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AP Newsbreak: US oil, gas applications could drop 40 percent

Image courtesy of Encana Corp.

BILLINGS, Mont. (AP) — U.S. officials say applications to drill for oil and gas on federal and Indian lands are expected to decrease 40 percent in coming years versus their historical average. The projection comes as cheap prices have curtailed domestic energy exploration, driving down state and federal revenue. The U.S. Bureau of Land Management on Thursday will announce a ...

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European development bank considers funding Trans Adriatic Pipeline

European pipeline, Trans Adriatic pipeline

TIRANA, Albania (AP) — The European Bank for Reconstruction and Development is looking to support financially the development of the Trans Adriatic Pipeline, which plans to bring gas across the Balkans and on to Italy. President Suma Chakrabarti told Albanian Prime Minister Edi Rama during a visit Tuesday that the pipeline project was of great interest as it would help ...

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US rig count up 15 last week to 462

Baker Hughes, rig count

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by 15 last week to 462. A year ago, 876 rigs were active. Depressed energy prices have sharply curtailed oil and gas exploration. Houston oilfield services company Baker Hughes Inc. said Friday that 371 rigs sought oil and 88 explored for natural gas last week. ...

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Exxon Mobil to buy InterOil for $2.5 billion

Exxon Mobil

DALLAS (AP) — Exxon Mobil Corp. emerged Thursday as the winning bidder for InterOil Corp., which has natural gas holdings in Papua New Guinea. Exxon said it will pay $2.5 billion for InterOil in a deal that will complement its large liquefied natural gas facility in the country. Exxon hopes to capitalize on growing demand for cleaner fuels in Asia. ...

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Feds order Spectra to conduct tests on pipelines after blast

Spectra Energy pipeline explosion

GREENSBURG, Pa (AP) — A federal agency has ordered a natural gas pipeline company to conduct additional assessments on three lines buried in western Pennsylvania, including one that has corrosion similar to a fourth line that blew up in April, scorching some 40 acres. The Pipeline & Hazardous Materials Safety Administration says the other lines in Salem Township, Westmoreland County ...

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New Mexico Gas Co. plans natural gas pipeline to Mexico

New Mexico Gas, pipeline

ALBUQUERQUE, N.M. (AP) — New Mexico Gas Co. says it’ll seek a federal permit to begin building a natural gas pipeline from southern New Mexico to Mexico. Company spokesman Teala Kail says the $5 million project would extend the company’s existing pipeline in Santa Teresa about five miles to the U.S.-Mexico border and enlarge the pipeline. The Albuquerque Journal (http://goo.gl/CTuQez ...

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Turkmenistan abolishes agencies managing key gas industry

natural gas drilling rig

ASHGABAT, Turkmenistan (AP) — Turkmenistan, which holds the world’s fourth-largest natural gas reserves that are the base of its economy, has abolished two of the primary government agencies responsible for the sector. The government newspaper Neutral Turkmenistan on Saturday said President Gurbanguly Berdymukhamedov had ordered the disbanding of the Ministry of Oil and Gas and the State Agency For Managing ...

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