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Author Archives: Ben Karkela

Shell halts construction on new Alberta oil sands project

CALGARY, Alberta – Royal Dutch Shell Plc will not continue construction of its 80,000 barrel per day Carmon Creek thermal oil sands project in northern Alberta because of the lack of infrastructure to move Canadian crude to market, the company said on Tuesday. Shell said the decision to halt the project was also the result of “current uncertainties” and chief ...

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Pemex receives U.S. oil swap license, but for less than planned

MEXICO CITY – State oil firm Pemex said on Wednesday it had received a license from the United States to import U.S. light crude in exchange for exports of Mexico’s heavier crude oil for the first time, albeit with a lower ceiling than originally planned. The terms of the year-long license will allow Pemex’s commercial arm, P.M.I. Comercio Internacional, to ...

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Repairs done, Union Pacific reopens Texas line after floods

CORSICANA, Texas — Repairs have been completed on some washed-out tracks in North Texas blamed for a weekend derailment that sent two locomotives into floodwaters. A Union Pacific spokesman says the line about 4 miles north of Corsicana reopened at 7:45 a.m. CDT Wednesday. Spokesman Jeff DeGraff (duh-GRAF’) says work will continue to finish the cleanup and clear out equipment. ...

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‘Fractivists’ to strategize over fracking bill

Self-described “fractivists,” upset with a new state law they say strips away local control of oil and gas drilling, plan to meet in Dallas next week to develop a strategy to challenge House Bill 40. Organizers hope that panel discussions on Nov. 5 and Nov. 7 will lead to passage of a resolution that voices support for local control over ...

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Anadarko Petroleum posts loss as crude prices slump

U.S. oil and natural gas company Anadarko Petroleum Corp reported a quarterly loss that met Wall Street expectations compared with a year-earlier profit as results were hurt by a slump in crude prices. Anadarko, like other oil companies faced with a more than 50-percent decline in crude, is working to improve drilling efficiency and productivity while keeping a close eye ...

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Study shows more extensive coral damage related to BP spill

NEW ORLEANS — Gulf coral damage from the massive BP oil spill is more extensive than previously thought, according to a new study that revealed sick and dying corals in the rich, deep-water environment off the coasts of Alabama and Mississippi known as the Pinnacles. Using remotely operated submarines, researchers explored the Pinnacle Reef in September 2011 and found more ...

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Chinese companies purchasing Texas oil assets

Chinese national oil companies (NOC) are purchasing west Texas oil assets for $1.3 billion. Shanghai-listed Yantai Xinchao Industry Co. Ltd. said it would buy oil fields in Howard and Borden counties from Nevada-based companies Tall City Exploration and Plymouth Petroleum, according to The Associated Press. Yantai Xinchao signed a letter of intent Friday with Ningbo Dingliang Huitong Equity Investment Center, ...

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Cleanup continues from North Texas derailment during storms

CORSICANA, Texas — Cleanup crews are dumping gravel to firm up an area near two overturned locomotives that derailed during North Texas flooding. A Union Pacific spokesman said Tuesday that crews are working to rebuild track washed away during storms north of Corsicana. Two crewmembers swam to safety after much of the 64-car train derailed early Saturday during storms that ...

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