CBC News reported that increasing costs have not deterred ExxonMobil (NYSE:XOM) and its partners from moving forward with the Newfoundland-based Hebron oil project. They plan to begin construction and fabrication of the Hebron platform and expect first oil to be reached at the end of 2017.
Using new technology to access fossil fuels trapped in shale rock has effectively transformed the North American energy sector as a whole.
Zargon Oil & Gas Ltd. (TSX:ZAR,TSX:ZAR.DB) announced its financial and operating results for the third quarter of 2012, commenting that its oil production fell to 7,634 barrels of oil equivalent from 8,290 during the previous quarter. Its natural gas production declined 12 percent compared to the preceding quarter, averaging 15.33 million cubic feet per day.
Bengal Energy Ltd. (TSX:BNG) announced that it has received initial production testing results from recently-drilled wells at the Australian Cuisinier oil field, commenting that new oil production from three of the four wells totals about 1,800 barrels of oil per day — more than was expected initially.
The Wall Street Journal reported that in a few years the United States may oust Saudi Arabia from its position as the world's top oil producer.
Bloomberg reported that the price of oil dropped after the International Energy Agency reduced its outlook for global oil demand by 100,000 barrels per day for 2012 and 2013. The organization anticipates that world oil demand will be 89.7 million barrels per day this year and 90.5 million barrels next year.
CNBC reported that Iraq has abandoned its plan to more than triple its oil production by 2017, but Hussain al-Shahristani, the country's deputy prime minister on energy, still believes Iraq could produce 9 million to 10 million barrels of oil per day by 2020. It currently pumps about 3.4 million barrels per day.
Bloomberg reported that oil production from the part of the Bakken shale formation located in North Dakota was 609,580 barrels per day in July, nearly double the 360,820 barrels produced in July 2011.
The Wall Street Journal reported that oil futures gained following the announcement that the International Energy Agency is unlikely to release strategic oil reserves and news that Hurricane Isaac has shut down most oil output in the Gulf of Mexico.
Canada's largest natural gas producer has decided to accelerate its shift into the liquids market in an attempt to increase revenue on the back of decade-low gas prices.
Get our independent commentary on oil and gas trends and companies delivered to your inbox.
