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IHS Names Sourcewater Inc an Energy Innovation Pioneer for 2016

IHS, the leading source of insight, analytics and expertise in critical areas that shape today’s business landscape, has named Sourcewater, Inc. an Energy Innovation Pioneer for 2016. Sourcewater will be featured at CERAWeek, the world’s premier energy industry gathering, to be held February 22-26 in Houston. Sourcewater, a spinout from MIT’s Energy Ventures program, is the first online marketplace for ...

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OPEC says cheap oil taking longer to subdue rival suppliers

LONDON – OPEC on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that crude’s price collapse is taking longer than expected to hit U.S. shale drillers and other competing sources. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast no extra demand for its crude oil this year despite faster ...

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1,400 Eagle Ford wells drilled, but uncompleted, IHS says

Just because the market is down doesn’t mean companies operating in the Eagle Ford are giving up their leasing agreements or abandoning their assets. According to a new analysis from the IHS, almost 1,400 wells in the South Texas fields have been drilled but not completed (DUC). Oil production businesses are trying their best to deal with a slumping market. ...

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Colorado: What happened to our rigs?

Colorado isn’t using half of its oil rigs anymore, The Denver Post reports. According to the article, data analysis firm IHS released a report indicating that half of the state’s rigs have fallen out of use since October. Despite the mounting number of idle rigs in the state, the IHS forecast only a 26 percent drop—comparable to slumps shale plays ...

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Onshore oil storage approaches holding capacity

Growing inventories of oil and gas on the market are not only exerting pressure on global prices, but it’s also causing storage space facilities to approach capacity, causing some companies to store their product in offshore tankers. Last week, CNBC reported that Head of Commodity Research for Bank of America-Merrill Lynch Francisco Blanch said, “We’re going to see pretty fast ...

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NY fracking ban seen as having little impact on supply

ALBANY, N.Y. — New York’s recent decision to ban fracking is hardly seen as a big loss for the nation’s production of natural gas. That’s because scientists say New York’s available reserves of natural gas in the sprawling Marcellus Shale are minuscule compared to what can be extracted in other states such as Pennsylvania and West Virginia. “Even if the ...

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