Energy News
Noble to sell US gulf assets to restructuring Fieldwood Energy
Mon, 19 Feb 2018 18:57:00 GMT

Noble Energy Inc. agreed to sell its deepwater Gulf of Mexico assets to Fieldwood Energy for $710 million in a move the company calls “the last major step” in its portfolio transformation. The deal is conditional as Fieldwood is restructuring.

Kuwait begins major turnaround at Al-Ahmadi refinery
Mon, 19 Feb 2018 18:52:00 GMT
Kuwait Petroleum Corp. subsidiary Kuwait National Petroleum Co. has started a more than month-long turnaround at its 466,000-b/d Mina Al-Ahmadi refinery about 28 miles south of Kuwait City on the Persian Gulf.
Chesapeake Energy reports 4Q production, plans Mississippian Lime exit
Mon, 19 Feb 2018 18:50:00 GMT
As part of its fourth-quarter 2017 production release, Chesapeake Energy Corp., Oklahoma City, noted plans to exit the Mississippian Lime play of the northern Anadarko basin.
ExxonMobil adds 2.7 billion bbl to reserves in 2017
Mon, 19 Feb 2018 18:47:00 GMT
ExxonMobil Corp. has added 2.7 billion boe of proved oil and gas reserves in 2017, replacing 183% of production. ExxonMobil's proved reserves totaled 21.2 billion boe at yearend 2017. Liquids represented 57% of the reserves, up from 53% in 2016. ExxonMobil's reserves life at current production rates is 14 years.
API asks EPA to deny states, small refiners' biofuel waiver requests
Mon, 19 Feb 2018 18:45:00 GMT
The American Petroleum Institute asked the US Environmental Protection Agency to deny petitions by small refiners and four states for waivers from the 2018 biofuel quotas the agency issued under the federal Renewable Fuel Standard
Egyptian group to buy Leviathan, Tamar gas
Mon, 19 Feb 2018 18:42:00 GMT

Noble Energy Inc. has signed agreements to sell 1.5 tcf of natural gas each from Leviathan and Tamar deepwater gas fields off Israel to an industrial consortium in Egypt. Noble said the consortium, Dolphinus Holdings Ltd., will supply industrial and petrochemical customers and future power generation in Egypt.

Chinese operator starts up world’s largest wet-gas sulfuric acid plant
Mon, 19 Feb 2018 18:35:00 GMT

Bestgrand Chemicals Group has commissioned what it is calling the world’s largest wet-gas sulfuric acid plant designed to treat over-the-fence acid gas sourced from neighboring CNOOC & Shell Petrochemicals Co. Ltd.’s petrochemical complex in the Daya Bay Economic & Technological Development Zone, Huizhou, Guangdong Province, China.

OPEC eyes long-term oil-supply management
Mon, 19 Feb 2018 18:19:00 GMT

The Organization of Petroleum Exporting Countries is working toward long-term management of oil supply by its members and collaborating countries, according to the new president. Suhail Al Mazrouei, minister of energy and industry of the United Arab Emirates and OPEC’s president for 2018, said a draft framework for a long-term alliance will be ready by yearend. 

Total, Nova, and Borealis advance proposed USGC petchem combine
Mon, 19 Feb 2018 17:21:00 GMT

Affiliates of France’s Total SA, Austria’s Borealis AG, and Canada’s Nova Chemicals Corp. have signed definitive agreements to form a joint venture that would combine certain of the companies’ existing and future petrochemical operations along the US Gulf Coast. 

AOPL urges caution as Commerce issues steel import warning
Mon, 19 Feb 2018 16:57:00 GMT

The Association of Oil Pipe Lines urged caution as the US Department of Commerce said increasingly high steel imports threaten US national security. AOPL Pres. Andrew J. Black cautioned that placing tariffs on imported steel could reduce or delay pipeline projects and limit US job growth.

Cepsa gets 10% of concession off Abu Dhabi
Mon, 19 Feb 2018 16:19:00 GMT

Cia. Espanola de Petroleos SAU (Cepsa) has acquired a 20% interest in the Satah al Razboot (SARB) and Umm Lulu Concession offshore Abu Dhabi from Abu Dhabi National Oil Co. 

