The Texas Railroad Commission reports that oil output rose in July while gas production dropped. Preliminary results showed Karnes County led in oil production and Webb County led in natural gas.
The Dakota Access Pipeline might be able to move forward if Native American tribes affected by the project receive economic opportunities such as supply and delivery contracts, said Whiting Petroleum CEO Jim Volker. Standing Rock Sioux Chairman David Archambault said the tribe would not drop its opposition if given access to contracts.
Changes in the political and technological landscapes are pointing to a vastly different future for oil and gas organizations, but McKinsey & Company shares several ideas on how organizations can be proactive and prepare for the changes. "We are now entering a time of great change, with major societal, technological, and political trends reshaping the environment in which oil and gas companies operate," this article states.
The Organization of the Petroleum Exporting Countries has reached an agreement to limit crude oil production, with member-country levels to be set at its Nov. 30 policy meeting. This would be the first OPEC production cut since 2008.
The Organization of the Petroleum Exporting Countries plans to decrease daily output by about half the amount of global oversupply, two unnamed OPEC sources said Wednesday. The move is expected to increase oil prices and help US shale firms drill new wells.
Scientists with the Seismic Sound Lab at Columbia University's Lamont-Doherty Earth Observatory in New York are working with artists on a project that turns seismic waves into sound and images, called the "SeismoDome" show. It demonstrates how seismic waves move through the Earth with the sound and visuals sped up by a factor of several thousand and filters the sounds and visuals to provide a clearer sense of the internal impact and aftershocks of a quake.
Two separate billion-dollar deals have seen shale formations with a wealth of natural gas in the eastern US trade hands. DTE Energy has agreed to a $1.3 billion deal to acquire natural gas pipeline assets from M3 Midstream and Vega Energy Partners, while Rice Energy has purchased assets in the Marcellus Shale for roughly $2 billion.
Newfield Exploration has completed the sale of its Texas holdings in two separate deals totaling $380 million. Protege Energy has acquired the company's Eagle Ford Shale holdings, while an undisclosed buyer has purchased its South Texas natural gas assets.
Ineos Group's Insight tanker has arrived in Scotland with a load of ethane, marking the first delivery of US shale natural gas to the UK. The tanker was greeted by stormy weather that forced it to return to deeper waters, which has delayed the unloading of its cargo.
The Justice Department has announced that Kirby Inland Marine has agreed to pay $4.9 million in penalties to settle claims resulting from a 2014 oil spill in the Houston Ship Channel. As part of the agreement, the company has committed to implementing operating improvements across its fleet.
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