On Wednesday, Kinder Morgan headquartered in downtown Houston, Texas said it is "suspending further work" on the proposed $1 billion Palmetto Pipeline.
The company's planned $1 billion pipeline was to be build from Belton, South Carolina to Jacksonville, Florida for carrying gasoline and diesel fuel.
The company's decision to suspend the work came after Georgia lawmakers passed a bill that involved eminent domain and restrictions placed on petroleum pipelines.
On Sunday, the Lagos Chamber of Commerce and Industry (LCCI) said that the petroleum industry has a faulty system with over-regulation and also lacks clarity about its operations which is hampering investments, growth, as well as job creation in the sector. The LCCI also criticized the Department of Petroleum Resources (DPR) for battling symptoms rather than getting to the fundamentals.
Energy Exploration and Production Company Bonanza Creek Energy Inc Announces Corporate ReorganizationSubmitted by Akilah Amiri on Sat, 03/26/2016 - 09:04
The independent energy exploration and production company Bonanza Creek Energy Inc. said in a recent announcement that it is performing a corporate reorganization and that would reduce twenty six employees and seventeen contractors.
The reorganization is related to line up of its employee base as well as administrative and general cost structure keeping in line with the present situation of the commodity prices and related anticipated levels of activity.
Though the money managers place bullish bets on U. S. crude to its five-month high but Friday's data revealing the first increase in domestic oil rig numbers since December has raised supply glut concerns.
The US oil rig count rose by one to 387. Lately speculation has pointed to a rally in crude prices which might be indicative of a turnaround in the oil industry much awaited by all.
This week, the U.S rigs exploring oil and natural gas dropped in count by nine to 480. That is a record low and mirrors the continuing economic troubles faced by the oil and gas industry.
On Friday, oilfield services company Baker Hughes Inc. reported that the number of rigs exploring oil was 386 and those exploring natural gas was 94.
Jeffrey Gundlach, CEO of Double Line Capital LP, thinks the current rally in risk assets is close to their end. On Tuesday he said, "Oil, like I said, had an easy time rallying from 28 to 38. Now the hard work begins. Oil is the key to everything."
Last week, Gundlach said till the time oil rallies an added $10 or more per barrel "a lot of companies are going to go under, which will kill the banking system."
- Postage Prices will Decrease from Sunday; USPS not too Happy About It
- Marriott and Starwood Hotels & Resorts Worldwide Inc Shareholders Approve to $14.41 Sales Deal
- UK plan to impose additional tax on sugary drinks
- Obesity during pregnancy may increase risk of very ‘large babies’
- Dropping Sales at Gap’s Key Brands hurt the Company’s Shares