Correspondent, Energy and Infrastructure
Braden's Feed
Jun 19, 2013

California senators want more information on oil well ‘acid jobs’

, June 18 (Reuters) – California state
legislators on Tuesday told regulators and oil industry
lobbyists they wanted more information about the use of acid to
increase flows in wells in a technique that is used more often
in the state than the controversial fracking method.

California’s century-old oil sector has come in for greater
scrutiny as companies make early attempts to tap the Monterey
shale, a deep formation that holds an estimated 15 billion
barrels of oil – twice that of North Dakota’s widely publicized
Bakken shale.

May 28, 2013

Insight: California environmentalists fear frack fight a distraction

/BAKERSFIELD, California (Reuters) – As California sets the ground rules for drilling in the Monterey oil formation, a hard-to-reach shale reserve that is the largest in the United States, some environmentalists worry that politicians, regulators and fellow activists are fighting the wrong battle.

The state regulator is hammering out rules for hydraulic fracturing, while the legislature is debating 10 bills on the practice. The drilling technique known as “fracking” has caused so much concern about environmental problems that it is the subject of a Hollywood movie. But most Monterey drillers employ another technique using acid, and only one bill under consideration would regulate that method.

May 28, 2013

California environmentalists fear frack fight a distraction

, May 28 (Reuters) – As
California sets the ground rules for drilling in the Monterey
oil formation, a hard-to-reach shale reserve that is the largest
in the United States, some environmentalists worry that
politicians, regulators and fellow activists are fighting the
wrong battle.

The state regulator is hammering out rules for hydraulic
fracturing, while the legislature is debating 10 bills on the
practice. The drilling technique known as “fracking” has caused
so much concern about environmental problems that it is the
subject of a Hollywood movie. But most Monterey drillers employ
another technique using acid, and only one bill under
consideration would regulate that method.

May 16, 2013

Sempra signs partners for $10 bln US LNG export plant

May 16 (Reuters) – Sempra Energy has signed up
Japanese and French partners to back a liquefied natural gas
export plant in Louisiana that will cost up to $10 billion, with
construction expected to start next year, Sempra said on
Thursday.

The plant would be only the second LNG export facility in
the state, with Cheniere Energy getting federal approval
last April to build one at Sabine Pass, as a wider debate about
exporting energy rumbles on in Washington.

May 13, 2013

Transocean chairman to step down after Icahn attack

By Braden Reddall

(Reuters) – Transocean Ltd (RIG.N: Quote, Profile, Research, Stock Buzz) said on Monday that Chairman Michael Talbert will step down later this year, in a move that comes just days before the culmination of a fight between the offshore driller and investor Carl Icahn in which Talbert was a target.

Talbert, a director since 1994 who was also chief executive from 1994 to 2002, told the board that if re-elected at the upcoming shareholder meeting on May 17, he will step down as chairman by November and leave the board no later than the 2014 annual meeting, Transocean said.

May 3, 2013

Occidental shareholders vote out long-time chairman Irani

SANTA MONICA, California (Reuters) – Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz) shareholders in a vote on Friday ousted Chairman Ray Irani after more than two decades of leading the oil company.

Chief Executive Steve Chazen announced the news at the company’s annual shareholder meeting.

Apr 26, 2013

Chevron profit pinched by cheaper oil, but beats estimates

April 26 (Reuters) – Lower oil prices bit into Chevron
Corp’s quarterly profit as did refinery downtime and
higher operating costs in its home market, but the oil company’s
shares rose as the earnings topped expectations.

Analysts cited foreign currency gains that gave the company
a particular boost in the quarter.

Apr 25, 2013

Occidental Q1 profit beats, weighs moves to boost stock

April 25 (Reuters) – Occidental Petroleum Corp
posted a higher-than-expected profit as cost cuts blunted the
impact of low natural gas prices, while the fourth-largest U.S.
oil company weighs various efforts to boost its lagging stock
price.

Shares of Occidental rose 3.7 percent to a two-month high on
Thursday, but they are still down about 3 percent in the past
year, compared with a 15 percent rise for California rival
Chevron Corp.

Apr 22, 2013

Halliburton in Gulf spill settlement talks, takes charge

April 22 (Reuters) – Halliburton Co is in talks to
settle private claims against it in a trial to determine how
blame should be shared for the 2010 Gulf of Mexico spill, the
company said on Monday, and it took a $1 billion pretax charge
for a possible deal.

The disclosure of the talks helped push Halliburton shares
up 3.5 percent. It came just days after the conclusion of court
proceedings for the first phase of the trial to settle claims
brought by the U.S. government and Gulf Coast states, as well as
private parties affected by the worst U.S. offshore oil spill.

Apr 22, 2013

Halliburton in spill settlement talks, takes $1 billion hit

By Braden Reddall

(Reuters) – Halliburton Co is in talks to settle private claims against it in a trial to determine how blame should be shared for the 2010 Gulf of Mexico spill, the company said on Monday, and it took a $1 billion pretax charge for a possible deal.

The disclosure of the talks helped push Halliburton shares up 3.5 percent. It came just days after the conclusion of court proceedings for the first phase of the trial to settle claims brought by the U.S. government and Gulf Coast states, as well as private parties affected by the worst U.S. offshore oil spill.

    • About Braden

      "Spent early career in London covering technology, media and telecoms over five years, after an initial stint in Dublin. Worked as India's chief financial copy editor and deputy bureau chief in Mumbai for 2-1/2 years before moving to San Francisco in 2006, first to edit West Coast stories and then to cover the energy business. A native Californian, Braden received his BA in Economics from the University of Chicago in 1996."
      Joined Reuters:
      1997
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