Tuesday, July 31, 2007
The 11% increase in net income from the second quarter of 2006 to the second quarter of 2007 was mainly due to lower income taxes and higher sales volumes of natural gas. The increase in net income was partly offset by a decrease in the natural gas price and in the average realized oil price, both measured in NOK.
"We deliver strong results and a record high international oil production, while continuing our efforts to position the group for future growth. Our acquisition of North American Oil Sands Corporation was approved by the Canadian authorities in June. In July the shareholders of Statoil and Hydro approved the merger of Statoil and Hydro's oil and gas activities, and the integration planning is on track," says Helge Lund, Statoil's chief executive officer.
CEO Lund is also pleased with the continued high exploration and project activity.
"As operator and partner we have announced five discoveries, four on the Norwegian continental shelf and one internationally. In addition, we recently announced a successful appraisal well and production test at Rosebank on the UK continental shelf."
"Three new projects have come on stream and the first delivery of gas from Shah Deniz to Turkey in July represents another milestone for Statoil," Mr. Lund notes.
Return on average capital employed after tax (ROACE) (*) for the 12 months ended 30 June 2007 was 23.6%, compared to 26.4% for the 12 months ended 31 December 2006. The decrease was mainly due to lower oil and gas prices measured in NOK. ROACE is defined as a non-GAAP financial measure (*).
In the second quarter of 2007, earnings per share were NOK 5.00 compared to NOK 4.42 in the second quarter of 2006. For the first six months of 2007, earnings per share were NOK 8.58, compared to NOK 9.33 for the same period in 2006.
Net operating income in the second quarter of 2007 was NOK 26.0 billion compared to NOK 29.9 billion in the second quarter of 2006. The decrease was mainly due to a 13% decrease in gas prices and a 3% decrease in the average realized oil price, both measured in NOK, an 11% decrease in liftings of oil on the Norwegian continental shelf (NCS), and a net increase in operating expenses and selling, general and administrative expenses of NOK 1.0 billion mainly due to higher activity. The decrease in net operating income was partly offset by a change in unrealized profit on inventories of NOK 1.5 billion, higher sales volume of gas of NOK 1.3 billion and an increase of 13% in liftings of oil in International E&P.
In the first half of 2007, net operating income was NOK 49.8 billion compared to NOK 62.9 billion in the first half of 2006. The decrease was mainly due to an 8% decrease in the average oil price and a 14% decrease in gas prices, both measured in NOK, negative changes in derivatives amounting to NOK 3.3 billion, an increase of net NOK 1.7 billion in operating, general and administrative expenses, mainly due to higher activity, and a decrease in other income of NOK 1.1 billion related to sales and exchanges of assets in the first half of 2006. The decrease in net operating income in the first half of 2007 was partly offset by a change in unrealized profit on inventories of NOK 0.7 billion.
Total oil and gas production in the second quarter of 2007 was 1,112,000 barrels of oil equivalent (boe) per day, compared to 1,076,000 boe per day in the second quarter of 2006. The 3% increase of was mainly related to increased oil production from International E&P due to start-up of new fields, and increased gas production from the Sleipner, Asgard and Gullfaks fields on the NCS. The increases were partly offset by reduced gas entitlement from the In Salah field due to production sharing agreements (PSA) effects, and lower production at the Kvitebjorn field.
In the first half of 2007 total oil and gas production was 1,155,000 boe per day, compared to 1,156,000 boe per day in the first half of 2006.
Total oil and gas liftings in the second quarter of 2007 were 1,079,000 boe per day, compared to 1,104,000 boe per day in the same period of 2006. This is equivalent to an underlift of 33,000 boe per day in the second quarter of 2007. In the first half of 2007, total oil and gas liftings were 1,166,000 boe per day compared to 1,168,000 boe per day in the corresponding period of 2006.
Exploration expenditure in the second quarter of 2007 was NOK 2.3 billion, compared to NOK 1.9 billion in the second quarter of 2006. In the first half of 2007 the exploration expenditure was NOK 4.2 billion, compared to NOK 3.5 billion in the first half of 2006. The increase in exploration expenditure was mainly due to higher activity and generally more expensive wells in both periods. Exploration expenditure reflects the period's exploration activities.