MARKET WATCH: NYMEX, Brent crude prices close Feb. 16 with weekly high
Mon, 19 Feb 2018 16:06:00 GMT

Light, sweet crude oil prices on the New York market and Brent prices in London ended at a single-week high on Feb. 16, which analysts attributed to a smaller-than-expected build in US crude oil inventories.

China is pumping cash into Pakistan, but that might not convince other foreign investors
Mon, 19 Feb 2018 15:26:00 GMT
It remains to be seen how China's Belt and Road spending will impact Islamabad's profile as an investment destination.
Watching Government: Western governors offer ideas
Mon, 19 Feb 2018 08:53:00 GMT
The current US secretary of the Interior and US Environmental Protection Agency administrator both emphasized working more closely with state governments during their US Senate confirmation hearings last year. Western Governors Association leaders have offered some suggestions in this regard already.
US Senate Democrats give floor speeches against draft 2019-24 OCS plan
Mon, 19 Feb 2018 08:41:00 GMT
Nine US Senate Democrats and Independent Angus E. King (Me.) emphasized potential adverse impacts to existing coastal economies as they delivered Feb. 6 floor speeches against the US Department of the Interior's draft proposed 2019-24 US Outer Continental Shelf management program.
Improved infrastructure key to US energy dominance, Senate panel told
Mon, 19 Feb 2018 08:38:00 GMT
The US energy transportation system already is one of the world's best, witnesses told the US Senate Energy and Natural Resources Committee. But it won't help reach the Trump administration's goal of achieving global energy dominance without more cooperation between state and federal agencies in issuing permits for projects, they warned during a Feb. 8 hearing.
White House's proposed fiscal 2019 budget contains permitting reforms
Mon, 19 Feb 2018 08:35:00 GMT
The Trump administration followed through on its promise to address energy project permit decision delays with a proposed fiscal 2019 federal budget on Feb. 12 that included $185 million for that purpose and for related rights-of-way questions at the US Bureau of Land Management.
Welcome to recovery
Mon, 19 Feb 2018 08:29:00 GMT
Welcome to your oil-market recovery. Enjoy it while it lasts.
Evaluating reserve reporting
Mon, 19 Feb 2018 08:26:00 GMT
A reserve reporting statement contains valuable data that publicly traded US exploration and production companies are mandated to file with the US Securities & Exchange Commission. It is a declaration of the remaining quantities of oil and natural gas reserves based on a given date. It measures an oil and gas company's reportable reserves in terms of proved, probable, and possible of their current assets.
As technology transforms the energy sector, regulators look to keep pace
Mon, 19 Feb 2018 07:01:00 GMT
The way energy is produced and consumed is changing, posing challenges for regulators.
OGJ Newsletter
Mon, 19 Feb 2018 06:00:00 GMT

International news for oil and gas professionals

Oil hits 2-week high on share market recovery, Middle East tensions
Mon, 19 Feb 2018 01:45:00 GMT
Oil prices hit their highest level in nearly two weeks though concerns of rising U.S. production tempered gains.
Saudi Arabia says it's in talks with 10 other nations on nuclear energy ambitions, calls for fairness from US
Sun, 18 Feb 2018 15:50:00 GMT
Saudi Arabia could look to adopt nuclear energy as a way to move domestic energy consumption away from oil, the country's foreign minister told CNBC.
Believe that the US and Russia will be able to resolve their differences: Saudi foreign minister
Sun, 18 Feb 2018 14:35:00 GMT
"Our objective is to have the best relations we can with every country," says Saudi Foreign Minister Adel Al-Jubeir.
Russia is embarking on an 'amazing, positive journey' with Saudi Arabia, Russian investment chief says
Sat, 17 Feb 2018 14:39:00 GMT
The head of Russia's $10 billion investment fund has nothing but praise for Saudi Arabia, citing economic diplomacy as the catalyst for improved relations between the two countries.
Voter impatience threatens energy reform in Mexico
Fri, 16 Feb 2018 21:59:00 GMT

For Mexico’s energy renaissance, a worst-case scenario looms.

Even as California embraces electric vehicles, pickup trucks still rule its roads
Fri, 16 Feb 2018 21:55:00 GMT
Data shows the Ford F-Series pickup outsold all pure electric vehicles combined in 2017.
EIA: US gas reserves increase at yearend 2016, crude remains flat
Fri, 16 Feb 2018 20:18:00 GMT

The US Energy Information Administration said average first-of-the-month prices used to calculate US reserves dropped in 2016 compared with 2015. Natural gas and crude oil decreased by a respective 6% and 15% during the period.

