Oil

11/04/2009 -- LOS ANGELES – The U.S. Environmental Protection Agency has issued a Unilateral Administrative Order to Texaco Inc. that requires the company to assess soil and groundwater contamination and evaluate additional cleanup options, for the Pacific Coast Pipeline Superfund Site (commonly known as the “Texaco site”) in Fillmore, Calif.

“With this UAO, EPA looks forward to moving the Site cleanup into its final phase, so the property can be returned to productive reuse by the community,” said Keith Takata, Director of the Superfund program in EPA’s Pacific Southwest Region. “This cooperative effort builds on prior cleanup work and will result in a protective cleanup for the community.”    » read more »

Oil Industry Voter Guide Gives Inhofe Perfect Score

WASHINGTON, DC (November 3, 2009) – The National Wildlife Federation has uncovered a little-known legislative scorecard and Voter Guide from the American Petroleum Institute, revealing Sen. Jim Inhofe (R-OK) earned a perfect score from the oil industry’s top trade association last year.    » read more »

Benefits from Higher MPG Levels Will Outweigh Modest Impact of Cap and Trade on Gas Prices; Net Gas Cost Savings For U.S. Motorists Seen Through Combined Impact Of Two Climate-Related Measures

November 3, 2009 -- Washington, D.C. -- Good news for American motorists: Despite doomsday prediction from energy-industry-funded interest groups, U.S. consumers actually will see a net reduction of $13 billion in 2020 and $46 billion in 2030 in their gasoline expenditures ($100 and $326 in average net savings per household, respectively) if Congress moves ahead to impose a cap-and-trade system, according to a new analysis from the American Council for an Energy-Efficient Economy (ACEEE).    » read more »

03 November 2009 -- BP, and China National Petroleum Corporation (CNPC), announced today that they have signed a technical service contract with Iraq's state-owned South Oil Company (SOC) to expand production from the Rumaila oilfield, near Basra in southern Iraq

The signing follows BP's successful bid for the contract with CNPC in Baghdad in June.

The consortium led by BP (38 per cent) with partners CNPC (37 per cent) and the Iraq government's representative State Oil Marketing Organisation (SOMO - 25 per cent), has agreed to nearly triple the Rumaila field's output to almost 3 million barrels of oil a day (b/d), which would make it the world's second largest producing oilfield.    » read more »

October 28, 2009 -- WASHINGTON -- Bill J. Allen and Richard L. Smith were each sentenced in separate hearings today for their participation in a corruption scheme in which they provided approximately $395,000 in corrupt payments to public officials from the state of Alaska, announced Assistant Attorney General Lanny A. Breuer of the Criminal Division. Allen and Smith were sentenced in U.S. District Court for the District of Alaska by U.S. District Court Judge John W. Sedwick.    » read more »

HOUSTON, October 28, 2009 --- ConocoPhillips [NYSE:COP] Chairman and Chief Executive Officer Jim Mulva commented, "We operated very well during the third quarter, with E&P production and R&M refinery utilization rates higher than a year ago. Through September year to date, our E&P production has increased nearly 100,000 BOE per day, or more than 5 percent, compared with the same period in 2008."    » read more »

Upstream earnings of $3.64 billion decline 41 percent on lower prices for crude oil and natural gas

SAN RAMON, Calif., October 30, 2009 - Chevron Corporation (NYSE: CVX) today reported earnings of $3.83 billion ($1.92 per share - diluted) for the third quarter 2009, compared with $7.89 billion ($3.85 per share - diluted) in the 2008 third quarter. Earnings in the 2009 period included gains of approximately $400 million ($0.20 per share) from asset sales and tax items.

Foreign-currency effects reduced earnings in the 2009 quarter by $170 million, compared with a benefit to income of $303 million a year earlier.    » read more »

IRVING, Texas --

Exxonmobil's Chairman Rex W. Tillerson commented:

“Despite ongoing global economic weakness and reduced demand for products, we continued our robust investment program and delivered strong results.

“Our third quarter earnings, excluding special items, were $4.7 billion. While continuing to be impacted by lower commodity prices and weak product margins, we maintained our focus on operational excellence and invested $19 billion through the first three quarters of the year to develop new energy supplies.

“Oil-equivalent production increased by 3% over the third quarter of 2008 with contributions from major start-ups of world-class assets including Qatargas 2, Train 5 and Ras Laffan 3, Train 6 in Qatar.    » read more »

Offers New RD&D Leases; Asks IG to Investigate 11th Hour Lease Addenda

October 20, 2009 -- WASHINGTON, D.C. – Secretary of the Interior Ken Salazar today took steps to help the country develop technologies that could potentially unlock the nation’s oil shale reserves while protecting taxpayers, water resources, the environment, and local communities.    » read more »

(Chicago, Ill. - October 19, 2009) In response to a citizen petition on Indiana's air permit modification for BP's Whiting Refinery, U.S. Environmental Protection Agency today announced that it has accepted some issues while denying others. In August 2008, the Environmental Law & Policy Center, Natural Resources Defense Council, Hoosier Environmental Council, Save the Dunes and Sierra Club petitioned EPA to formally object to the state's modification of BP’s operating permit for an expansion project to refine high-sulfur Canadian crude oil.    » read more »

October 19, 2009 -- U.S. Senator Mark Begich issued the following statement today after learning The Department of Interior's Minerals Management Service (MMS) has approved, with conditions, Shell Offshore, Inc.'s Exploration Plan to explore two leases in the Beaufort Sea:

"I am pleased to hear that the MMS has approved Shell's Exploration Plan for the Beaufort Sea. Alaska has long been America's energy storehouse and this positive development demonstrates that our state's role in helping meet the nation's energy needs will continue.    » read more »

October 15, 2009 -- World production of fossil fuels-oil, coal, and natural gas-increased 2.9 percent in 2008 to reach 27.4 million tons of oil equivalent (Mtoe) per day, the highest ever recorded. In the first half of the 2008, producers strained to meet global demand, but by year's end the global recession left the market swamped by excess supply, causing oil prices to fall to from $144 per barrel in July to $34 per barrel in December.

According to the latest Vital Signs Update on fossil fuel production:

* Continuing a decade-long trend, most of the growth in fossil fuel production was in the Asia-Pacific region, where production grew 6.3 percent.    » read more »

October 15, 2009 -- Washington, D.C. - Congressman Howard L. Berman (CA-28), chairman of the House Foreign Affairs Committee, today issued the following statement regarding the Iran Refined Petroleum Sanctions Act (H.R. 2194):

“The committee will mark up the Iran Refined Petroleum Sanctions Act on Wednesday, October 28. By then it will be nearly six full months since I introduced this legislation, now cosponsored by 327 Members.    » read more »

Tracking Volatile Energy Prices

Energy prices are volatile. They change as market participants adjust their expectations to new information from physical energy markets and markets for energy-related financial derivatives. Futures and options markets are a valuable source of information regarding these changing expectations.    » read more »

October 6, 2009 -- HONOLULU – The State of Hawaii Department of Accounting and General Services (DAGS) has awarded a $33.9 million contract for the State Capital District, Energy Savings Performance Contracting (ESPC) project to Noresco, LLC (NORESCO), an energy services company.

The project includes energy efficiency improvements to 10 State office buildings within the State Capital District, including the State Capitol, that comprise over 1.3 million square feet of building space.    » read more »