Murkowski asks Senate to swiftly ratify Law of the Sea treaty
The US could forfeit several billion barrels of oil equivalent if the Senate doesn't ratify the Law of the Sea treaty soon, warned Sen. Lisa Murkowski (R-Alas.) in a May 8 floor speech.
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OTC: Nuclear, tidal energy to supplement fossil fuels
Various energy sources will be required in the future to help supplement fossil fuels, said speakers participating in an Offshore Technology Conference May 8 panel discussion on alternative energy.
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MARKET WATCH: Crude prices edge higher in New York, London
Crude prices continued to climb but at a slower rate May 8, having increased $11.17/bbl or 9.9% since the rally began May 1.
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OTC: Internships key to staffing energy industry
Oil and gas companies need to implement more internship programs to attract younger generations of workers to the industry, according to Abe Palaz, Halliburton director of education and research and development partnership.
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Bush urged not to enter into new SPR oil purchase contracts
A leading US House committee chairman urged President George W. Bush to direct Energy Secretary Samuel W. Bodman not to enter into new contracts to fill the Strategic Petroleum Reserve.
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Senate Democrats introduce Consumer-First Energy Act
US Senate Democrats presented their legislative response to record high oil prices on May 7, introducing their energy bill 6 days after Republicans introduced theirs.
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Alon to acquire Krotz Springs refinery
Alon USA Energy has signed a purchase agreement to acquire the 83,100 b/d refinery in Krotz Springs, La., from Valero Energy for $333 million in cash plus working capital.
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Indonesia ponders leaving OPEC
The government of Indonesia, facing a steady decline in the country's oil production, is considering plans to withdraw as a member of the Organization of Petroleum Exporting Countries.
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MARKET WATCH: Crude sets new price records
For the third time in as many sessions, the front-month benchmark crude contract climbed to new highs, topping $123/bbl May 7 in the New York market.
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Dingell: Use EPA rulemaking process to correct RFS shortcomings
Critics of the expanded federal RFS should focus on working with the US EPA as it develops rules instead of trying to rewrite or repeal the law, a leading US House committee chairman said on May 6.
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OTC: Technology will help shape relationships with NOCs
Innovative technologies will be the key competitive advantage for service and supply companies to develop fruitful relationships with NOCs, according to speakers at the UK Trade and Investment's breakfast panel May 7 in Houston.
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OTC: Roundtable says trust lacking in NOC-IOC relations
Business with NOCs is certain to grow over the next 5 years, according to 64% of delegates at OTC's Energy Roundtable May 7 in Houston who voted that they believed this would happen.
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MARKET WATCH: Energy prices continue upward climb
Energy prices continued climbing to record highs May 6 "in a market that has managed to move strongly up on days of negative inputs" such as the strengthening US dollar last week, said Olivier Jakob at Petromatrix.
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OTC: Researchers monitoring sequestered carbon dioxide
Both onshore and offshore sequestration options are under study to find large capacity storage for carbon dioxide emitted from the use of fossil fuels, said panelists speaking May 6 at the Offshore Technology Conference in Houston.
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House diesel price hearing has market speculators focus
A US House subcommittee's hearing to examine the adverse impacts of rising diesel fuel prices on truckers became the latest forum for Democrats to demand crackdowns on oil market speculators.
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OTC: Definition of energy security is changing
The definition of energy security must incorporate social acceptance of technology, availability of diverse energy sources, and environmental sustainability, said speakers May 6 during OTC.
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OTC: Nigeria invites investors to implement Gas Master Plan
Nigeria is seeking $20-25 billion of private investment to build natural gas pipelines, processing plants, and other infrastructure under its Gas Master Plan, which has just been approved by the federal council.
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MARKET WATCH: Crude hits new high; $200/bbl predicted
Crude futures prices hit an intraday high May 5 in the New York market as traders worried about the falling US dollar and supply disruptions in a tight market.
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OTC: Technology key to Mexico's future oil production
Technology is key to unlocking Mexico's petroleum resources and enhancing production, said Mexican Petroleum Institute Chief Executive Heber Cinco Ley at the Offshore Technology Conference in Houston May 5.
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API: Lieberman-Warner bill could reduce domestic gas supply
A climate change bill headed for the US Senate floor in early June could greatly reduce domestic gas production and send refining production and jobs overseas, according to an API-commissioned report.
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Whiting buys Uinta basin gas field interests
Whiting Petroleum Corp., Denver, said it could double production by 2010 from Flat Rock gas field in Uintah County, Utah, which it is buying from Chicago Energy Associates LLC for $365 million.
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OTC: High costs plague unconventional oil operators
In developing heavy oil resources, water management is a bigger problem than handling carbon emissions, according to David Bairrington, general manger of nonconventional resources at ConocoPhillips.
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OTC: $100 trillion needed to rebuild energy infrastructure
The oil and gas industry will need to invest $50-100 trillion to rebuild its ageing infrastructure within the next 7 years, Matt Simmons, chairman of Simmons & Co. International, told OGJ May 5 at OTC in Houston.
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MARKET WATCH: Energy prices rebound on mixed market signals
After dipping to $110/bbl in the previous session, benchmark crude prices shot up more than $3/bbl May 2 in New York as Turkish warplanes attacked positions of the militant Kurdish Worker's Party (PKK) in northern Iraq.
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CPC in cooperation talks with Chinese oil firms
An expected warming of relations between mainland China and Taiwan following the May 20 inauguration of president-elect Ma Ying-jeou could lead to a resumption of cooperation between oil firms on the two sides of the straits.
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Bingaman lashes at Bush for oil, gas supply inaction
President George W. Bush and his administration share part of the blame for the US not having increased its domestic oil and natural gas supplies, the chairman of the US Senate Energy and Natural Resources Committee said May 2.
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