Exploration expenses for the period consist of exploration expenditure adjusted for the period's change in capitalized exploration expenditure. Exploration expenses in the second quarter of 2007 amounted to NOK 1.2 billion, the same as in the second quarter of 2006.
A total of 10 exploration and appraisal wells were completed in the second quarter of 2007, five on the NCS and five internationally. Five wells are confirmed discoveries. One exploration extension well on the NCS was also completed in the second quarter of 2007 and resulted in a discovery. Drilling in nine additional wells was ongoing at the end of second quarter 2007. The number of exploration wells completed in the second quarter of 2006 was seven.
In the first half of 2007 a total of 23 exploration and appraisal wells were completed, 11 on the NCS and 12 internationally. One exploration extension well was drilled in the same period. Eleven of the exploration and appraisal wells are confirmed discoveries, seven on the NCS and four internationally. The exploration extension well also resulted in a discovery. The number of exploration wells completed in the first half of 2006 was 13.
Production cost per boe was NOK 29.4 for the 12 months ended 30 June 2007, compared to NOK 26.6 for the 12 months ended 31 December 2006 (*).
Normalised at a USDNOK exchange rate of 6.00, the production cost for the 12 months ended 30 June 2007 was NOK 29.1 per boe, compared to NOK 26.2 per boe for the 12 months ended 31 December 2006 (*). Normalized production cost is defined as a non-GAAP financial measure (*).
The production unit cost, both actual and normalized, has increased, mainly due to increased maintenance cost and cost pressure in the industry.
Net financial items amounted to an income of NOK 2.3 billion in the second quarter of 2007, the same as in the second quarter of 2006. Net financial items in the first half of 2007 amounted to an income of NOK 3.3 billion, compared to an income of NOK 3.6 billion in the first half of 2006.
Income taxes in the second quarter of 2007 were NOK 17.4 billion, equivalent to a tax rate of 61.3%. Income taxes in the second quarter of 2006 were NOK 22.3 billion, equivalent to a tax rate of 69.4%. The tax rate was reduced in the second quarter of 2007 mainly due to changes in the tax level of financial items, an increased relative share of income generated outside the NCS, which is generally subject to lower rates of taxation, and an increased effect of the uplift tax deduction on the NCS.
For the first half of 2007 income taxes were NOK 34.3 billion, with a corresponding tax rate of 64.6%. In comparison, income taxes in the first half of 2006 were NOK 45.9 billion with a corresponding tax rate of 69.0%. The reduced tax rate is mainly due to changes in the tax level of financial items and an increased effect of the uplift tax deduction on the NCS.
Health, safety and the environment (HSE)
Overall, Statoil's total recordable injury frequency has improved slightly while the number serious frequency has increased in the second quarter of 2007 compared to the corresponding period in 2006. Serious incidents in the second quarter of 2007 included a fatality at Mongstad port at the end of May. There have been no serious gas leaks at our offshore or land facilities during the first half of 2007.
Monday, July 30, 2007
Sunday, July 29, 2007
Trevor Hughes of The Coloradoan reports that
Natural gas emissions from those natural gas wells and the engines that pump them are considered a significant cause of
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Last Friday, the
Colorado State Universities’ Engines & Energy Conservation Lab is conducting the research in partnership with EnCana Oil & Gas Corp. and with Cummins, a major manufacturer of the engines that pump natural gas. The engines used at wells and on pipelines range from 50 to 2,500 horsepower.
Natural gas pumped from wells also powers the engines driving the wellhead and pipeline compressors. The quality of that gas can vary widely before it's refined into commercial fuel.
Using the unrefined gas means no one has to refuel the compressor engines, but it also means they must be able to run cleanly and efficiently on fuel that might contain a wide variety of naturally occurring contaminants such as methane and nitrogen, according to experts.
Researchers and students at CSU's Engines & Energy Conversion Lab are using an engine donated by Cummins to model what happens when different contaminants are added to the natural gas.
Lab director Bryan Willson said the work of professor Daniel Olsen and his students has major implications for
"The work really reflects that production of natural gas in
Bremmer said Cummins has worked with CSU for several years, and one of the project engineers for the company is a recent CSU graduate. He said it's powerful for students to see that their work in class will translate into the real world.
