Opponents and supporters of the US Bureau of Land Management’s proposed venting and flaring rule for oil and gas producers quickly defined their main differences at an Apr. 27 House Natural Resources subcommittee hearing. Source: News
US manufacturers' gas demand for gas to rise, study says
Abundant US natural gas supplies have strengthened manufacturing significantly, but major investments will be needed in pipelines and other systems to meet future demand for gas to generate power and keep manufacturers strong, a study commissioned by the National Association of Manufacturers concluded. Source: News
PHMSA working to address gas storage, administrator says
The US Pipeline & Hazardous Safety Administration is moving ahead with the US Department of Energy to address natural gas storage problems exemplified by the late-2015 leak at Southern California Gas Co.’s Aliso Canyon facility near Los Angeles that took months to stop, PHMSA Administrator Marie Therese Dominguez said. Source: News
Supply constraint's upward shift helps oil industry foes
One subtle but politically important result of the oil market’s upheaval is relocation of supply constraint. Source: News
US rig count falls for 20th-consecutive week as E&Ps continue to trim activity
The US drilling rig count dropped 5 units to 415 rigs working during the week ended May 6, representing the 20th-striaght week of declines, according to Baker Hughes Inc. data. Source: News
Imperial reduces production at Kearl in Alberta
In response to the ongoing fire crisis in Alberta, Imperial Oil Ltd. has reduced production at its Kearl oil sands plant northeast of Fort McMurray. The physical plant is unaffected by the fires. Source: News
Apache reports first-quarter net loss of $489 million
Houston independent Apache Corp. reported a first-quarter net loss of $489 million, including noncash, aftertax ceiling test writedowns of $325 million driven primarily by low commodity prices. That compares with a net loss of $7.2 billion in fourth-quarter 2015 and a first-quarter 2015 net loss of $4.7 billion. Source: News
Shah Deniz partners let $1.5-billion subsea installation contract
BP PLC, on behalf of the Shah Deniz consortium, has let a $1.5-billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 offshore Azerbaijan to the BOS Shelf LLC, Saipem Contracting Netherlands BV, and Star Gulf FZCO consortium. Source: News
Newfield to acquire STACK acreage from Chesapeake unit
Newfield Exploration Co., The Woodlands, Tex., has agreed to acquire 42,000 net acres in the Anadarko basin STACK play from a subsidiary of Chesapeake Energy Corp., Oklahoma City, for $470 million. The deal is effective Apr. 1, and is expected to close during the second quarter. Source: News
MARKET WATCH: NYMEX natural gas price falls on high inventory
Light, sweet crude prices touched above $46/bbl on the New York market May 5 before settling at about $44.30/bbl upon lingering world oil oversupply concerns despite fires in Canada that threaten oil sands producers. Source: News