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IHS Names Sourcewater Inc an Energy Innovation Pioneer for 2016

IHS, the leading source of insight, analytics and expertise in critical areas that shape today’s business landscape, has named Sourcewater, Inc. an Energy Innovation Pioneer for 2016. Sourcewater will be featured at CERAWeek, the world’s premier energy industry gathering, to be held February 22-26 in Houston. Sourcewater, a spinout from MIT’s Energy Ventures program, is the first online marketplace for ...

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Easy to use well economics software provides relevant data in minutes

In a cyclical industry like oil and gas, people generally expect dramatic market fluctuations; however, when the price of oil drops by 50% like it did last year and remains low, companies inevitably struggle.  Modified drilling plans, lower rig counts, layoffs and focus on existing production are some of this year’s themes, and it is the rare oil company that ...

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OPEC says cheap oil taking longer to subdue rival suppliers

LONDON – OPEC on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that crude’s price collapse is taking longer than expected to hit U.S. shale drillers and other competing sources. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast no extra demand for its crude oil this year despite faster ...

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IHS cuts its forecast as demand dips from energy clients

Business research firm IHS Inc slashed its full-year revenue and adjusted profit forecast due to a strong dollar and spending cuts by oil producers amid a slump in crude prices. The company’s shares fell as much as 10 percent in early trading on Tuesday. IHS gets about 40 percent of its revenue from energy companies, many of which have reduced ...

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Water usage decreases with oil price

fracking water

The drop in oil prices should mean less water used by the industry in drought-stricken West Texas, but with that comes a blow to long-term efforts of water recycling even as the amount of produced water injected into the ground continues to grow, industry experts and outside analysts have said. Water requirements for fracking Permian Basin wells should drop from ...

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Onshore oil storage approaches holding capacity

Growing inventories of oil and gas on the market are not only exerting pressure on global prices, but it’s also causing storage space facilities to approach capacity, causing some companies to store their product in offshore tankers. Last week, CNBC reported that Head of Commodity Research for Bank of America-Merrill Lynch Francisco Blanch said, “We’re going to see pretty fast ...

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Oil price war catches state’s frac sand mines in the crossfire

Wisconsin is smack in the middle of a high-stakes hydrocarbon fistfight. The Badger State finds itself in this spot by virtue of its status as the nation’s top producer of sand used to unlock vast amounts of energy held in shale rock formations. All of a sudden, the price that a barrel of oil can fetch on global markets matters ...

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Mergers and acquisitions rebound in 2014

As the old saying goes, “business was good” in 2014, literally. Along with initial public offerings (IPOs) surging last year, mergers and acquisitions (M&A) involving oil and gas exploration and production companies rose 23 percent in 2014. M&A deals managed to survive despite the steep drop in crude prices towards the end of the year. According to an end-of-the-year report ...

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Hopes, fears, doubts surround Cuba’s oil future

MIAMI — One of the most prolific oil and gas basins on the planet sits just off Cuba’s northwest coast, and the thaw in relations with the United States is giving rise to hopes that Cuba can now get in on the action. It’s a prospect welcomed by Cubans desperate for economic growth yet deeply concerning for environmentalists and the ...

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Islamic State oil output was $2 mln/day before air strikes -IHS

WASHINGTON, Oct 20 – Islamic State militants were producing about $2 million worth of crude oil per day in Iraq and Syria before recent U.S.-led air strikes, possibly more than double the amount heard in U.S. congressional testimony last month, the research firm IHS said on Monday. The group of Sunni extremists controlled as much as 350,000 barrels per day ...

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