"The fun side is we get to work with the students and prepare them for entering the working world," Bremmer said.
The lab is also working with EnCana to investigate fuel additives that can increase efficiency and lower emissions for existing engines.
Saturday, July 28, 2007
So, today is
Exxon Mobil (XOM) said second-quarter net income fell slightly to $10.26 billion, or $1.83 a share, from $10.36 billion, or $1.72 a share, a year ago. Revenue fell to $98.3 billion from $99.03 billion. Gelsi reported that analysts surveyed by Thomson Financial forecast earnings of $1.96 a share on net income of $10.13 billion, on average.
Shares of Exxon fell 3% to $90.09 in morning action on the New York Stock Exchange. The world's No.1 oil company weighed on the overall Dow Jones Industrial Average (DJI) , which gave up 115 points, or 0.8%, to 13,669. Is that incredible or what that a company can earn over $10 billion U.S. dollars in 90 days and people want to bail out on their stock. What is the world of finance really like? I don’t have a clue about this.
Exxon Mobil said lower natural gas prices were "mostly offset" by higher refining, marketing and chemical margins. The company distributed $9 billion to shareholders during the quarter through $2 billion in dividends and $7 billion in share repurchases. Shares outstanding were reduced to 5.55 billion at the end of the quarter, from 5.63 billion at the end of the first quarter. Fadel Gheit, an analyst at Oppenheimer & Co., said in a brief phone interview that the results were "disappointing" and that the company fell well short of its profit mark of $1.97 a share. I don’t know who Fadel is, but he must be one hell of a rich kid to be disappointed in a company that earned $10 billion U.S. dollars in 90 days by selling gasoline in the west at prices above $3.00 a gallon. If I was giving the report to the public like Fadel, I’d be really really disappointed – for sure man!
"Natural gas prices in
Friday, July 27, 2007
It was further reported that the majority addressed the standing question by noting that it was only necessary for one of the many plaintiffs to meet the three-part definition of standing: that it had suffered a “concrete and particularized injury,” that the injury was “fairly traceable to the defendant” and that a favorable decision would be likely to “redress that injury.”
It was reported that Massachusetts, one of the 12 state plaintiffs, met the test, Justice Stevens said, because it had made a case that global warming was raising the sea level along its coast, presenting the state with a “risk of catastrophic harm” that “would be reduced to some extent” if the government undertook the regulation the state sought.
The agency itself “does not dispute the existence of a causal connection between man-made gas emissions and global warming,” Justice Stevens noted, adding that “judged by any standard,
Thursday, July 26, 2007
The New York Times reported on
Dave McCurdy, president of the Alliance of Automobile Manufacturers, the main industry trade group, said in response to the decision that the alliance “looks forward to working constructively with both Congress and the administration” in addressing the issue. “This decision says that the U.S. Environmental Protection Agency will be part of this process,” Mr. McCurdy said. If the decision sowed widespread claims of victory, it left behind a prominent loser: Chief Justice John G. Roberts Jr., who argued vigorously in a dissenting opinion that the court never should have reached the merits of the case or addressed the question of the agency’s legal obligations.
His dissent, which Justices Antonin Scalia, Clarence Thomas and Samuel A. Alito Jr. also signed, focused solely on the issue of legal standing to sue: whether the broad coalition of states, cities and environmental groups that brought the lawsuit against the environmental agency four years ago should have been accepted as plaintiffs in the first place.
This was the issue on which the coalition’s lawsuit had appeared most vulnerable, given that in recent years the Supreme Court has steadily raised the barrier to standing, especially in environmental cases. Justice Scalia has long been a leader in that effort, and Chief Justice Roberts made clear that, as his statements and actions in his pre-judicial career indicated, he is fully aboard Justice Scalia’s project.
