From BNN Ottawa has agreed to grant tax relief to proposed B.C. liquefied natural gas terminals, hoping the incentive will help persuade LNG backers to make final investment decisions. Prime Minister Stephen Harper announced the federal tax breaks for B.C.’s fledgling LNG sector during a visit to Surrey on Thursday, saying lower taxes on industry players will spur economic activity.
From Reuters Elliot Management Corp. and Omega Advisors Inc. are among activist hedge funds buying stakes in North American oil and gas producers whose stock has fallen because of weaknesses exposed by the collapse of energy prices. It’s a bet on a view that’s contrary to some analysts: that oil prices are poised to rebound. This month Citigroup cut its
From Zawya BAGHDAD, Feb 19 (Reuters) – Iraq plans to increase its southern oil storage capacity to 15 million barrels by the end of 2015, to help cope with export bottlenecks caused by bad weather and to absorb rising production, a senior official said on Thursday. Speaking at the opening of three new oil storage tanks near the southern city
From LeHigh Valley Live UGI Utilities Inc. asks customers in Easton tocontinue to conserve natural gas as frigid temperatures are expected to last into Saturday, according to a news release early Friday afternoon. If you live within Easton’s city limits and heat with UGI natural gas, you are asked to keep your thermostat at 65 degrees or below through 9 a.m. Saturday. The
From Petro Global News Talisman Energy shareholders approved an $8.3 billion acquisition offer from Spain’s Repsol Thursday, moving the deal one step closer to closing. Alberta-based Talisman said 99 percent of shareholders in each class voted in favor of the deal. The deal must still be approved regulators. Talisman said the sale is expected to close in the second quarter
From Dallas Business Journal Fort Worth-based Range Resources Corp. (NYSE: RRC) will close its Oklahoma City office and move about 30 jobs to Fort Worth. Another 60 workers will be laid off. The oil and natural gas producer closed the OKC office Tuesday. Affected employees immediately were put on a 60-day paid leave before their employment ends April 20, according
Tom Petrie Expresses Optimism at EnerCom’s The Oil & Service Conference™ 13 Tom Petrie presented at EnerCom’s The Oil & Service Conference™ this week, sharing his insight on a variety of topics concerning the oil and gas industry. Mr. Petrie is a well-known energy expert with global oil and gas expertise. He has served as a senior oil analyst for
Cabot Oil & Gas (ticker: COG), a large-cap E&P with operations in the Marcellus and Eagle Ford shales, reported company records for production and net income excluding selected items in its year-end 2014 earnings release. Full-year production in 2014 was 531.8 Bcfe – an increase of 29% compared to 2013, including liquids production of 3,961 MBO – 23% higher than
The Center for Biological Diversity filed a lawsuit against the United States Interior Department on February 19, 2015, alleging the violation of three federal laws for oil and gas development offshore California. The results from the lawsuit could potentially affect the oversight of all offshore activity, including those in the Gulf of Mexico. The Center cited several reasons behind its
Rig count for the week ended February 20, 2015 The Baker Hughes rig count for the week ended February 20, 2015, shows that a further 48 rigs were laid down since the previous week. The United States total rig count this week is at 1,310, down 4% from a week ago. The rig count is down 10% since the start
Working natural gas storage has surpassed five-year average levels for the first time in more than a year, reports the Energy Information Administration (EIA). At 2,157 Bcf as of February 13, stocks are 58 Bcf greater than the five-year average. The last time inventories surpassed the five-year average was in November of 2013. Inventories ended the 2013-2014 winter withdrawal season
China Demand Off 8% Saudi Arabia shipped 5.7% less oil overseas last year led by a decline in China, its biggest customer in Asia, reports Bloomberg. The data, which was provided by Joint Organization Data Initiative, showed that shipments from OPEC’s biggest exporter averaged 7.11 MMBOPD in 2014, down from 7.54 MMBOPD in 2013, representing a three year low. In
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