Though per barrel prices may still be falling, Texas crude oil production continues to set records. Compared to last year, Texas production is up 15% and on track to break an annual production record over four decades old. Increased and consistent domestic oil production is likely to result in a growth-focused, quantity-focused industry with more resilience to … Continued
Though the price of oil has reached historic lows over the past year, some analysts believe that a price recovery may be on its way. One such expert anticipates that oil prices could go up to as much as $70 a barrel. Demand Remains Strong in the Global Market Though oil is presently in high … Continued
Cameron International Corp. is reportedly being purchase by Schlumberger Ltd. for over $12 billion in cash and holdings. Schlumberger Ltd., the largest oil-field service company in the globe, has been said to have been considering and potentially negotiating this purchase for sometime. The purchase between Schlumberger Ltd. and Cameron International Corp indicates a push towards … Continued
Big data and robotics may just be the answer to reclaiming profit from the struggling oil industry. Though oil is being reclaimed at record-breaking rates domestically, many oil companies have been struggling. Oil prices have tanked, in part to increased supply and lowered demand, and in part due to price fixing through foreign policies. NOV’s … Continued
A new “cognitive worker” called Amelia could revolutionize the oil and gas industry in many good ways. IPsoft, the company behind Amelia, designed this teachable piece of technology to learn just as a human would, using things like natural language interactions to learn to speak and thus interact with humans. Amelia can also learn human … Continued
Recent reports show that Texas oil wells are continuing to produce oil at a record pace and will likely continue to do so for some time. With dropping oil prices, it may have been expected that oil companies would pull back on their operations and begin producing less oil to capture a higher cost per barrel. … Continued
The Pipeline and Hazardous Material Safety Administration was recently awarded nearly $250 million to increase the safety of oil transportation throughout the United States. This is only the latest in numerous improvements that have been made to ensure efficient, effective and careful transportation of pipeline materials. Pipeline movement in the United States has sharply increased … Continued
Stringent new regulations have been imposed on horizontal gas and oil well pads in Ohio, following an announcement by the Ohio Department of Natural Resources. Ohio has been developing its new safety standards over the years, which are targeted primarily at protecting the public and improving upon environmental protection. This includes a significant amount of … Continued
Ohio Governor John Kasich has been attempting to raise taxes on the oil and natural gas industry for some time, specifically on fracking. A two-year budgetary guideline produced by the governor sought an increase of taxes at 6.5% for fracking activity, though there was no such increase for conventional drilling projects. Presently, two major reports … Continued
Baker Hughes has recently won the Johan Sverdrup contract in Norway, a $187 million contract and the first step towards drilling in one of the largest oil fields in the country. The project has been in the works for some time, due to the extensive construction required; the project has been called one of the biggest industrial projects in the country, … Continued