Oil and Gas Oil and Gas Storage

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  • A BP employee uses ultrasound to scan a section of pipe along an oil transit pipeline at Prudhoe Bay oil field on Alaska's North Slope.

    Market watchers scrutinizing fluctuations in volatile crude oil prices shouldn't expect upward moves to last, Dennis Gartman says.

  • Shell said on Thursday it was reviewing its business interests in New Zealand as it seeks to streamline its portfolio amid a slump in energy prices.

  • Pipeline and crude storage tanks in Cushing Oklahoma.

    One of the biggest factors in oil markets next year will be the impact of capital spending cuts on crude production, Tom Petrie said.

  • LONDON, Dec 9- "All political lives, unless they are cut off in midstream at a happy juncture, end in failure, because that is the nature of politics and of human affairs," wrote British politician Enoch Powell. Saudi Arabia's veteran Oil Minister Ali al-Naimi may wonder if he is destined to become the scapegoat for the current collapse in oil prices which is...

  • LONDON, Dec 9- Oil prices rose on Wednesday on strong Japanese economic data and lower crude oil storage figures from the United States, but many investors expected a fall to below 2008 lows due to a mounting global supply glut. Brent crude oil futures were up 36 cents at $40.62 a barrel at 0951 GMT. Official figures from the U.S. Energy Information Administration...

  • Pipelines run toward oil storage tanks in Cushing, Oklahoma,

    Energy companies are choosing to store their crude oil stockpiles, rather than sell them on an oversupplied market at such low prices.

  • Average annual salary: $138,980Current employment: 30,880The booming oil industry and specialized skills required for petroleum engineers creates one of the most highly compensated jobs in the country. Petroleum engineers develop plans for oil and gas extraction, production, and tool modification, overseeing drilling operations and providing technical advice.On average, petroleum engineers working for the oil and gas extraction industry made an annual salary of $150,890. The heavy reliance on na

    Enrollment in petroleum engineering degree programs appears set to fall, raising concerns about a talent drought in future oilfield crews.

  • *OPEC maintains near record output by raising ceiling. NEW YORK, Dec 4- Oil prices fell on Friday after news that OPEC was planning to maintain its production near record highs despite depressed prices, as the producer group continued to seek share of an oversupplied market. Energy company shares, including those of U.S. oil major Exxon Mobil and oil service...

  • *OPEC widely expected to maintain output. LONDON, Dec 4- Crude oil prices rose on Friday as OPEC ministers met in Vienna, while the dollar hovered near one-month lows a day after staging its largest one-day fall in nearly seven years. OPEC was not expected to change its unchanged output policy, but nervousness among traders and investors ran high.

  • *China taking advantage of cheap oil to build strategic stocks. SINGAPORE/ BEIJING, Dec 4- China is likely to double its strategic crude oil purchases next year as one of the biggest ever price routs spurs a buying spree that would offer some support to battered markets for the commodity. Any sign of fresh buying for China's strategic reserves would offer rare...

  • *China taking advantage of cheap oil to build strategic stocks. SINGAPORE/ BEIJING, Dec 4- China is likely to double its strategic crude oil purchases next year as one of the biggest ever price routs spurs a buying spree that would offer some support to battered markets for the commodity. Any sign of fresh buying for China's strategic reserves would offer rare...

  • Online video images showed thick black smoke billowing into the sky from the plant in Orla, Texas, owned by Western Gas Partners LP, a unit of Anadarko Petroleum Corp.. Anadarko's master limited partnership, Western Gas Partners LP acquired the plant as part of its $1.5 billion deal for Nuevo Midstream LLC in 2014.. Units of Western Gas Partners and shares of its...

  • Since September 2011, total capacity for storing crude in the United States has expanded by almost 87 million barrels, 19 percent, the EIA reported on Monday. Commercial storage capacity is also expanding around the rest of the world including major trading hubs in Singapore, South Africa and the Caribbean. Most facilities are owned by unlisted private firms or...

  • Oil glut so bad people are putting it back in the ground

    CNBC's Morgan Brennan details how U.S. oil supplies are so high that storage capacity is getting tight.

  • A worker with Apache in the Permian Basin in Mentone, Texas.

    Dealmaking in America's oil patch has slowed to a trickle, while organized restructurings have ticked up among drillers.

  • Oil glut causing storage problem

    CNBC's Morgan Brennan reports U.S. oil supplies are at near record levels and storage capacity is getting tight.

  • NEW YORK, Dec 1- A long-sought deal to bring a Caribbean oil refinery out of bankruptcy emerged on Tuesday, unexpectedly including a partnership with U.S. commodity trader Freepoint and handing Asia's biggest oil refiner, Sinopec, access to a huge oil storage facility. U.S. private equity firm ArcLight Capital, together with Freepoint, unveiled plans on Tuesday...

  • Dec 1- Boston- based private equity firm ArcLight Capital, together with commodities trader Freepoint, unveiled plans on Tuesday to buy the Hovensa refinery complex in St. Croix in the Caribbean and turn it into a massive oil storage hub. The partners also said China's Sinopec, Asia's largest oil refiner, has leased 75 percent of Hovensa's existing crude oil...

  • An oil site in the middle of the Rub Al Khali ("the empty quarter") desert, Saudi Arabia.

    Instead of falling off as OPEC hoped, oil production has increased from where it was last year, and the world is still swimming in crude.

  • Rusted out 'pump-jacks' in the oil town of Luling, Texas.

    Nymex oil may have a prolonged sideways consolidation between $38 and $48 but charts suggest that, long-term, it has further to fall.