TransCanada to advance $2.4-billion (Can.) NGTL system expansion
Fri, 16 Feb 2018 19:25:00 GMT

TransCanada Corp. reported it will advance a $2.4-billion (Can.) expansion of its NGTL System to connect incremental supply and expand basin export capacity by 1 bcfd of natural gas at the interconnection with its Canadian Mainline.

US Congressional committees request FERC for Rover gas line briefing
Fri, 16 Feb 2018 18:46:00 GMT

The ranking minority members of the US Senate Energy and Natural Resources Committee and US House Energy and Commerce Committee asked the US Federal Energy Regulatory Commission for an update on environmental concerns stemming from construction of the Rover natural gas pipeline.

Neptune Energy Group acquires Engie E&P
Fri, 16 Feb 2018 18:24:00 GMT

Neptune Energy Group, London, has acquired the 70% of Engie E&P International SA it didn’t already own, gaining interests in 148,000 boe/d of oil and gas production in the North Sea, North Africa, and Southeast Asia.

Operators participate in Australian subsea equipment reliability study
Fri, 16 Feb 2018 18:12:00 GMT

Oil and gas services company Wood Group is leading a subsea equipment research program offshore Australia in collaboration with Chevron Corp., Royal Dutch Shell PLC, and Woodside Petroleum Ltd. 

Grand Bahama due grassroots refinery, deepwater port
Fri, 16 Feb 2018 17:22:00 GMT

The government of the Bahamas has approved a multibillion-dollar plan by Oban Energies LLC, Palm Beach Gardens, Fla., to build a grassroots refinery and liquid-bulk storage terminal along the Northwest Providence Channel, off the southern tip of Grand Bahama Island, 35 miles east of Freeport.

Baker Institute: Mexico elections could disrupt energy reform continuity
Fri, 16 Feb 2018 17:05:00 GMT

Public perceptions coupled with Mexico’s upcoming presidential and local elections could disrupt continuity of the nation’s ongoing oil and electric reforms, panelists said during a Feb. 15 event at Rice University’s James A. Baker III Institute for Public Policy.

Continental on track to increase oil, gas production
Fri, 16 Feb 2018 15:47:00 GMT

Continental Resources Inc. increased its oil and natural gas production 37% to nearly 287,000 boe/d during fourth-quarter 2017 compared with the same period a year earlier. Continental plans to increase production in 2018, the company said in a preliminary statement on 2017 results.

MARKET WATCH: NYMEX crude keep momentum, settles above $61/bbl
Fri, 16 Feb 2018 15:00:00 GMT

Light, sweet crude futures rose for a second consecutive day Feb. 15, settling above $61/bbl. Oil prices on the New York market reversed direction Feb. 14-15 after falling more than 10% for 2 weeks on volatile world equity markets and growing US unconventional oil production.

U.S. coal production, exports, and prices increased in 2017
Fri, 16 Feb 2018 13:00:00 GMT
EIA expects total 2017 U.S. coal production to be 773 million short tons (MMst), 45 MMst higher than in 2016 and the largest year-over-year tonnage increase since 2001. Coal prices across the United States rose as well, especially for Central Appalachian coal. An increase in demand for U.S. coal exports more than offset a slight decline in U.S. coal consumption, contributing to higher coal production in 2017.
The changing face of transport, part three
Fri, 16 Feb 2018 11:15:00 GMT
Here's how technology and innovative thinking are helping to transform the transport we use to get around.
The changing face of transport, part two
Fri, 16 Feb 2018 11:06:00 GMT
Here's how technology and innovative thinking are helping to transform the transport we use to get around.
US crude rises 34 cents, settling at $61.68, breaking two-week losing streak with 4.2% gain
Fri, 16 Feb 2018 11:06:00 GMT
U.S. crude extended gains in subdued trade on Friday as the dollar slipped to a three-year low.
The changing face of transport, part one
Fri, 16 Feb 2018 11:00:00 GMT
Here's how technology and innovative thinking are helping to transform the transport we use to get around.
Formula 1's electrified cousin and the changing face of high-speed racing
Fri, 16 Feb 2018 08:53:00 GMT
A fully electric racing series is looking to challenge perceptions about electric vehicles.
Oil and gas sector recovery 'not yet certain,' says the CEO of Singapore's oldest bank
Fri, 16 Feb 2018 00:32:00 GMT
The risk banks face within the oil and gas sector is currently "contained," he said.
Gas tax hike is 'going absolutely nowhere,' says anti-tax crusader Grover Norquist
Fri, 16 Feb 2018 00:07:00 GMT
Anti-tax activist Grover Norquist says President Trump won't risk his popularity by raising the gas tax.
Saudi Arabia starts new round of effort to unwind subsidies
Thu, 15 Feb 2018 19:00:00 GMT

