Category Archives: Oil and Gas News

OPEC agrees to limit oil output at 32.5 million barrels per day = Oil jumps 6%

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ALGIERS (Reuters) – OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.

Two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd.

How much each country will produce is to be decided at the next formal meeting of OPEC in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia, sources said.

OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. (REUTERS Photo)

OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. (REUTERS Photo)

Oil prices LCOc1 jumped more than 5 percent to trade above $48 per barrel as of 1830 GMT after the outcome of OPEC’s informal meeting in Algeria took traders by surprise. Still, many said they wanted to see the details of the deal. Continue reading →

Texas Earthquakes Caused By Hydraulic Fracturing, Say Scientists !!!

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We’ve never done hydraulic fracturing jobs so we don’t know if this is true. It is quite difficult to understand the relationship about Earthquake and Fracking. Please let us about your comment down at the comment box below.

Story –> Scientists say that five Texas earthquakes, including one that hit a magnitude of 4.8 on the Richter scale, were all directly caused by fracking. The scientists used a space-based radar that revealed the quakes were triggered by injections of wastewater in both oil and gas drilling.

Five “significant” earthquakes in 2012 and 2013 shook up the Timpson area in East Texas. For the very first time, a group of scientists could track the ground’s movements through radar from satellites. On Thursday, a report in the professional journal Science confirmed that the quakes had occurred unnaturally. Previously, scientists had found this to be likely through a more traditional method.

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Baker Hughes cuts employee pay 5 percent by using furloughs

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This might be good ideas from Baker Hughes to keep oil and gas people in the business during downturn. Read the full details below.

Houston-based Baker Hughes is cutting employee pay for many U.S. workers by 5 percent through a new furlough program to reduce costs and lessen the need for additional job reductions.

The pay cuts, which Baker Hughes described as temporary, will stretch from the pay period beginning Sept. 11 through the final paycheck of the year. In exchange for the pay cut, employees will get holidays on Oct. 10, Nov. 23, Dec. 23 and Dec. 28, according to an internal memo acquired by the Houston Chronicle.

The memo said the furlough program is designed to “help Baker Hughes reduce the need for additional layoffs and to achieve the cost savings needed to enable profitable growth.” Among those excluded from the pay cuts are some top executives and other global operations employees in the United States;  many employees in chemicals operations; some human resources workers; many sales people; and corporate security and information technology workers, among others. Most leadership is included in the furlough, according to the memo.

Baker Hughes spokeswoman Melanie Kania said in a prepared statement, “These efforts will allow us to lessen the need for additional workforce reductions while remaining focused on serving customers and maintaining safe, compliant operations.”

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Apache Revealed Massive Oil Shale Discovery in Texas

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This is the big oil discovery in Texas, USA. Shale oil/gas technology made shale production profitable.

Have you ever worked on any shale oil/gas project?

Please feel free to share your experience in the comment below.

NEW YORK (CNNMoney) —An overlooked corner of West Texas is believed to contain billions of barrels of newly-discovered shale oil.

Apache revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing.

The Houston company estimates the discovery, dubbed “Alpine High,” could be worth at least $8 billion.

Apache believes the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas.

“We feel very confident with what we have and believe this is a story that’s only going to get better,” Apache CEO John Christmann IV told CNNMoney.

Apache Energy's huge shale oil discovery in West Texas, named

Apache Energy’s huge shale oil discovery in West Texas, named “Alpine High,” is estimated to contain three billion barrels of crude.(CNN Money)

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Shell has started production from the world’s deepest offshore oil and gas project, the Stones development in the Gulf of Mexico

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Shell has started production from the Stones development in the Gulf of Mexico, the world’s deepest offshore oil and gas project.

When fully ramped up at the end of 2017, the development is expected to produce approximately 50,000 barrels of oil equivalent per day (boepd), the company informed in a statement.

“Stones is the latest example of our leadership, capability and knowledge, which are key to profitably developing our global deep water resources. Our growing expertise in using such technologies in innovative ways will help us unlock more deep water resources around the world,” Royal Dutch Shell Upstream Director, Andy Brown, said.

The project, fully owned and operated by the supermajor, is Shell’s second producing field from the lower tertiary geologic frontier in the Gulf of Mexico.

According to the company, it features a more cost-effective well design, requiring less material and lower installation costs, which is expected to offer a US$1 billion (£749.38 million) reduction in well costs.

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