Chief Justice Roberts said the court should not have found that
Wednesday, July 25, 2007
Supreme Court Justice Stevens, joined by Justices Anthony M. Kennedy, David H. Souter, Ruth Bader Ginsburg and Stephen G. Breyer, said that by providing nothing more than a “laundry list of reasons not to regulate,” the environmental protection agency had defied the Clean Air Act’s “clear statutory command.” He said a refusal to regulate could be based only on science and “reasoned justification,” adding that while the statute left the central determination to the “judgment” of the agency’s administrator, “the use of the word ‘judgment’ is not a roving license to ignore the statutory text.”
The Supreme Court also decided that a second Clean Air Act case Monday, adopting a broad reading of the environmental protection agency’s authority over factories and power plants that add production capacity or make technical renovations that increase emissions of air pollutants. In doing so, the court reopened a federal enforcement effort against the Duke Energy Corporation under the Clean Air Act’s “new source review” provision. The vote in the second case, Environmental Defense v. Duke Energy Corp., No. 05-848, was 9 to 0.
Tuesday, July 24, 2007
Writing for the majority voters of the Supreme Court, Justice John Paul Stevens said the only way the Environmental Protection Agency could “avoid taking further action” now was “if it determines that greenhouse gases do not contribute to climate change” or provides a good explanation why it cannot or will not find out whether they do.
Beyond the specific context for this case, the so-called “tailpipe emissions” from cars and trucks, which account for about one-fourth of the country’s total emissions of heat-trapping gases, the decision is likely to have a broader impact on the debate over government efforts to address global warming and environmental pollution from automobiles and electric generating power plants.
Monday, July 23, 2007
Energy Information Administration of the United States Government reported that since Wednesday, July 11, 2007 the natural gas spot prices decreased at virtually all markets in the Lower 48 States of the United States. Prices at the Henry Hub, the price for natural gas on the New York Mercantile Exchange, declined 41 cents per million btu, or 6 percent, since Wednesday, July 11, 2007 to $6.24 per million Btu. At the NYMEX, the futures contract for August delivery at the Henry Hub settled yesterday (July 18, 2007) at $6.528 per million Btu, falling 7 cents per million Btu, or 1 percent since last Wednesday, July 11, 2007. Natural gas in storage was 2,692 billion cubic feet as of July 13, 2007 which is 15.7 percent above the 5-year average (2002-2006). The spot price for West Texas Intermediate (WTI) crude oil gained $2.45 per barrel on the week (Wednesday-Wednesday) to $75.03 per barrel or $12.94 per million Btu.
Anadarko Petroleum reported that natural gas production through the
Anadarko Petroleum reported that first sales were received from the Atlas #1 well located on
Sunday, July 22, 2007
It was reported by www.ogj.com from HOUSTON, Texas on July 18, 2007 that the state of North Dakota's oil production averaged 120,000 barrels per day and approximately 190 million cubic feet of gas per day was produced May 2007, both of which were 20 year production highs, according to preliminary North Dakota state figures.
In addition to the production about 8% (eight percent) of the casinghead gas was flared into the sky because their gas processing plant capacity was insufficient to handle the entire production. Retrofits, refits and new plants are expected to capture and process all the natural gas within a few months, this according to the state industrial commission.
Oil and gas production and the
Shell ordered to suspend Arctic drilling was the headline written by MARY PEMBERTON, Associated Press Writer from
"Vessels currently located in the Beaufort and Chukchi seas shall cease all operations performed in furtherance of that program, but need not depart the area," the 9th U.S. Circuit Court of Appeals order said.
Opponents contend that the United States Minerals Management Service approved Shell's plan without fully considering that a large spill would harm marine mammals, including bowhead and beluga whales. Opponents further contend that polar bears could also be harmed, and they question whether cleaning up a sizable spill would even be possible in the icy waters.
Company officials are obviously disappointed, said Shell spokesman Curtis Smith.
"But the court has asked for more information, and we will provide it. We will comply with the court order and continue to welcome discussions with the
Saturday, July 21, 2007
Jim Landers of the
This concept that not enough oil is going to be produced is the consensus among the world's oil-consuming nations, expressed by such forums as the Group of Eight, which held its summit this year in
Jim Landers also writes that one forecast looms above the rest in this worldview that the country of
The experts believe that China is expected to account for one-third of the increase in oil demand in the next two decades and in the meantime two-thirds of the world's known oil and gas reserves are in countries that either limit access or close the reserves to foreign companies, said Karen Harbert, assistant United States secretary of energy for policy and international affairs.
