Pemex Extinguishes Platform Fire

Pemex announced last night via Twitter that the fire on their Bay of Campeche platform had been extinguished and that there was no oil spill.  The platform  was a processing facility and had no wells directly connected.

Platform Explosion in the Bay of Campeche

Pemex has confirmed that 4 workers were killed and 2 injured in a fire on a production platform in the Bay of Campeche off of the Yucatan Peninsula in Mexico.  Water there is generally pretty shallow, around 100 feet deep, and well control is usually performed above water level.  The platform is still on fire…

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Saudi Prince: “Oil is Never Going Back to $100″

Saudi Prince Alwaleed bin Talal said in an interview yesterday that “oil is never going back to $100.”  Let me translate: “We are sick of Americans and Russians taking our market share, and we’re taking it back forever.”  These were strong words from one known to publicly disagree with his government, and whose personal wealth has…

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End of the Shale Boom? Or Pause?

I’m sitting here watching Bloomberg report WTI at a hair over $46 a barrel, and reading Goldman’s gloomy prognostication that the six month price will be $39, rather than the previous $75, and the twelve month number will be $65 vs $80.  OPEC is continuing to hold the line on their production putting gigantic pressure…

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Federal Court Won’t Rehear BP Appeal

Friday, the 5th Circuit voted 7 to 6 to not rehear an appeal by BP that they should not be liable under Clean Water Act fines, because oil didn’t actually leak from the Macondo well, but from the severely damaged riser connected to the sunken rig.  The assertion was laughable, but still pushed by BP….

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Keystone Killer: TransCanada Files for New Pipeline Project

On October 30, TransCanada filed a plan to build a new pipeline from the oil sands projects in Alberta east to St. John, New Brunswick.  Even though the company says otherwise, Transcanada’s Energy East’s pipeline, with a capacity of 1.1 million barrels of oil per day, provides a direct substitute for the XL extension to…

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Keystone Vote: Three Years Late, and for the Wrong Reason

The Keystone XL pipeline extension, proposed by TransCanada Pipeline to increase capacity of oil from Canada to refining centers on the Gulf Coast, has become a political football over the last several years, a victim of hyperbole and demagoguing, is coming up for a vote on Capitol Hill maybe as early as today.  The reason?…

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