April 4, 2013 |
Penn Virginia Corp., which has a long history in the coal and gas business, is becoming more oily. The Radnor energy company announced that it is dramatically expanding its holdings in the oil-rich Eagle Ford Shale in south Texas with the acquisition of 19,000 acres of prospective and producing leases for $401 million. The company agreed to buy the leases from Magnum Hunter Resources Corp. The acreage contains estimated proved reserves of 12 million barrels of oil equivalent.
April 1, 2013
Satirist is out on bail in Egypt CAIRO - A popular TV satirist known as Egypt's Jon Stewart was released on bail Sunday after nearly five hours of interrogation over allegations that he broke the law by insulting Islam and the president. Bassem Youssef is the most prominent critic of Islamist President Mohammed Morsi to be called in for questioning in recent weeks in what the opposition says is a campaign to intimidate critics amid wave after wave of political unrest in deeply polarized Egypt.
March 23, 2013 |
Two foreign shipping companies were fined $10.4 million in a federal criminal case after pleading guilty Thursday in Newark, N.J., to dumping oil illegally into the ocean and then doctoring records to cover it up. Of the $10.4 million, $2.6 million will be used to conserve, preserve, and restore coastal areas of New Jersey and Delaware affected by Hurricane Sandy. Because the ships had visited ports in Delaware and Carteret, N.J., the Coast Guard became involved. Paul Fishman, the U.S. attorney for New Jersey, and Todd Wiemers, the Coast Guard deputy commander of the Delaware Bay sector, announced the penalties.
March 7, 2013 |
HOUSTON - Venezuela, which is a member of OPEC and sits on the world's second-largest oil reserves, faces near-term political uncertainty after Hugo Chavez's death that could bring further turmoil to its beleaguered oil industry. Even under the best circumstances it would take years to increase production and exports, analysts say. Venezuela's oil industry saw exports fall by nearly half during Chavez's time as president. He died Tuesday. But any new government would have a powerful economic incentive to make that a priority.
March 7, 2013
The death of Venezuelan President Hugo Chavez has the potential to birth a dramatic change in his oil-rich country's relationship with the United States. But it may take years to materialize, if it ever does. Much will depend on how far the Obama administration is willing to go to encourage Chavez's successor. Before Chavez's death Tuesday, Vice President Nicolas Maduro had implied that the United States had somehow given the president cancer. That absurd assertion contrasts with foreign policy analysts' assessment that if Maduro succeeds Chavez, he won't try to be the same type of revolutionary leader, and he may seek closer ties with America.
March 6, 2013 |
NEW YORK - Reaction in the oil market to the death of Venezuelan President Hugo Chavez was muted Tuesday, with the price of crude rising slightly in electronic trading in New York. Chavez, 58, battled cancer for two years. In December, he underwent what officials described as a complicated six-hour, cancer-related surgery. The full impact of his death on the oil market may not be known until Venezuela elects new leadership. In the short term, analysts expect the country's long decline in oil production to continue.
March 1, 2013 |
The oil refinery in Trainer owned by Delta Air Lines received its first shipment of Bakken crude oil from North Dakota on Feb. 12. The test shipment traveled in more than 100 rail cars to Albany, N.Y., where it was moved to a ship, and transported to Delta's docks in Trainer. "We are still evaluating our crude sourcing options. We don't currently have a facility to off-load from rail at Trainer," Delta spokesman Trebor Banstetter said. "If we decide to go ahead fully into the Bakken to get our crude, then we would invest in some rail facilities there, and it would come by rail all the way to the refinery.
February 28, 2013 |
TWO WEEKS AGO, Oprah Winfrey went to Instagram and Twitter - @oprah, natch - to post praises of one of her favorite things. The O electronically professed her endless love of a $249 countertop kitchen appliance, a fryer that transforms baking taters into french fries using a scant amount of oil. "This machine . . . T-Fal actifry has changed my life," wrote Winfrey. "And they're not paying me to say it. " (One would hope not, since America's pre-eminent media mogul seems to do quite well for herself with the jobs she's already got.)
February 26, 2013 |
NEW ORLEANS - BP bears most of the blame for the disastrous 2010 spill in the Gulf of Mexico because it cut corners and put profit ahead of safety, a U.S. Justice Department attorney charged Monday at the opening of a high-stakes trial that could result in the oil company and its partners being forced to pay billions more in damages. The London-based oil giant acknowledged that it made "errors in judgment" before the deadly blowout, but it also cast blame on the owner of the drilling rig and the contractor involved in cementing the well.
February 25, 2013 |
ASSIUT, Egypt - Thousands of brick workers blocked railroad tracks from a southern city to Cairo for a second day Sunday to protest rising industrial oil prices, causing the cancellation of some services, security officials said. The government lifted industrial fuel oil subsidies last week as part of a reform program, prompting labor protests by quarry and brick factory workers. Egypt has been gripped by unrest in recent days, partially because of public discontent with new government measures designed to deal with a crippling budget deficit.