Again it is worth repeating that those countries are not stepping up to the task, including Russia won't be able to meet existing gas contracts to Europe without reversing the downward investment curve in exploration and production in its natural gas fields. Venezuela's oil production is off by half and it is the same basic story – these countries are going to maintain their monopoly on their oil fields, but if expansion is to occur it will be with other people’s money, but no one at the moment is ready to spend the money in the monopoly countries under their proposed terms and conditions as they exist today..
Friday, July 20, 2007
Jim Landers of the Dallas Morning News wrote on
Tuesday, July 17, 2007 that at the moment the nationalized oil producing countries are not spending the capital required to bring their oil reserves to market, thus for all intents and purposes their oil is staying in the ground.
Jim Landers writes from Washington that it is now up to the national foreign owned country oil companies of Petróleos de Mexicanos, Saudi Aramco, Petróleos de Venezuela, Russia's Gazprom and others of similar like to decide if they are going to make the capital investments necessary to increase production or whether they are satisfied with their current income and are happy to sit back and wait.
According to the literature, world demand for oil now stands at 86.1 million barrels a day. The U.S. Energy Information Administration expects it to reach 97.3 million barrels a day in seven years and 117.6 million barrels a day by 2030. That extra 31.5 million barrels of daily production is the equivalent of three
Based on what's known about the world's petroleum reserves, nearly all of the increase of oil’s barrels a day will have to come from countries that have national oil company monopolies.
Jim further reports that conservation, alternative fuels and giant new oil and natural gas fields in areas where Exxon Mobil Corporation and other private companies can explore won't be enough to meet the rising oil demands of a growing oil based global economy.
The Saudis are spending $50 billion to $70 billion to raise production in their country by a third, 331/3% increase, but that won't be enough.
Thursday, July 19, 2007
Senior Correspondent Eric Watkins informed the public on July 17, 2007 from LOS ANGELES, California that the country of Mexico has increased their security measures to protect their strategic installations in the country following a series of bombings on fuel pipelines operated by state-run oil and gas monopoly Petroleos Mexicanos (Pemex).
EPR the group said it would continue the "harassment" (bombings, explosions, destruction of pipelines) until Mexican President Felipe Calderon Hinojosa and
Wednesday, July 18, 2007
Natural Gas - LONDON, England
It was reported in the Oil and Gas Journal, www.ogj.com that RWE Dea UK (United Kingdom) Development Ltd. has begun commercial gas production of 60 million standard cubic feet of gas per day (MMcfd) from one natural gas well in the Cavendish gas field which is located on Block 43/19a in the United Kingdom’s Southern Gas basin. The natural gas field lies in 18.5 meters of water.
The natural gas field operator is RWE Dea and is equal partners with Dana Petroleum PLC. They are drilling second and third wells that are expected to come on stream, on line, before the end of year. The Cavendish gas field is a Carboniferous gas field that was discovered in 1989 and is RWE Dea's first operated development project in the
This natural gas development consists of a 6-slot, minimum-facilities fixed platform tied back to the Murdoch platform via 47 kilometers of newly laid pipeline. Murdoch natural gas is part of the Caister Murdoch natural gas system operated by ConocoPhillips, which transports the gas onward to the Theddlethorpe gas terminal in the
The Cavendish natural gas field production originally was expected to start in the first quarter 0f 2007 with an initial flow of 100 million standard cubic feet of gas per day (MMcfd) and to continue until 2016.
Tuesday, July 17, 2007
It was reported on Sunday, July 15, 2007 by Michael Hawthorne of the Chicago Tribune, a Tribune staff reporter, that the “The massive BP oil refinery in Whiting, Ind., is planning to dump significantly more ammonia and industrial sludge into Lake Michigan, running counter to years of efforts to clean up the Great Lakes.”
It was further reported that BP company officials insisted they did everything they could to keep more pollution out of the lake. "It's important for us to get our product to market with minimal environmental impact," said Tom Keilman, a BP spokesman. "We've taken a number of steps to improve our water treatment and meet our commitments to environmental stewardship."
