HEI- Energy headlines, a recap

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Texas may dodge worst of the oil bust

This oil bust may not be so bad.

Since the first big gusher came roaring out of the ground on Spindletop Hill in Beaumont in 1901, Texas has been through its share of oil booms and busts. From the oil shocks of the 1970s, through oil price collapses in the 1980s and 1990s, the oil and gas industry’s fortunes have had an outsized impact on the overall Texas economy. Read more…

BP projects oil supply will outlast demand for years

Don’t expect the oil market’s current weakness to reverse any time soon. It could take years to work through the over-supply in the market, according to the latest projections from U.K. oil giant BP PLC.

Oil prices have crashed over the past 8 months, tumbling around 50% on the back of surging supply–led by booming shale oil output in the U.S.–and lackluster demand. The slump has prompted oil companies to slash their capital expenditure plans as lower prices hit bottom lines. Read more…

Phillips 66 Partners $1 billion midstream deal

Houston-based Phillips 66 Partners LP (NYSE: PSXP) will acquire Phillips 66’s (NYSE: PSX) interest in three pipeline systems for $1.01 billion.

A global oversupply of oil with lower demand has resulted in a more than 50 percent drop in oil prices, causing consolidation amongst many oil service providers. Read more…

Total CEO says US will not become energy independent

Despite the so-called U.S. shale revolution and American aspirations for energy independence, the CEO of major oil giant Total told CNBC he was not convinced it would happen any time soon.

“The U.S. is still relying on oil from the Middle East. It is not true the U.S. will be independent in oil — they continue to import,” Patrick Pouyanne, the new chief executive of French oil giant Total, told CNBC this week. Read more…

PetroLocate’s new alternative to traditional exploration methods

“Money-saving techniques are going to be critical for people who want to take advantage of energy reserves on their properties, leases or land,” said Ervin Kraemer, co-founder of PetroLocate. “This product identifies whether or not it’s even reasonable to drill and does so at a fraction of the cost of traditional exploration methods.” Read more…

BSEE executive named keynote speaker at major decommissioning summit

Susan Green, deputy regional supervisor for field operations at the Bureau of Safety and Environmental Enforcement (BSEE), will deliver a keynote address at the 2015 Decommissioning & Abandonment Summit, 17-19 March in Houston.

Green will provide a crucial update on the regulator’s priorities at a time when, despite the fall in oil prices, production is expanding in deepwater and ultra-deepwater. Read more…


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