Latest Petroleum politics Stories

Saudi Arabia's Oil Output Drives Overall Organization Production Increase LONDON, May 13, 2013 /PRNewswire/ -- The Organization of the Petroleum Exporting Countries (OPEC) boosted crude output by 250,000 barrels per day (b/d) to 30.5 million b/d in April, a just-released Platts survey of OPEC and oil industry officials and analysts showed. Production increases in April halted a recent downward trend, during which overall output slid from 31.17 million b/d in October 2012 to 30.25...

Can the United States free itself of dependence on foreign oil? Bakken’s big boon and new technology advancements may actualize this reality sooner, rather than later, says Quality Mat and other industry companies. Beaumont, TX (PRWEB) May 10, 2013 Fracking, new shale discoveries and efficient technological advancements are making some question the reality of America’s self sufficient energy status, as rig mat companies and energy analysts reflect on, respectively, firsthand...

Higher demand, drilling cuts, lower storage levels raise gas prices 50 percent above record lows, according to Ernst & Young quarterly oil and gas update HOUSTON, April 23, 2013 /PRNewswire/ -- Cutbacks in US natural gas drilling and production and higher North American demand combined to decrease storage levels and raise prices above $4/mmbtu in the first quarter of 2013, according to Ernst & Young Oil & Gas Center's quarterly analysis. Gas-directed drilling fell in 2012...

This news release includes forward-looking statements and information within the meaning of applicable securities laws.  Readers are advised to review the "Cautionary Note Regarding Forward-Looking Information and Statements" at the conclusion of this news release. Readers are also referred to "Information Regarding Reserves, Resources and Operational Information", "Notice to U.S. Readers" and "Non-GAAP Measures" at the end of this news release for information regarding the...

CALGARY, Feb. 14, 2013 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("PENN WEST") is pleased to announce its results for the fourth quarter ended December 31, 2012 and year-end reserve results. All figures are in Canadian dollars unless otherwise stated. ------------------------------ We are committed to maximizing the efficiency of our capital programs and the reliability of our production base while continuing to improve the company's balance sheet. We...

LONDON, Feb. 7, 2013 /PRNewswire/ -- Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) fell to 30.45 million barrels per day (b/d) in January from 30.65 million b/d in December, led by a further drop in volumes from Saudi Arabia, a just-released Platts survey of OPEC and oil industry officials and analysts showed. Saudi Arabia reduced output to 9.25 million b/d in January from 9.45 million b/d in December. The January level was the lowest since...

RIO DE JANEIRO, February 4, 2013 /PRNewswire/ -- With some of the world's fastest-growing oil and gas reserves found, plus huge unconventional resources, the Latin American continent awaits major capital investment projects across the region - especially countries with independent licensing agencies such as Brazil, Colombia and Peru, all with major oil and gas opportunities. The 19th Latin Upstream Conference will highlight the most significant opportunities...

LAFAYETTE, La., Feb. 4, 2013 /PRNewswire/ -- In conjunction with PetroQuest Energy's (NYSE: PQ) release of its 2012 year end and fourth quarter financial results, you are invited to listen to its conference call with management that will be broadcast live over the Internet on Thursday, February 28, 2013, at 9:30 a.m. Eastern time. The Company will release its results before the market opens on February 28, 2013. What: PetroQuest Energy 2012 Year End and Fourth Quarter...

HOUSTON, Jan. 28, 2013 /PRNewswire/ -- Topping the list of the big oil and gas stories in 2012 was the dramatic surge is US oil production. In 2013, the US will remain the largest source of new oil growth worldwide aided by the shale boom, but surpassing Saudi Arabia as the globe's top oil producer by 2020 will be a challenge. The big turnaround of US oil production brought by new light tight oil developments was fully recognized in 2012, putting to rest the long-held notion that...

FARMINGTON, Conn., Jan. 10, 2013 /PRNewswire-iReach/ -- The top 10 emerging oil and gas exploration and production markets include: the US Gulf of Mexico, Eagle Ford shale, Canada, the Santos basin in Brazil's offshore region, Venezuela, Colombia, Poland and France in Europe, the western Siberian basin, Angola and Ghana in West Africa, and Mozambique and Tanzania in East Africa. (Photo: http://photos.prnewswire.com/prnh/20130110/CG40628) Of these 10 markets, Canada and Venezuela...