Top energy headlines

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Tight oil is here to stay, Conoco CEO tells OPEC

The U.S. tight-oil boom is here to stay despite low crude prices as technological breakthroughs will allow steep reductions in costs, the head of U.S. firm ConocoPhillips told a seminar organised by oil-producing group OPEC.

“Innovations have already led to a U.S. energy renaissance. Tight-oil reservoirs can remain viable today, breakeven costs are already down by 15 to 30 percent,” Ryan Lance, chairman and CEO of Conoco, said on Thursday. Read more…

BP CEO: Shale revolution ‘very painful’ for much of world

The shale gas revolution will be “very painful for many parts of the world,” with the U.S. potentially the globe’s new swing producer, the head of BP told CNBC on Tuesday.

The nascent shale industry—in which “unconventional” gas is drilled from the ground through hydraulic fracturing or “fracking”—is heavily dominated by the U.S. It has boomed in recent years, partly as a result of access to cheap financing, helping to push global oil prices to record lows. Read more…

What’s OPEC Going to Do With Iran’s Million Barrels a Day?

Just when it looked like OPEC was winning the war with U.S. shale-oil drillers, a new front is opening up within its own ranks.

The Organization of Petroleum Exporting Countries’ summit on June 5 to determine the group’s output will come three weeks before a deadline for a deal on Iran’s nuclear program. The government in Tehran says it can add almost 1 million barrels to daily production within six months of sanctions being lifted. Read more…

Pipe dream: The US will never go it alone when it comes to oil

Let me keep this simple. American energy independence is an enormous red herring, no matter how much the U.S. shale hawks and politicians want it to be true.

I can already I can hear the air over the other side of the Atlantic turning blue as I sit in my airplane seat at 33,000 feet on the way to the OPEC meeting in Vienna. But just bear with me for a moment. Read more…


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