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News Page 102

Texas Congressman: OPEC Is Dead

OPEC is dead, at least when it comes to dictating the price of oil on the global market, says one Texas congressman. Joe Barton, who led the effort to lift the nation's oil export ban, says that U.S. producers will move to boost production and capture an additional share of the global oil market in the event that OPEC moves to cut production in an effort to lift oil prices. The U.S. began exporting oil less than a month ago.…

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Oil Eases Towards $34 As U.S. Inventory Rise Counters Producer Deal

  LONDON (Reuters) - Oil fell towards $34 a barrel on Thursday, giving up an earlier gain, as a U.S. government report showing a rise in crude stocks underlined the supply glut, countering optimism over this week's deal by oil producers to freeze output. The U.S. Energy Information Administration said crude inventories rose by 2.1 million barrels last week, less than analysts expected. But Wednesday's report from industry group the American Petroleum Institute said they unexpectedly fell. "It's overall bearish…

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There’s One Place Where OPEC Can’t Broker an Oil Deal: Texas

Saudi Arabia and Russia have taken the first step to stem the slide in oil prices. There’s just one problem: If they are successful -- and that’s a big if -- the wildcatters of Texas, Oklahoma and North Dakota are waiting to pounce. With 4,000 wells drilled and just waiting for better prices to be brought on stream, the so-called fracklog could act as a cap to any oil rally, industry executives, traders and OPEC officials said. Worse, a price…

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Dealing With Disputes Over Joint Operating Agreements

Just like good fences make good neighbors, good joint operating agreements (JOAs) are designed to make good business partners in the volatile oil and gas industry. To cut down on financial exposure, operators who work together typically enter into JOAs to share the risk and expense of oil and gas exploration. However, if a conflict should arise between the operators later, the JOA dispute can end up either in court or in arbitration. The law firm of Mayer Brown recently…

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Energy Panelists Zero in on Iran and Its Oil

Iran may have access to global oil markets, but the country's oil and natural gas sector still faces serious political and economic challenges, a panel at the University of Houston said Monday. The Middle Eastern country's economy is ailing from years of international sanctions, the panel said. The country will also need to find buyers amid cutthroat competition that has driven the price of oil below $30 per barrel. "Iran's main challenge is finding customers and selling oil in the…

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Anadarko Anoints `Brand Ambassadors’ to Fight Off Drilling Bans

Windsor High School junior Kamille Hocking worried a dozen oil wells on her family’s 132-acre Colorado homestead might sicken them. Then, Rebecca Johnson, an Anadarko Petroleum Corp. engineer, used a blender in her chemistry class to show the interaction of swirling frack sand, city water and friction reducer. “We heard a lot of stories about how it could get into the water and pollute the land,” said Hocking, who is 16. “I’m going to tell my parents that fracking fluid only makes…

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UPS, Clean Energy Expand RLNG Agreement

US-based logistics giant UPS informed it has expanded its deal with Clean Energy Fuels to use up to 500,000 gallonequivalents of renewable liquefied natural gas (RLNG) annually in Texas. UPS stations in Houston and Mesquite will dispense the RLNG to a fleet of about 140 UPS tractors. The deal builds on UPS’s current agreement with Clean Energy Fuels whereby UPS is using approximately 1.5 million gallon equivalents of renewable compressed natural gas (RCNG) annually in California, UPS said on Wednesday.…

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Yes, Oil Will Rebound — Will You Be Ready?

Not even the savviest oil experts or canny analysts know exactly when plunging oil prices will reverse course -- and start persistently winging up again. But sooner or later they will, and perhaps with force. On Friday, U.S. benchmark West Texas Intermediate (WTI) oil prices gained some ground, rising an impressive 12 percent to close at over $29 a barrel, but that's still pretty unimpressive given the steep fall overall. So, investors shouldn't just stay defensive, and depressed, about the…

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Saudi Arabia and Russia Ministers Agree Oil Production Freeze

Saudi Arabia has agreed with Russia to freeze oil output if they are joined by other large producers, in the first co-ordinated move to try to reduce a near record supply glut and halt the collapse in prices. After watching oil prices fall 70 per cent since mid-2014, Saudi Arabia’s powerful oil minister Ali al-Naimi said an output freeze by some of the world’s major producers should start to stabilize the market. The speed of the deal between the Opec…

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BP Outlook: Gas Will Be The Fastest Growing Fossil Fuel

UK-based oil and gas giant BP expects fossil fuels to remain the dominant form of energy over the period to 2035, according to the 2016 edition of the “BP Energy Outlook”. According to BP, gas will be the fastest growing fossil fuel, increasing 1.8% a year and oil will grow steadily at 0.9% a year, although its share of the energy mix continues to decline. Growth of coal is projected to slow sharply, such that by 2035 its share in…

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