Proved oil reserves remain sufficient to meet more than 50 years of global production; North American Shale Revolution added 15% technically recoverable oil and gas resources The substantial decline in the value of crude oil at the end of 2014 had very little impact on the amount of proved oil reserves in the world, BP (ticker: BP) said in its
Colorado Supreme Court decision changes tax burden of oil and gas companies The Colorado Supreme Court found in favor of BP (ticker: BP) in a case that could have major tax ramifications for the state. The court unanimously sided with the company that the State of Colorado incorrectly disallowed tax deductions related to BP’s cost of capital in the transportation,
Colorado Supreme Court decision finds in favor of BP with reversal of lower court decision on a severance tax deduction A decision from the Colorado Supreme Court could entitle a number of oil and gas companies to significant tax refunds for expenses related to cost of capital in the transportation and processing of their oil and gas over the past three years.
Natural gas will overtake oil as the leading fuel around 2023 Asia demand growth makes it the biggest energy importer North American energy production expected to grow 1.2% per annum through 2035 North American LNG exports grow to~25% of global trade by 2035 Increasing production of oil and natural gas, along with lower levels of consumption, will allow North America
A federal judge has granted final approval of BP’s settlement over claims related to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico for $20.8 billion. The Deepwater Horizon rig explosion killed eleven workers and millions of gallons of oil spilled into the Gulf of Mexico. The settlement was reached with the federal government and state authorities in
Technological innovation to drive U.S. shale oil output to nearly 8 MMBOPD by 2035 While the U.S. shale industry is currently taking a beating along with most other crude oil producers around the globe, BP’s (ticker: BP, BP.com) 2016 Energy Outlook forecasts that the industry will get back on the track of growth, and double output in the next 20
New laws allow for exploration and hydraulic fracturing under national parks The United Kingdom’s Oil and Gas Authority awarded 93 new licenses to explore for oil and gas last week. Around 75% of those exploration licenses relate to shale oil and gas, which will likely require companies to use hydraulic fracturing to produce. The areas covered by the licenses include
All parties seem to agree, but holdup remains The state of Alaska plans to buy out TransCanada’s (ticker: TRP) share of the Alaska LNG project. Both Alaska Governor Bill Walker and TransCanada have agreed to the deal, according to Alaska Dispatch News, but the funds necessary to purchase TransCanada’s share in the project still need to be approved. Alaska LNG
BP strengthens ties with CNPC for shale exploration and fuel retailing British oil giant BP (ticker: BP) announced today that the company signed a number of deals with China National Petroleum Corporation (CNPC) during Chinese President Xi Jinping’s state visit to the U.K. this week. In the company’s press release, BP said the two companies have entered into a framework
Kinder Morgan (ticker: KMI), the largest energy infrastructure company in North America, is adding to its footprint. On October 20, 2015, KMI announced a joint venture agreement with a subsidiary of BP plc (ticker: BP) for 15 terminals at a cost of $350 million. As part of the arrangement, KMI acquires a 75% interest in 14 terminals and will operate
303 mile pipeline expansion in Azerbaijan is the first leg of a 1,993 mile journey to southern Europe Construction or preliminary work has begun on three pipelines designed to flow natural gas supplies from Azerbaijan to consumers in Turkey, Bulgaria, Greece and Italy, according to the Energy Information Administration (EIA). The South Caucasus Pipeline Expansion (SCPX) is proposed to take
Iraq tells oil companies to submit conservative funding requests for 2016 A letter dated September 6, 2015, from the Iraq Oil Ministry was sent out to international oil companies operating inside the country notifying them that they should plan to lower spending in 2016, reports The Wall Street Journal. Iraq is struggling to support its energy sector as it feels
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