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North Dakota

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  • LONDON, Jan 14- U.S. crude production is set to rise by another 300,000 barrels per day to a temporary peak in May, according to the U.S. Energy Information Administration, before declining over the summer. STEO forecasts production will climb from 9.15 million bpd in December 2014 to reach a temporary high of 9.47 million bpd by May 2015. This production profile is...

  • LONDON, Jan 14- California's oil industry is being hit harder than any other state by falling prices because of the comparatively poor quality of its crude and its aging fields. The California rig count is the lowest since October 2009, when producers were struggling with low prices in the aftermath of the global financial crisis and deep recession that began a...

  • Government predicts shale slowdown as oil falls Tuesday, 13 Jan 2015 | 12:20 PM ET

    NEW YORK— As oil's long slide continued, the Energy Department forecast Tuesday that production from U.S. shale operators will begin to tail off in the second half of the year. The price of oil fell Tuesday, dipping briefly under $45, before ending down 18 cents to $45.89 a barrel. Typical U.S. households will spend $750 less on gasoline this year than in 2014, because...

  • LONDON, Jan 13- How low must oil prices fall before production starts to level off and even decline to rebalance the market? Shut-in prices are as low as $15 per barrel in North Dakota's Bakken, according to North Dakota's Department of Mineral Resources. For example, across the United States there are around 400,000 stripper wells each producing less than 10...

  • WASHINGTON— Democrats hoped to use Senate consideration of the Keystone XL oil pipeline to get Republicans on the record about climate change and to resurrect parts of a bipartisan energy efficiency bill doomed by pipeline politics last year. The first bill of the Republican-controlled Senate seeks to approve construction of the long-delayed pipeline.

  • TOKYO, Jan 13- U.S. crude futures extended declines for a third straight session on Tuesday, following a near 5 percent fall the previous day, after Goldman Sachs warned that prices would fall further and Gulf oil producers showed no sign of cutting output. *NYMEX crude for February delivery was down 25 cents at $45.82 a barrel by 2348 GMT, after settling down $2.29 at...

  • WASHINGTON, Jan 12- The U.S. Senate advanced a bill on Monday to approve the Keystone XL oil pipeline as Republicans, who have made the project their first priority of the year, try to line up enough votes to overcome a potential veto by President Barack Obama. Backers of TransCanada Corp's project also have 63 supporters, including all 54 Republicans, to take...

  • Goldman cuts 3- month Brent forecast to $42 from $80. NEW YORK, Jan 12- Oil fell 5 percent to its lowest in nearly six years on Monday, extending the second-deepest rout on record, after Goldman Sachs warned that prices would fall further and Gulf oil producers showed no sign of cutting output. "I figured we'd see $40 in the near term, but everything seems to be happening...

  • Goldman cuts 3- month Brent forecast to $42 from $80. "I figured we'd see $40 in the near term, but everything seems to be happening quicker than expected," Tariq Zahir of Tyche Capital Advisors. The bank cut its three-month forecasts for Brent to $42 a barrel from $80 and for the U.S. futures contract to $41 from $70.

  • WILLISTON, N.D., Jan 12- The number of drilling rigs operating in North Dakota's oil fields fell to 159 on Monday, the lowest level since November 2010 and the latest reaction to falling crude oil prices, according to state data. The number, which is tracked closely throughout North Dakota, comes after Continental Resources Inc, Oasis Petroleum Inc and other...

  • WASHINGTON, Jan 12- The Senate will start debate on Monday on a bill to approve the Keystone XL oil pipeline as Republicans, who have made the project their first priority of the year, try to line up enough votes to overcome a potential veto by President Barack Obama. Senator John Hoeven of North Dakota, a co-sponsor of the bill to approve TransCanada Corp's pipeline,...

  • North Dakota rig count at lowest level since Nov 2010 Monday, 12 Jan 2015 | 11:29 AM ET

    WILLISTON, N.D., Jan 12- The number of drilling rigs operating in North Dakota's oil fields fell by eight overnight to 159, the lowest level since November 2010, according to state data. Plunging crude oil prices, alongside technological and drilling efficiencies, have led oil producers to use fewer rigs. The rig count, reported daily by the North Dakota Department...

  • LONDON, Jan 12- More than 22,000 wells have been drilled in North Dakota since oil was discovered in 1951, but over half of state production comes from around 4,000 wells drilled since the start of 2013.. By the end of Oct 2014, there were nearly 11,900 wells producing oil and gas in the state. The remaining 30 percent are legacy wells, mostly from before 2005, but they...

  • NEW YORK, Jan 12- With nearly a quarter of U.S. energy shares' value wiped out by oil's six-month slide, investors are wondering if the sector has taken enough punishment and whether it is time to pile back in ahead of earnings reports later this month. "Things have changed a lot quicker than I thought they would," says Greg Doramus, sales manager at Orion Drilling in...

  • WILLISTON, N.D., Jan 12- A stark breakdown from North Dakota projecting how falling oil prices could affect production was formulated using proprietary corporate data and a state official's personal model. Late last Thursday, the Department of Mineral Resources caused a stir in world oil markets by releasing slides from a presentation to the state...

  • NEW YORK, Jan 12- With nearly a quarter of U.S. energy shares' value wiped out by oil's six-month slide, investors are wondering if the sector has taken enough punishment and whether it is time to pile back in ahead of earnings reports later this month. "Things have changed a lot quicker than I thought they would," says Greg Doramus, sales manager at Orion Drilling in...

  • WASHINGTON, Jan 11- Sarah Feinberg, the U.S. secretary of transportation's chief of staff, will lead the nation's railroad regulator as the department works to finalize oil train safety rules, according to an agency email sent on Sunday. Feinberg has also pushed Congress to replenish the Highway Trust Fund, a $302 billion federal kitty meant to finance road...

  • HOUSTON, Jan 9- New oil and gas well permits issued across the United States rose slightly in December and surged 72 percent in Colorado and Wyoming after falling sharply in November on tumbling crude prices. New permits plunged nearly 40 percent in November compared to October, signaling a potential slowdown in the shale oil and gas boom that brought the United...

  • REUTERS-BUSINESSS-NEWS-SCHEDULE AT 1600 GMT/11 AM ET Friday, 9 Jan 2015 | 11:05 AM ET

    Nebraska Supreme Court backs Keystone XL pipeline route. WASHINGTON, Jan 9 (Reuters)- A divided Nebraska Supreme Court approves a route for the Keystone XL oil pipeline across the state and clears the way for President Barack Obama to settle the politically charged issue. ( USA- KEYSTONE/), moving shortly, by Aruna Viswanatha and Patrick Rucker, 520 words).

  • Department of Mineral Resources Director Lynn Helms outlined breakeven rates for wells across the state and production projections for a range of prices in a presentation for the House Appropriations Committee of the State Legislature. Breakeven rates for new wells, the level at which all drilling would cease, range from $29 in Dunn county and $30 in...