The 7,000-square-kilometer Rattray volcanic province off northwest Scotland in the North Sea may contain oil and natural gas, University of Aberdeen geologists say. The researchers, who examined 3D seismic reports and well data, disagree with previous assumptions that the area contains empty magma chambers from ancient volcanoes.
New Mexico House lawmakers on Friday rejected a bill that would have raised the cap on oil and natural gas royalty rates on state trust lands from 20% to 25% and would have permitted state-levied taxes on gas producers for methane emissions. The New Mexico Oil and Gas Association had argued that the measure would deter private investors from working in the state.
The Texas oil and natural gas industry's state and local tax and royalty payments increased by 27% from fiscal year 2017 to over $14 billion in fiscal year 2018, reports the Texas Oil & Gas Association. Some $1.24 billion went to school districts, while counties got $366.5 million.
US District Judge Brian Morris on Friday denied TransCanada's request to conduct pre-construction activities related to the Keystone XL pipeline project until the Trump administration finishes a new environmental review. The decision could alter the project timeline, potentially delaying the start of construction until next year at the earliest.
A report by British nonprofit Carbon Tracker revealed that oil and natural gas companies that prioritize growth tend to perform worse in the stock market than those focused on capital return. Around 90% of surveyed companies tied executive compensation to growth metrics in 2017.
India-based refiner Indian Oil has reportedly signed a deal worth about $1.5 billion with Norwegian oil company Equinor to acquire 60,000 American oil barrels per day through March 2020 as it reduces its dependence on OPEC crude. "We expect lots of volume going away from Venezuela, West Africa and Iran, so it makes sense to have guaranteed term supplies from the US, where crude production is increasing," said Sri Paravaikkarasu of Singaporean energy consultancy FGE.
North Dakota's oil production climbed 1.8% from November to an all-time high of 1.4 million barrels per day in December, marking the first time production has reached that mark, according to the North Dakota Department of Mineral Resources. The state also pumped record natural gas volumes of 2.65 billion cubic feet per day, up 5.1% over November.
The number of US oil and natural gas rigs increased by two last week to 1,051 active units, with the Gulf of Mexico adding three rigs, Louisiana gaining four and Wyoming adding three, according to Baker Hughes. Meanwhile, the Permian Basin rig count fell by five.
Pioneer Natural Resources says it will increase this year's hydrocarbon production by 15% -- a drop from the previous two years' 20% increases. The Texas-based company, which produces about 181,000 barrels per day in the Permian Basin, plans to lower capital expenditures by 11%.
The North Dakota Senate on Friday voted 42-3 in favor of a bill that clarifies definitions and proposes steeper fines for organizations that support people who tamper with or damage energy infrastructure such as pipelines. The state House will now consider the bill.