Researchers have successfully drilled into natural gas hydrate formations in Alaska's Prudhoe Bay oilfield as part of an effort to study whether commercial gas hydrate production is feasible. The Earth has a large supply of gas hydrate -- made up of natural gas trapped in ice crystals in frozen ground -- but it's difficult to explore and study the reservoirs and maintain conditions for production, scientists say.
Italian oil and natural gas contractor Saipem says it won a contract with Repsol Norge to drill a well off Norway's coast and reached an agreement with an unspecified customer to provide a jack-up rig for an offshore project in the Middle East. The Norwegian operation is scheduled to start in the third quarter, while the Middle East project will begin in the fourth quarter, Saipem says.
An annual ranking published by data and analytics platform Craft shows that the energy and utilities sector in the S&P 500 had the highest average revenue per employee in 2018 at $1.7 million. Energy firms dominate the list of the 25 companies with the highest revenue per employee, with Valero Energy, Phillips 66, Cabot Oil & Gas and EOG Resources among the best performers.
The second wave of US liquefied natural gas projects will bring more flexibility to the global spot market, "unprecedented" pricing options and new project financing models, said Dustin Meyer of the American Petroleum Institute. "The beauty of US LNG is that no one really knows how it will be priced, and that's a unique amount of flexibility, of optionality, for potential buyers," Meyer said.
BP and Royal Dutch Shell have each pledged $1 million to Americans for Carbon Dividends, a group promoting a tax on carbon dioxide emissions beginning at $40 per ton and then increasing. Investor pressure and public concern about climate change have prompted fossil fuels companies to shift toward a low-carbon future.
The Texas Legislature is advancing a bill that would introduce steep fines for groups and people who disturb, harm or trespass on oil and natural gas operations. The legislation does not target nonviolent, legal protests.
Somalia on Monday approved legislation to accommodate offshore oil exploration, months after it started organizing a licensing round for 15 blocks, the Ministry of Petroleum and Mineral Resources said. The measure creates entities to monitor the oil industry and allows revenue sharing between the states and central government, the ministry said.
Four small earthquakes have occurred in South Texas' Eagle Ford Shale since May 6, the US Geological Survey says. Environmentalists say the quakes, which ranged in magnitude from 2.5 to 3.1 and were located near Smiley, Westhoff and Gillett, are believed to have been caused by saltwater disposal wells used by oil and natural gas companies.
Oil and natural gas exploration and production company Red Wolf Natural Resources, which was formed in February, says it has acquired property in the SCOOP, STACK and Merge plays in Oklahoma. The acquisition includes 22,662 net hectares in areas where earlier wells have found hydrocarbons, the Oklahoma City-based company says.
Eagle Ford Shale-focused oil and natural gas producer 1776 Energy Operators is offering itself for sale and has secured two investment banks to guide the process. The company could fetch $1.5 billion in a sale and is likely to attract interest from private equity-backed players.