Headlamp – Get the facts on the Pebble Project.

Army Corps of Engineers describes Pebble Project in this video:

 

 

Years of underinvestment in the oil industry has led to weak production. The oil and gas industry may need a significant amount of new investments to offset a looming supply shortage, the head of oil services firm Schlumberger said. Companies like Schlumberger that cater to the exploration and production, or upstream, side of the industry are still evolving after the historic slump in crude oil prices two years ago. That forced major energy companies to cut costs, improve efficiencies and join forces in order to survive. Schlumberger last year formed several ventures with its industry partners. Extending a six-year relationship, the company in July spent $1.7 billion to acquire a 51 percent stake in Eurasia Drilling Co. Ltd., which holds one of the largest fleets of onshore drilling units globally. In February, it formed a joint venture partnership with Subsea 7 that built on a 2015 arrangement to coordinate broad offshore development work under one umbrella.

U.S. still has 49% fewer rigs than in October 2014. West Texas’ Permian Basin single-handedly accounted for another jump in the number of rigs actively drilling for petroleum in the U.S. The overall rig count increased by five rigs this week, while the Permian alone grew by eight rigs. Small declines in Colorado, North Dakota and Oklahoma partially offset the gains in Texas, according to the weekly data collected by Houston-based Baker Hughes, a GE company. The total U.S. rig count is now up to 1,013. Oil drilling currently accounts for 820 rigs of the total. The rest are seeking natural gas. U.S. oil was selling at about $68 a barrel in early afternoon trading in New York. West Texas’ Permian Basin now accounts for 453 rigs, which is 55 percent of all the nation’s oil rigs. The next most active area is South Texas’ Eagle Ford shale with 76 rigs. Texas is home to 509 rigs overall, while Oklahoma is second with 127 rigs. New Mexico is next with 90 rigs. Despite this week’s jump, the oil rig count is down 49 percent from its peak of 1,609 in October 2014, before oil prices began plummeting.

From today’s Washington Examiner, Daily on Energy:

15 REPUBLICAN ATTORNEYS GENERAL OPPOSE CALIFORNIA CLIMATE SUIT: The climate change court fight between California cities and big energy companies such as Exxon Mobil is widening as Republican attorneys general from 15 states filed a court brief Friday opposing the cities’ climate lawsuits. The attorneys general argue that the cities and municipalities suing the companies in federal court are overreaching in using local “nuisance” ordinances as a way to find a court remedy to the complex issue of global warming. Fossil energy producer and consumer states: The 15 states filing the amicus brief opposing the lawsuit include Texas, Louisiana, Wyoming, Colorado, West Virginia, Indiana, Alabama, Arkansas, Georgia, Kansas, Nebraska, Oklahoma, South Carolina, Utah, and Wisconsin.

 

First View:

The Pebble Project: Project Description and Summary Information
U.S. Army Corps of Engineers

First Reads:

Schlumberger sees growing supply challenges
UPI, Daniel J. Graeber, April 20, 2018

Permian Basin dominates another rig count jump
Chron, Jordan Blum, April 20, 2018