Lower oil prices push liquid storage levels higher As global oil production continues to outpace demand, storage levels for petroleum and other liquids has grown at a pace not seen in 17 years. Total global liquids inventories are estimated to have grown by 2.3 MMBOPD through the first seven months of 2015, the highest level of inventory builds through July
Virtus Oil and Gas Corporation (VOIL) (“Virtus” or “the Company”) today announced Utah’s Bureau of Land Management (BLM) approved its permit to drill the Lone Pine 34-11-5 initial test well in Southern Utah. The Lone Pine well will be drilled to a total vertical depth of 7,000 feet this August. Drilling will take approximately five to seven days. An additional
Baker Hughes rig count for the week ended August 21, 2015 Baker Hughes (ticker: BHI) reported an increase of just one rig to the total number of rigs drilling for oil and natural gas in the United States for the week ended August 21, 2015. The number of active rigs in the U.S. has remained relatively stable over the last
Via Houston Business Journal Icahn gets seats on Cheniere’s board Houston-based Cheniere Energy Inc. (NYSE MKT: LNG) has appointed two managing directors from Icahn Capital LP, a subsidiary of Icahn Enterprises LP (Nasdaq: IEP), to its board of directors. The appointment comes shortly after billionaire activist investor Carl Icahn, CEO of the New York-based companies, purchased an 8.18 percent stake
Via Philadelphia Business Journal Pennsylvania gets smaller share of tax revenue from oil and gas extraction than Texas, Alaska Less than 1 percent of Pennsylvania’s tax revenue comes from taxes and fees generated directly from the extraction of oil and natural gas, according to a new report. The Keystone State is the second-biggest natural gas producer in the U.S. but
Via Columbus Business Journal Marathon Petroleum had 2 competitors for MarkWest, filing reveals New details from a Marathon Petroleum Corp. subsidiary reveal two other companies were fighting for the rights to acquire MarkWest Energy Partners, a $2.01 billion oil and gas company with strong exposure in eastern Ohio. MarkWest and Marathon spent all of 2014 discussing a joint venture and
Via Columbus Business Journal Aubrey McClendon plans to spend $100 million in … Australia? Oil and gas maven Aubrey McClendon has spent big on shale plays across the U.S., especially in Ohio. But now McClendon, founder of Chesapeake Energy Corp. (NYSE:CHK), is shifting his gaze down under. McClendon’s new company, American Energy Partners LP, has signed a non-binding letter of
Via MarketWired TransCanada Reaches Agreement with Eastern LDCs On Energy East and Eastern Mainline Project CALGARY, ALBERTA, Aug 24, 2015 (Marketwired via COMTEX) — TransCanada Corporation (TRP) TRP, -0.32% (TransCanada) today announced it has reached an agreement with Gaz Metro Limited Partnership (GMi), Enbridge Gas Distribution Inc. and Union Gas Limited (Local Gas Distribution Companies or the “LDCs”) that resolves
Via Reuters: South Korean officials visit Iran to seek post-sanction deals SEOUL (Reuters) – South Korean government and corporate officials are visiting Iran this week to hunt out possible deals in the oil, gas and construction industries since an agreement was reached to lift sanctions on Tehran. Iran is targeting oil and gas projects worth $185 billion by 2020, after
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