarce, and regular tests by the Louisiana Department of Wildlife and Fisheries have yet to reveal any tainted seafood. But the Gulf of Mexico and its...

Petroleum production News From AOL

THE HUFFINGTON POST

Proposed North Dakota Pipeline May Be Scrapped

A Colorado company says its proposed $650 million pipeline that would move 150,000 barrels of North Dakota crude daily to a hub in Minnesota is at risk of being scrapped.

THE HUFFINGTON POST - BUSINESS

Emails Reveal High-Level Discord at BP Over Flow Estimates During 2010 Oil Spill

A BP engineering executive warned senior BP management early on in the 2010 Gulf of Mexico oil spill that internal models did not support estimates of the size of the undersea leak being provided to government officials and the public, according to company emails.

AOL MONEY & FINANCE

Only 3 of 12 lots sold in Iraqi energy auction

BAGHDAD -Iraq's fourth postwar energy auction drew a cool response from foreign energy companies Wednesday, dealing a setback to the country's hopes to dig out from years of conflict and sanctions and develop its vast untapped hydrocarbon reserves.

THE HUFFINGTON POST

Norway: The Oil State

Welcome to Norway, home to a proud people who enjoy telling the myth about how they cheated their rival and neighbor Denmark by, despite owning very little of the North Sea oil, getting the then-Danish minister drunk on Norwegian snaps and signing the majority over to them.

THE HUFFINGTON POST - BUSINESS

Brendan DeMelle: What Chesapeake Energy's Financial Scandals Mean for the Rest of Us

Last summer, The New York Times first raised questions about Chesapeake's accounting practices and its admission that the company's real strategy is to flip land -- in other words: buy drilling plots cheap, talk up its gas potential, and then sell the land at inflated prices.

Petroleum production News From the Web

05/31/12 Canada's oil and gas industry will need to fill at... Source: Global Infomine Canada's oil and gas industry will need to fill a minimum of 9,500 jobs by 2015, according to a report released today by the Petroleum Human Resources Council of Canada.
05/31/12 Synergy 'Pleased' with First Niobrara Well Results Source: Rigzone Synergy Resources Corporation, a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin (the D-J Basin), on Thursday provided initial production rates for the Wake E24-77HN horizontal well in which the company has a 25 percent working interest.
05/31/12 Spill sends 22,000 barrels of oil mix into Alberta... Source: Globe and Mail A huge spill has released 22,000 barrels of oil and water into muskeg in the far northwest of Alberta.
05/31/12 Federal-provincial board approves $6.5-billion Hebron... Source: Medicine Hat News - Medicine Hat AB The Canada-Newfoundland and Labrador Offshore Petroleum Board has approved an application to develop the $6.5-billion Hebron oil project off Newfoundland.
05/31/12 Only 3 of 12 lots sold in Iraqi energy auction Source: SFGate.com - San Francisco CA Iraq's government signed deals for only three of 12 oil and natural gas exploration sites offered in a two-day energy auction that ended Thursday, reflecting reluctance of foreign bidders to risk money in unexplored areas.