Continental Resources CEO Harold Hamm believes the US has the capacity to double its oil output from 10 million barrels a day to 20 million barrels a day. However, he said this "needs to be done in a very systematic way," or else it risks creating another global oil glut that will cause oil prices to crash.
BP on Thursday approved a $9 billion investment in its Mad Dog phase 2 project in the Gulf of Mexico, which will start producing oil in 2021 and boost output at BP's existing project by 140,000 barrels per day, up from the current 80,000 barrels per day. As part of the project, BP will set up a floating production platform some six miles away from the current one.
Houston-based WildHorse Resource Development has launched an initial public offering and is hoping to raise over $664 million from the sale of 27.5 million shares of common stock priced between $19 and $21 each, with a 30-day option for underwriters to purchase an additional 4.125 million shares. WildHorse will use the proceeds from the IPO to finance its acquisition of 158,000 net acres in Burleson County, Texas, and pay off debt.
The California Department of Conservation's Division of Oil, Gas, and Geothermal Resources expects to complete its review of Southern California Gas' safety tests at the Aliso Canyon facility in early 2017, adding that it would schedule a meeting right after that. So far, 31 of the 114 wells at Aliso Canyon have passed safety tests, according to the agency.
The Energy Department has given Liquefied Natural Gas Ltd. permission to export liquefied natural gas to countries that do not have a free-trade agreement with the US from its planned Magnolia project in Lake Charles, La. The proposed four-train export terminal will have an annual production capacity of at least 8 million metric tons of LNG.
The Environmental Protection Agency edited its presentation of a five-year study on hydraulic fracturing at the last minute, minimizing the impact of fracking on US drinking water, according to an investigation by APM Reports and Marketplace. A few weeks before the study's release, EPA included a statement in the executive summary saying fracking has not caused "widespread, systemic impacts to drinking water resources," while earlier drafts suggested the process poses potential risks to water supply and noted several cases in which fracking activities contaminated drinking water.
Ring Energy will spend a large portion of its $70 million capital expenditure budget for 2017 on the San Andres play in the Central Basin Platform in West Texas, where it intends to drill 22 horizontal wells, six vertical wells and new disposal wells. The rest of the money will be used to drill eight vertical wells and repair a dozen existing wells in the Delaware Basin.
The Bureau of Land Management on Thursday announced it has updated 37-year-old regulations regarding land-use planning for activities such as oil and natural gas drilling, mining and grazing. The changes are designed to make the process more accessible to the public and improve transparency and efficiency.
The American Petroleum Institute and other trade groups on Wednesday night issued a joint letter calling on Environmental Protection Agency Administrator Gina McCarthy to leave the point of obligation under the Renewable Fuel Standard unchanged, arguing that any modifications would make things worse for oil and renewable fuel companies. "There is no sound public policy rationale for moving the point of obligation and further, such a change would add complexity and uncertainty to the current RFS program," the groups wrote.
Scientists analyzing satellite signals after a severe earthquake are helping provide a better explanation of tectonic processes, according to a new study. Using GPS monitoring, experts studied signals related to plate deformation caused by stress, including afterslip and viscoelastic relaxation, as well as relocking at the plates' interface.
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