StockMarketWire.com - Attis Oil & Gas said it had sold its interest in a Texan lease at the Red Cave formation for $50k, as part of a programme of asset sales announced last month. Attis Oil & Gas had acquired the Bivins 115 lease in October 2019 for $23k. 'The company's asset disposal programme continues and further updates will be provided in due course,' it added. Story provided by StockMarketWire.com

By Jan Rocha

President Jair Bolsonaro pressed forward with a "dream" initiative sending a bill to the Brazilian Congress on Wednesday that would open indigenous reserves in the Amazon and elsewhere to development, including commercial mining, oil and gas exploration, cattle ranching and agribusiness, new hydroelectric dam projects, and tourism — projects that have been legally blocked under the country's 1988 Constitution.

Irish explorer Tullow Oil was the biggest mid-cap faller on Monday as oil prices fell to their lowest since January 2019 during the session.

Weak economic activity in China, the world’s largest importer and consumer of oil, has sent prices tumbling since coronavirus emerged at the end of last year in Wuhan.

As investors flock to safe-haven assets such as gold, oil has slumped more than 20pc from the start of the year with traders also waiting on finding out whether Russia will join other producers in seeking further output cuts.

It comes after the gas and oil company announced plans last week to slash its workforce by a third and potentially close two of its offices, as it tries to cut costs by £100m in response to falling revenues.

Measures being considered include the permanent closure of offices in Dublin and Cape Town, and the redundancy of 300 staff.

Tullow ended the day 2.83p lower at 45p, a fall of nearly 6pc, while Brent crude...

This is all, of course, absent of any meaningful action towards combating climate change. While most signs point towards continued oil and gas extraction to meet the world’s growing thirst for energy, steep reductions in CO2 emissions are required to stick to 1.5 or 2° C pathways, reductions that would likely mean a very different future for the US oil and gas sector.

2.   Which US states lead in oil and natural gas?

Texas, living up to its stereotype, produces the most crude oil and natural gas of any other state, mostly driven by the Permian, Eagle Ford, and Haynesville regions. While Texas has a commanding lead in crude oil production, Pennsylvania and Louisiana are not far behind in natural gas production.

As 2019 came to a close, oil prices were under pressure from the continued surge of U.S. shale oil. Although OPEC and its partners had already cut production by more than 1 million barrels per day (BPD), U.S. oil production had grown by about 2 million BPD from early 2018 to late 2019.

While some are quick to credit soft demand with the assault on oil prices, the reality is that oil demand is still growing each year by over 1 million BPD. The real challenge for OPEC hasn’t been soft demand — it’s the continued onslaught of shale oil production.

Following a failed price war that started in 2014, OPEC’s strategy has been to prop up oil prices by cutting production. The cartel is now in a waiting game with U.S. shale producers, cutting production to keep prices propped up, while holding out for flatting or declining U.S. shale production. When that eventually happens, OPEC will be back in the driver’s seat — assuming it doesn’t take so long that electric vehicles...

GRAVENHURST — A carbon monoxide alarm may have saved lives in Gravenhurst on Sunday.

Gravenhurst Fire Department posted on Twitter on Sunday, Feb. 9, at 3:04 p.m., that crews had responded to a call from a home on Doe Lake Road to investigate a carbon monoxide alarm.

The investigation, said the department, confirmed high carbon monoxide readings in the home.