A statement released June 1 by the US Government Accountability Office (the “investigative” arm of Congress), finds that “the US federal government receives one of the lowest government takes [from oil and gas development] in the world.”
The testimony, delivered to Congress on May 1 but only publicly released last Friday, indicates that while there are […]

Nigeria’s outgoing government has failed to raise interest from major oil companies in its latest oil license auction, with industry executives fearful of contracts being revoked after the government’s new government swears in.
Last Friday’s auction, where only 18 of 45 blocks offered were auctioned off, was the third of its kind since 2005.

Oil production in Iraq could double to 4 million barrels a day if the violence ended and facilities modernized, according to a Colorado energy consulting company.
The study, which claims to be the first detailed overview of Iraq’s oil reserves and production potential since the war began, used experts in Iraq to develop its field-by-field analysis.

The U.S. Interior Department will release today its new five-year plan to expand oil and gas drilling in the Gulf of Mexico, as well Alaska and Virginia.
The proposed drilling area includes major fishing areas and is set to be controversial.
The new leasing plan “would significantly increase the nation’s domestic energy supplies while protecting the […]

On March 5, the New York Times published a front-page story called “Oil Innovations Pump New Life Into Old Wells.”  Getting new oil from “played out” wells was the thrust of the piece; as the price of oil rises, it becomes worthwhile investing new money into old wells.  The article also indirectly took on the […]