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Africa’s Top Oil Producer Poised to Give OPEC an Output Headache
Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies like Russia are trying to restrict output and prop up prices. Domestic Nigerian producers are aiming to pump almost 250,000 barrels a day more crude by 2020 as part of a wider plan for the nation to lift output to 2.5 million a day, Oil Ministry data show. Shoreline Group, the third-biggest independent, wants to double output by December with Seplat Petroleum Development Co., the second-largest, also intending to produce more. (chart on original article) They are planning to add barrels at the same time as Nigeria participates in a global pact to restrict oil supply that’s being led by the Organization of Petroleum Exporting Countries and non-member nations including R...
OPEC: United States leads in new oil production
Economists at the Organization of Petroleum Exporting Countries said they expected more oil from non-member states, with the United States leading the pack. OPEC in its monthly market report for February raised its forecast for supply from producers outside the group by 250,000 barrels per day for an expected full-year average of 1.4 million barrels per day. Most of those new barrels will come from the United States. OPEC economists attributed the increase in U.S. oil production to steady gains in the price of crude oil since the middle of last year. That’s triggered more work in exploration and production, not only in the U.S. shale oil sector, but also in the deep U.S. waters in the Gulf of Mexico. By the second half of the year, OPEC said it expected total U.S. oil production ...
Honeywell To Provide Natural Gas Liquids Fractionation Plant For MarkWest’s Hopedale Plant
DES PLAINES, Ill., Feb. 12, 2018 /PRNewswire/ — Honeywell (NYSE: HON) today announced that its UOP Russell business will provide a fractionation plant capable of producing 60,000 barrels per day of natural gas liquids (NGLs) to MarkWest Energy Partners. The company, which is a wholly owned subsidiary of MPLX LP (NYSE: MPLX), will install the plant at its Hopedale facility located in Jewett, Ohio. The fractionation system will recover propane, isobutane, normal butane and pentane – or natural gasoline — from mixed natural gas liquids for use in petrochemical manufacturing. “A growing number of gas processors are investing in NGL fractionation technology,” said Craig Ranta, Honeywell’s business director for UOP Russell. “Today, our fractionation technologi...
BP Says Two New Oil Discoveries Could Spark Major Uptick In North Sea Production
Energy major BP has raised the possibility of a major uptick in its North Sea oil and gas production after it revealed two new hydrocarbon source discoveries in the region. The new finds were made in the North Sea’s Capercaillie and Achmelvich fields, situated in the central zone of the offshore prospect, west of the Shetland Islands. BP began preliminary prospection last year and recent tests have been encouraging. Data analysis and further tests are currently underway. Read Full Article Here: https://www.forbes.com/sites/gauravsharma/2018/01/31/bp-says-two-new-oil-discoveries-could-spark-major-uptick-in-north-sea-production/#68bf09efc53a
Why Canada is the next frontier for shale oil
The revolution in U.S. shale oil has battered Canada’s energy industry in recent years, ending two decades of rapid expansion and job creation in the nation’s vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global oil majors are increasingly exploring the Duvernay and Montney formations, which they say could rival the most prolific U.S. shale fields. Canada is the first country outside the United States to see large-scale development of shale resources, which already account for 8 percent of total Canadian oil output. China, Russia and Argentina also have ample shale reserves but have yet to overcome the obstacles to full commercial development… Read Full Article Here: https://...
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...
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
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
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
Exclusive: Exxon eyes Egypt’s offshore oil and gas – sources
Exxon Mobil (XOM.N) is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said. Read Full Article Here: https://www.reuters.com/article/us-exxon-mobil-egypt/exclusive-exxon-eyes-egypts-offshore-oil-and-gas-sources-idUSKBN1DY009
Total to Expand Oil and Gas Activities in Angola
Total SA (FP.FR) said on Monday that it has signed several agreements with Angola’s national oil company Sonangol, covering oil-and-gas exploration, production, refining and processing activities in the country. Following the agreements, Total and Sonangol will jointly restart deep offshore exploration in Angola, the French energy company said. The first phase of this program will last two years, and will consist of the drilling of an exploration well. Read Full Article Here: http://www.foxbusiness.com/features/2017/12/04/total-to-expand-oil-and-gas-activities-in-angola.html
DUG Eagle Ford: Marathon Oil Leverages The Digital Oil Field
The company’s technology director discussed how digital technology and innovation acts as a competitive differentiator. Marathon has adopted video surveillance, real-time notifications and decision-making capabilities to its field operations. Suarez noted that once those new process improvements were added to the company’s control center, it was able to introduce a safer and more efficient way of operating. “Thanks to the digital oil field enhancements in our Eagle Ford assets we’re adding two to three barrels of production to every well per day, which could ultimately result in several thousands of additional barrels annually at virtually zero cost,” Suarez said. Read Full Article Here: https://www.ugcenter.com/dug-eagle-ford-marathon-oil-leverages-digital-oil-field-1671186