Saudi Arabia recently took the second step in its delicate unwinding of consumption subsidies for necessities such as energy and water.

Trump's gas tax hike tests whether the federal fuel levy is still a third rail in politics
Thu, 15 Feb 2018 18:03:00 GMT
President Donald Trump's support for a 25-cent gas tax hike faces steep hurdles on the Hill.
Saipem details contract let for Oman’s grassroots Duqm refinery
Thu, 15 Feb 2018 17:51:00 GMT

Saipem has confirmed the value of its portion of a previously awarded contract by DRPIC—a joint venture of Oman Oil Co. and Kuwait Petroleum Corp. subsidiary Kuwait Petroleum International Ltd.—for the final main contract package covering EPC of DRPIC’s long-planned 230,000-b/d refinery and petrochemical complex to be built on Oman’s northeastern coast.

EOG-operated Uinta basin gas well producing
Thu, 15 Feb 2018 17:40:00 GMT

The Stagecoach 111-20H well in the Uinta basin in Utah, operated by EOG Resources Inc., is producing natural gas in commercial quantities, said Foothills Exploration Inc., Denver, following drilling, completion, and flow testing.

Oil Search completes Alaska North Slope acquisition
Thu, 15 Feb 2018 17:24:00 GMT

Oil Search Ltd.’s acquisition on Alaska’s North Slope was completed on Feb. 14 following approval of the deal by the US Committee on Foreign Investment.

Thailand’s PTTGC lets contract for Map Ta Phut ethylene expansion
Thu, 15 Feb 2018 16:53:00 GMT

PTTGC, through contractor Samsung Engineering, has let a contract to CB&I to provide technology licensing and material supply for PTTGC’s recently approved project to expand olefins production capacity at its existing operations at Map Ta Phut Industrial Estate in Thailand’s Rayong Province, about 150 km southeast of Bangkok.

Gazprom Neft lets contract for Omsk refinery delayed coker
Thu, 15 Feb 2018 16:34:00 GMT

Gazprom Neft has let a contract to Maire Tecnimont subsidiaries for work related to a project designed to expand delayed coking capacity at its 21.4 million-tonne/year Omsk refinery in Western Siberia as part of the operator’s ongoing modernization program to reduce environmental impacts and improve processing capacities, conversion rates, energy efficiency, and production qualities at the site. 

MARKET WATCH: NYMEX crude oil climbs back above $60/bbl
Thu, 15 Feb 2018 16:13:00 GMT

Light, sweet crude futures jumped by more than $1 to settle above $60/bbl on the New York market Feb. 14 while the Brent crude contracts also gained more than $1/bbl on the London market to close above $64/bbl.

Trump's gas tax would wipe out 60% of tax cut benefit for individuals, analyst estimates
Thu, 15 Feb 2018 16:08:00 GMT
A 25-cent gasoline tax could wipe out 60 percent of the benefit from tax cuts, according to Strategas.
Commodities tomorrow: Crude finds $60 'sweet spot'
Thu, 15 Feb 2018 16:00:00 GMT
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
Natural gas inventories down 194 billion cubic feet
Thu, 15 Feb 2018 15:31:00 GMT
CNBC's Jackie DeAngelis reports the latest read on natural gas inventories from the EIA.
U.S. proved reserves of natural gas up in 2016, oil reserves remained unchanged
Thu, 15 Feb 2018 15:00:00 GMT
The United States had 341.1 trillion cubic feet (Tcf) of natural gas proved reserves as of the end of 2016, an increase of 5% from 2015, according to EIA's recently released U.S. Crude Oil and Natural Gas Proved Reserves report. U.S. crude oil and lease condensate proved reserves remained virtually unchanged from their 2015 level, at 35.2 billion barrels.
Renewable energy powerhouse signs research agreement with University of Oxford
Thu, 15 Feb 2018 12:12:00 GMT
Orsted signs five-year research agreement with world leading university.
US crude rises 1.2%, settling at $61.34, boosted by Saudi comments and a weaker dollar
Thu, 15 Feb 2018 11:42:00 GMT
Oil prices slipped as record U.S. output and rising inventories outweighed a weak dollar and supportive Saudi comments.
China: We are a 'Near-Arctic State' and we want a 'Polar Silk Road'
Thu, 15 Feb 2018 01:08:00 GMT
Through the Belt and Road Initiative, China's Arctic policy poses a challenge, not a threat, to the U.S., experts say.
South Africa’s Enref refinery undergoing scheduled maintenance
Wed, 14 Feb 2018 23:02:00 GMT

