Arctic Oil & Gas News

Arctic Cold Front Disrupts Natural Gas Pipes and Oil Refineries, posted on AG Web

Record cold weather pummeled infrastructure across the U.S. as energy companies warned of reduced flows on natural gas pipelines, shut loading racks at fuel terminals and worked to restore refinery operations. The cold snap pushed oil prices higher and boosted natural gas on the spot market for a third day. Temperature records fell in many cities, including New York, where a measurement of 4 degrees Fahrenheit (minus 16 Celsius), broke a mark for the date set in 1896, according to AccuWeather Inc. in State College, Pennsylvania. [Read More…]

Crude oil heads higher and breaks five-day losing streak, posted on Proactive Investors Australia

February crude ended higher for the first session in six, finishing up 24 cents, or 0.3%, at $93.67 per barrel on the Nymex. Crude prices rose as the extreme weather continues to grip large parts of America, posing a threat to supplies and driving up demand for heating. Arctic winds, or more technically a “polar vortex”, sweeping through America’s mid-west have sent temperatures plummeting below minus 26 degrees – apparently cold enough for a zoo in Chicago to send its polar bears indoors. [Read More…]

ConocoPhillips: In Search Of More Hydrocarbons And Cash Flow , posted on Seeking Alpha

Greenland has potential for further discovery of oil and natural gas. According to estimates, around 13% of the world’s conventional oil reservoirs and 35% of the conventional natural-gas reservoir lie in this region. In fact, the Arctic region is estimated to contain around 90 billion barrels of oil, 1,669 trillion cubic feet of gas, and 44 billion barrels of natural-gas liquids. Of the 412 billion barrels of oil equivalent, or bboe, around 84% is expected to be in the offshore regions. This immense reserve potential is an incentive for ConocoPhillips (COP) to explore in the Arctic region, where Greenland has significant access. [Read More…]

Icy weather threatens oil output from Texas to Canada, posted on Reuters

The severe cold weather sweeping across the central United States is threatening to curtail some oil production, if only briefly, as it disrupts traffic, strands wells and interrupts drilling and fracking operations. Weather stations recorded some of the coldest temperatures in two decades in the Midwest, threatening lives, closing businesses and schools and causing thousands of flights to be canceled. [Read More…]