The Tribune article related that “BP can process more than 400,000 barrels of crude oil daily at the plant, which was built in 1889 by John D. Rockefeller's Standard Oil Co. Total production is expected to grow by 15 percent by the time the expansion project is finished in 2011.”
Maximum dumping allowed by Federal Law into
Monday, July 16, 2007
D Three Technology has been wondering who to believe and who to disbelieve when it comes to oil and gas output. WWW.Rigzone.com has an article on Sunday, July 15, 2007 via the reporting of Platts Survey of 10 members of the Organization of Petroleum Exporting Countries (OPEC) bound by the group's crude oil output agreements that they boosted production by 40,000 barrels per day to 26.6 million in June 2007, from a revised May 2007 level of 26.56 million barrels per day, a Platts’ survey showed July 11, 2007. This is well above the 25.8-million barrels per day production target set in February 2007 by the so-called OPEC-10.
Platts reports that total OPEC output, including volumes from
The figures were then a revised figure of 30.21 million barrels per day for May 2007, the survey showed.
Platts further informs us that small volume increases totaling 80,000 barrels per day from
We are further informed by Platts that Nigerian production in May has been revised downward to 2.05 million barrels per day from 2.13 million barrels per day. In June, the survey found Nigerian production to have risen to 2.08 million barrels per day from the revised May level.
Sunday, July 15, 2007
Oil Aplenty or Shortage?
The debate on world oil supply continues unabated. Reuters reported on July 14, 2007 that the proponents of "peak oil" - the theory that global crude oil production has hit its zenith and is headed for a steep decline - are upset with a United States oil industry group's findings that the world has plenty of oil.
Next week the United States National Petroleum Council - a board of high-level UNITED STATES oil industry executives - releases its study titled, “Facing the Hard Truths about Energy”, conducted at the behest of UNITED STATES Energy Secretary Sam Bodman.
According to the report's executive summary, obtained by Reuters, the world is not running out of oil but there are "accumulating risks" to securing supply through 2030.
Peak oil theorists say such findings gloss over Bodman's request to study the issue in detail.
"They've labored mightily and come up with a mouse," said Randy Udall at the Association for the Study of Peak Oil and Gas, whose group dismisses the report as "petro Prozac".
"Give me four college students and two weeks, and I could do better," Udall said.
Reuters reports, “with crude oil futures prices in
The IEA now expects global demand to reach 95.8 million barrels per day (bpd) from 86.1 million bpd in 2007, assuming average global GDP growth of 4.5 per cent annually.
In a draft letter to Bodman outlining its findings, the National Petroleum Council says: "The world is not running out of energy resources, but there are accumulating risks to continuing expansion of oil and natural gas production from the conventional sources relied upon historically."
Those risks include "political hurdles, infrastructure requirements and availability of trained work force", according to the findings of the panel, which includes executives of oil companies such as ExxonMobil Corporation and Chevron Corporation.
One UNITED STATES oil executive hires people to don chicken suits and hand out flyers at peak oil conferences, calling its advocates "Chicken Littles" - most recently in
"The abundance side of the debate needs something that grabs attention, too," said Alex Cranberg, chairman of Denver-based Aspect Energy, an independent oil company, referring to the chicken suits. "It is almost equal to, but not equal to, the power of fear."
Daniel Yergin, chairman of oil consultancy Cambridge Energy Research Associates and the panel's vice-chairman of demand issues, has dismissed the idea of peak oil.
Instead, Yergin's group has predicted an "undulating plateau" of crude oil production over several decades, followed by a slow decline.
Reuters reports such findings irk UNITED STATES Representative Roscoe Bartlett, the Maryland Republican and co-chairman of the Congressional peak oil caucus, who has hounded the Bush administration on the peak oil issue.
Reuters reports, "I don't think (the council) did what they asked them to do,"
Saturday, July 14, 2007
House Republicans blast Democrats on energy
Nick Snow, a Washington, DC, Correspondent wrote for the oil and gas journal on July 12 that the United States House of Representatives Republicans charged that the "bold action" on energy that Speaker of the House Nancy Pelosi (D-Calif.) promised earlier this year has become "no energy, no action, and all embarrassment."
