Oil price sinks to five-month low

The price of oil has fallen dramatically, hitting its lowest level since November 2016. According to analysts, Brent crude fell to $47.49 (£36.7) a barrel, while US crude dropped to $44.58 (£34) a barrel yesterday although there has been some recovery today. Oil price has been falling since the start of the year despite OPEC’s […]

Chevron resumes shale drilling in Romania following protests

The US oil giant Chevron has reportedly resumed exploratory drilling for shale gas in eastern Romania after it was forced to halt work over the weekend for the second time in two months. In October the firm won the rights to drill in the small town of Pungesti, roughly 210 miles north east of the […]

By replacing coal, gas can ‘cut carbon as well as costs’

Using gas to replace coal could cut carbon emissions as well as energy costs, according to Alex Barnes (pictured left), Head of Regulatory Affairs for Gazprom Marketing & Trading.   Speaking at Energy Live 2013 today, he questioned whether the cost of government subsidies for renewables was a “price worth paying for decarbonisation” and if […]

US sees ‘dramatic reduction’ in foreign oil imports

The US has “dramatically reduced” its dependence on oil imports, falling 40% over the last seven years. According to the International Institute for Strategic Studies (IISS), monthly imports peaked in September 2006 at 12.7 million barrels per day (mb/d) and had declined to 7.6mb/d by November 2012. It claims the reduction in need for foreign […]

IEA warns industry to open up over future of gas

The ‘golden age of gas’ will become a reality only if industry and authorities are transparent over the “legitimate public concerns” surrounding the environmental and social impacts of new sources. This was the message from the International Energy Association, which believes industry must be kept in line if the world is to benefit from such […]

Fracking “ticks the boxes” says Lord

The Environment Agency Chairman has given support for the controversial ‘fracking’ process if it abides by strict rules to protect the environment. Lord Smith is recommending shale gas as a future source in the UK’s energy mix as long as it adheres to “rigorous monitoring”. The process of hydraulic fracturing involves pumping water and chemicals […]

Shale “incompatible” with UK climate change goals

Green groups have reacted with dismay to news today that the UK is likely to go ahead with shale gas extraction. A report given to DECC today recommends several measures to mitigate the risks of seismic tremors from hydraulic fracturing, or ‘fracking’, but some are warning the implications of allowing the process to go ahead […]

Frack on: shale gets go ahead, despite earthquake risk

The controversial shale gas industry has effectively been given the green light by the UK Government, despite warnings from an independent report which found that fracking, the process of extracting shale gas, was responsible for earthquakes in Blackpool last year. The government-backed panel is recommending a series of new, precautionary measures to the shale gas […]

US firms learning important lessons from shale

The United States has been learning vital lessons in the shale gas industry and as a result is creating opportunities many didn’t think were possible. This is according to geologist Allen Gilmer who runs Drillinginfo, an educational firm which offers statistical insights for the oil and gas industries. Speaking in London last week Mr Gilmer […]

US oil & gas saw record upstream M&A deals in 2011

The States’ upstream oil and gas sector apparently saw record activity in mergers and acquisitions last year. Houston-based research firm PLS reported deals for 2011 accounted for $86billion, nine billion dollars more than the year before. Ronyld W. Wise, president of PLS said the strong activity was driven by “industry appetite for oil-rich resource plays, […]