Today, the Obama administration cancelled planned lease sales in the offshore Arctic.  Apparently (and thankfully) offshore drilling above the Arctic Circle is dead for the foreseeable future.



LNG Export Wave Dies on the Vine

Interesting article from gCaptain about LNG export projects dying on the vine.

A Moment in Time Lost: The Fifth Anniversary

Tonight at 9:50 pm will be the 5th anniversary of the worst blowout in US history that took the lives of eleven men and spilled over 5 million barrels of oil into the Gulf of Mexico. At the height of the crisis in the late spring of 2010 we, as a society, had a moment…

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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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