Snow reports that Congressional House Republican Conference Chairman Adam Putnam of Florida told reporters on July 11, 2007 that Congressional Democrats are "still arguing among themselves, still engaged in intramural spats," although fuel prices continue to rise.
Putnam continued, "They failed to produce a comprehensive plan in the first 6 months of the year. They promised a detailed plan July 4, and still there is no indication that they have anything close to a comprehensive energy plan that produces new energy and lowers prices while making the nation more energy-independent and secure."
Speaker Pelosi and the rest of the Congressional House Democratic leadership declared "energy independence" on
Former Speaker of the House, republican J. Dennis Hastert (R-Ill.) said pragmatic solutions, such as more gradual motor vehicle fuel economy increases favored by Energy and Commerce Committee Chairman John D. Dingell (D-Va.) and support for coal-to-liquids research proposed by Energy and Air Quality Subcommittee Chairman Rick Boucher (D-Va.), will never reach the floor of the House of Representatives for a vote.
If Democrats can't solve their internal problems and debate doesn't occur until September, former speaker Hastert added, "the promise of the autumn may become the legends of the fall. It may not happen."
Friday, July 13, 2007
The Louisiana Oil and Gas Association reports on its website at www.lioga.com that the 2007 Louisiana Legislative Session Recap for Thursday, June 28, 2007, included in its June 28, 2007 session that every legislative session takes on its own personality and this session was no exception. If
could give the session a theme it would be “getting a piece of the billion dollar budget”.
was able to pass SB 23 with overwhelming support through the House with a 102-0 vote and through the Senate with 28-10 vote and was signed by the governor into law on
Louisiana Oil and Gas Association reports that HB 187 by Representative Wilfred Pierre(D-Lafayette) Gives the Commissioner of Conservation authority to regulate CO2 pipelines into adjoining states.
passed HB 187 off the House floor this past Tuesday and is headed for the Governors desk.
HB 617 would prohibit drilling on
not wanting any ban on drilling defeated the bill in committee; hence, not allowing it to reach the House floor.
The state has monitored
Thursday, July 12, 2007
D Three Technology, LLC has made significant progress in scavenging carbon dioxide, as well as scavenging hydrogen sulfide.
Check out the article by Nagle and Henguy at http://www.gtp-merichem.com/support/technical_papers/technologies/index.php and D Three Technology at http://www.dthreetechnology.com.
Wednesday, July 11, 2007
If you visit the website you will find it very inviting.
Colorado Oil & Gas Association
Founded in 1984, the Colorado Oil & Gas Association's purpose is to foster and promote the beneficial, efficient, responsible and environmentally sound development, production and use of Colorado oil and natural gas.
We invite you to visit this website. In the days to come we will share additional information from COGA.
Tuesday, July 10, 2007
TXOGA - 1997
When the TXOGA formed in 1917 the concept and plan for the organization was very general in nature. However, TXOGA soon found out that in addition to general problems, there were national problems to be dealt with. TXOGA had local problems in various states that needed attention, guidance and problem solving, and as a result of the local issues they begin to split into state organizations and thus on
But as we all now know well, you couldn’t stop the growth of oil in the United states and soon the Louisiana-Arkansas area had grown to such a size that a separate division of the Mid-Continent Oil & Gas Association was necessary and so on January 4, 1923, the Louisiana activities of the Mid-Continent Oil & Gas Association were separated from the Texas activities, and the "Mid-Continent Oil & Gas Association, Texas Division" and the "Mid-Continent Oil & Gas Association, Louisiana-Arkansas Division" were formed.
Oil keep growing and twelve years later, oil operations in the states of
So in 1997 the
Subsequently, the national Mid-Continent organization elected US Oil & Gas Association as its name. It has four affiliated divisions, (1) the Oklahoma Mid-Continent Oil & Gas Association, with headquarters at Tulsa; (2) the Texas Oil & Gas Association, with headquarters at Austin; (3) the Louisiana Mid-Continent Oil & Gas Association, with headquarters at Baton Rouge; and (4) the US Oil & Gas Association, Alabama-Mississippi Division, with headquarters at Jackson, (formerly the Mississippi-Alabama Mid-Continent.)
