Industry News
Shell Looks To Shale Production For Rapid Growth
The growth of Royal Dutch Shell Plc’s (NYSE: RDS.A) oil and gas operations in the next decade will depend on shale production, its chief executive has said, in the latest sign of western energy groups pinning their hopes for expansion on those unconventional resources. Ben van Beurden told the Financial Times that he saw chemicals, electricity and biofuels as key sectors for Shell’s long-term future, as he positioned the company to face tightening constraints on burning fossil fuels. But he was also planning for growth in Shell’s traditional core oil and gas production business, focused on shale reserves in the U.S., Canada and Argentina. Depending on how oil prices looked in the 2020s, he said… Read Full Article Here: https://www.oilandgasinvestor.com/shell-looks-shale-production-ra...
Trump’s plan to open California coastal waters to new oil and gas drilling probably won’t go very far
There are two things working against the Trump administration’s proposal to open up California coastal waters to new oil and gas drilling: state regulators and simple economics. California has powerful legal tools to head off new offshore development, and the price of oil offers little incentive to the energy industry to pursue expensive drilling projects next to a hostile state. Read Full Article Here: http://www.latimes.com/local/lanow/la-me-california-offshore-drilling-20180106-story.html
Texas oil trade group sees investment pickup in 2018
A trade group in Texas said 2018 looked good for the oil and gas business, with investments trickling down to the coastal and manufacturing sectors. Texas is the No. 1 oil producing state in the country and home to some of the most lucrative shale basins, notably the Permian reservoir. The state’s economy was hobbled by the downturn in the energy sector that hit bottom in early 2016. In a survey for fourth quarter 2017, the Federal Reserve Bank of Dallas said Hurricane Harvey, which hit the largest density of refineries on the southern Gulf Coast in late August, caused $70 billion in direct damage and left around 22,000 people without a job. Read Full Article Here: https://www.upi.com/Energy-News/2018/01/03/Texas-oil-trade-group-sees-investment-pickup-in-2018/7071514978556/
China overtakes S Korea to become second-largest LNG importer in 2017: cFlow – Natural Gas | Platts News Article & Story
China overtakes S Korea to become second-largest LNG importer in 2017: cFlow – Read this Platts natural gas news article here. Plus discover more natural gas market news, products & services. Read Full Article Here: https://www.platts.com/latest-news/natural-gas/singapore/china-overtakes-s-korea-to-become-second-largest-27902917
There aren’t enough truckers in Texas to increase domestic oil production
Oil growth may be limited by a shortage of truck drivers to transport the increasing volumes of oil to pipelines and storage hubs. U.S. crude oil production is flirting with record highs heading into the new year, thanks to the technological nimbleness of shale oil drillers . The current abundance has erased memories of 1973 gas lines, which raised pump prices dramatically, traumatizing the United States and reordering its economy. In the decades since, presidents and politicians have made pronouncements calling for U.S. energy independence. President Jimmy Carter in a televised speech compared the energy crisis of 1977 to “the moral equivalent of war.” Read Full Article Here: https://www.usatoday.com/story/money/energy/2017/12/30/not-enough-truckers-texas-increase-domestic-oil-production/...
U.S. oil production booms as new year begins
Shale oil drilling has erased memories of long gas lines in the 1970s. U.S. crude oil production is flirting with record highs heading into the new year, thanks to the technological nimbleness of shale oil drillers . The current abundance has erased memories of 1973 gas lines, which raised pump prices dramatically, traumatizing the United States and reordering its economy. In the decades since, presidents and politicians have made pronouncements calling for U.S. energy independence. President Jimmy Carter in a televised speech compared the energy crisis of 1977 to “the moral equivalent of war.”… Read Full Article Here: https://www.washingtonpost.com/business/capitalbusiness/us-oil-production-booms-as-new-year-begins/2017/12/31/de49b50e-ee50-11e7-b3bf-ab90a706e175_story.html
New York unveils new climate initiatives for 2018
As part of a sweeping green mandate, New York’s governor said he’d reconvene a climate advisory panel to avoid “political interference” from the White House. Read Full Article Here: https://www.upi.com/Energy-News/2018/01/03/New-York-unveils-new-climate-initiatives-for-2018/4331514976370/
Column: U.S leads world in cutting carbon emissions
When it comes to energy, the United States has achieved an unprecedented accomplishment, not just in energy produced here at home but also in environmental progress. The U.S. currently leads the world in natural gas and oil production, while simultaneously serving as the global leader in cutting energy-related carbon emissions. This is remarkable because it demonstrates how market forces and technological innovations have helped produce more energy and a cleaner environment. Continued leadership by the U.S. natural gas and oil industry will only help us make further improvements… Read Full Article Here: http://www.detroitnews.com/story/opinion/2018/01/01/us-leads-cutting-carbon-emissions/109086278/?linkId=100000001687850
Northern Oil and Gas (NOG) Jumps: Stock Rises 9.4%
Northern Oil and Gas, Inc.NOG was a big mover last session, as the company saw its shares rise more than 9% on the day. The move came on solid volume. Read Full Article Here: http://www.nasdaq.com/article/northern-oil-and-gas-nog-jumps-stock-rises-94-cm899035
Hard work in 2018 for oil and gas business, balancing costs with price
Oil inventories are dropping, federal regulations are dissipating, and OPEC members are committed to limiting production. The year ahead holds immense promise for oil companies. Oil field services are getting expensive, labor is in short supply, and higher prices could limit demand growth. Exploration and production companies will struggle to compete in 2018. The energy business is finally getting back to normal. After three and a half years, the oil glut produced by horizontal drilling and hydraulic fracturing in the United States is shrinking. Inventory at the Cushing, Okla., trading hub fell to 51.4 million barrels, the lowest level since March 2015, according to the U.S. Energy Information Administration. Read Full Article Here: https://www.chron.com/business/columnists/tomlinson/artic...
Oil and gas supply disruptions ripple around the world
CALL it the hydrocarbon equivalent of the butterfly effect. As oil and gas supplies tighten during the northern winter, disruptions as remote as a hairline fracture on a piece of Scottish pipeline, and an explosion in an Austrian natural-gas plant, have repercussions felt around the world. Start with the pipeline. After Ineos, a chemicals company, detected a growing crack on a piece of pipe near Aberdeen, on December 11th it said it would shut the main Forties pipeline carrying North Sea oil and gas to Britain for weeks… Read Full Article Here: https://www.economist.com/news/finance-and-economics/21732557-tight-markets-and-wintry-weather-exacerbate-problem-oil-and-gas-supply
World Bank to end financial support for oil and gas extraction
The World Bank will end its financial support for oil and gas extraction within the next two years in response to the growing threat posed by climate change. In a statement that delighted campaigners opposed to fossil fuels, the Bank used a conference in Paris to announce that it “will no longer finance upstream oil and gas” after 2019. The Bank ceased lending for coal-fired power stations in 2010 but has been under pressure from lobby groups also to halt the $1bn (£750m) a year it has been lending for oil and gas in developing countries. Read Full Article Here: https://www.theguardian.com/business/2017/dec/12/uk-banks-join-multinationals-pledge-come-clean-climate-change-risks-mark-carney