Monday, July 9, 2007
TXOGA: Mid-Continental Oil & Gas Association 1917
The Texas Oil and Gas Association – TXOGA - came about as a result of the excellent work that the initial founders of the organization did upon its inception on October13, 1917. At a meeting that was originally held in Tulsa, Oklahoma, the United States was engaged in fighting World War I, and one of the principle, main purposes behind the Association’s formation was to provide essential supplies of petroleum and petroleum products (gasoline, diesel, paint, aircraft fuel, bunker fuel for ships) to the armed forces of the United States and its allies. As one member put it, we were going to do what was necessary to allow our country …. “to float to victory upon a wave of oil." TXOGA’s predecessor Mid-Continent’s contribution to that success of the
That initial meeting that took place in 1917 had representatives from oil producers, casinghead gasoline producers, supply companies, refiners, as well as other segments of the petroleum industry. Frank Haskell of Tidal Oil Company was the first president of the association, and J. H. Evans of Devonian Oil Company was elected the first vice-president. The first office of Mid-Continental Oil and Gas Association (soon to be the TXOGA in 1997 was established in
Sunday, July 8, 2007
TXOGA has approximately 2,000 members in the Association, approximately 500 of whom are the executives representing 50 of the Texas’s largest energy companies. The remaining members are made up of independent oil and gas owners and producers, oil and gas producing and purchasing companies, petroleum refining companies, petroleum marketing companies, drilling contractors, land men, lease brokers, geologists, consulting engineers, royalty owners, pipe line companies and contractors, transportation companies, carbon black companies, geophysical companies, equipment and supply firms, petroleum, oil and gas well servicing contractors, oil and gas tax attorneys, insurance companies, banks, and others interested in promoting the welfare of the petroleum, oil and gas industry.
Texas Oil and Gas Association
Saturday, July 7, 2007
D Three Technology, LLC is a member of the California Independent Petroleum Association, which is also known as CIPA. CIPA is a non-profit, non-partisan trade association representing approximately 450 independent crude oil and natural gas producers, royalty owners, and service and supply companies operating in
CIPA was formed in 1976. CIPA’s creation was the result of a merger between two trade group associations; the Independent Oil & Gas Producers' Association merged with the California Independent Producers & Royalty Owners Association. Today CIPA is an association that has kept the political, regulatory and public policy interests of independent oil and gas producers at the forefront of its agenda.
CIPA states on its website at www.cipa.org that “CIPA represents the diverse interests of its membership before the California State Legislature, the United States Congress and numerous federal, state and local regulatory agencies. The association is an advocate of free market principles, eliminating duplicative regulation, stimulating recovery of domestic resources and improving the industry's public image.”
The CIPA website is a great resource for the oil and gas industry, particularly for those interested in the
Friday, July 6, 2007
Prices - natural gas futures began the week of June 4, 2007 at $8.19 per MMBTU (million british thermal units) and they pointed out that the demand for natural gas was a little down for the same period one year ago. The March-June 2007 four month future prices were between $7.50 and $7.59 per MMBTU and maintains a very consistent price through what has been termed a volatile market.
Weather - The "cooling" season has begun for 2007 and it is at his warmest temperatures, 9.4 percent higher than is considered normal for this time of year. The New England, Middle Atlantic and Pacific regions are warmer than usual.
Working Gas in Underground Storage - In the week ending June 8, 2007 the net injections were 92 Bcf (billion cubic feet), which resulted in raising the underground storage inventories to 2,225 bCF, which is 19.3% higher than the past five year average.
Natural Gas Production - The American Gas Association quoted the Bentek Energy, LLC for estimates in natural gas production, which was prior to extraction loses, in the lower 48 states - production reached 50.0 BCF per day on February 3, 2007 and has not fallen below that volume since that day. Daily production of natural gas has been as high as 52.7 Bcf per day in 2007 and has been between 51 and 52 Bcf for the first two weeks of June.
Thursday, July 5, 2007
It is on this day that we reflect upon our freedoms that are granted us by our constitution and reflect upon the sacrifices that our men in the military continue to make on behalf of our nation here in the United States.
May we all enjoy this day and never take our freedom for granted.