Engen Petroleum has shut down its 125,000-b/d Enref refinery in Durban, South Africa, for 45 days of routine planned maintenance. Initiated on Feb. 5 and scheduled to run until Mar. 30, the turnaround comes as part of the refinery’s ongoing maintenance program designed to ensure safe, reliable operations at the plant, Engen said.

 

Colorado commission approves oil, gas flowline requirements
Wed, 14 Feb 2018 22:53:00 GMT

The Colorado Oil & Gas Conservation Commission unanimously adopted new regulations covering flowlines and related oil and gas systems. The Feb. 13 action came following months of investigations and hearings after an Apr. 17, 2017, explosion and fire in an abandoned flowline killed two people and injured another in the town of Firestone.

Trump reportedly endorses 25-cent hike in gas tax to pay for infrastructure plan
Wed, 14 Feb 2018 20:12:00 GMT
President Donald Trump reportedly supports a 25-cent hike to the gas tax to pay for the White House infrastructure plan.
This Tesla bear believes the company will hit its Model 3 production target
Wed, 14 Feb 2018 19:59:00 GMT
Tesla will likely hit its Model 3 production target by the end of the second quarter, but there is still risk.
Linn Energy to sell West Texas properties for $119.5 million
Wed, 14 Feb 2018 18:16:00 GMT

Linn Energy Inc., Houston, signed an agreement to sell its interest in conventional properties in West Texas to an undisclosed buyer for $119.5 million.

Woodside to buy out ExxonMobil’s share of Scarborough field
Wed, 14 Feb 2018 17:56:00 GMT

Woodside Petroleum has announced a $2.5-billion (Aus.) equity raising to pay for a number of LNG expansions onshore and offshore Western Australia, including the acquisition of ExxonMobil’s 50% interest in offshore retention lease WA-1-R containing the bulk of the yet-to-be-developed Scarborough natural gas field on the Exmouth Plateau.

API asks EPA to deny states', small refiners’ biofuel waiver requests
Wed, 14 Feb 2018 17:32:00 GMT

The American Petroleum Institute asked the US Environmental Protection Agency to deny petitions by small refiners and four states for waivers from the 2018 biofuel quotas the agency issued under the federal Renewable Fuel Standard.

EIA: US crude stocks up 1.8 million bbl
Wed, 14 Feb 2018 17:18:00 GMT

US commercial crude oil inventories, which exclude the Strategic Petroleum Reserve, increased by 1.8 million bbl during the week ended Feb. 9 from the previous week, marking the third straight week of increases.

Ferguson promoted to president, COO of Energy Hunter Resources
Wed, 14 Feb 2018 16:56:00 GMT

H.C. Kip Ferguson III has been promoted to president and chief operating officer of Energy Hunter Resources Inc. Prior to joining Energy Hunter, Ferguson served as executive vice-president of exploration at Magnum Hunter Resources Corp.

Kuwait begins major turnaround at Al-Ahmadi refinery
Wed, 14 Feb 2018 16:36:00 GMT

Kuwait Petroleum Corp. subsidiary Kuwait National Petroleum Co. has started a more than month-long turnaround at its 466,000-b/d Mina Al-Ahmadi refinery about 28 miles south of Kuwait City on the Persian Gulf.

EPA stresses security concerns amid growing scrutiny of administrator's pricey travel
Wed, 14 Feb 2018 16:27:00 GMT
The EPA says concerns about Administrator Scott Pruitt's safety have required him to travel first and business class.
Saudi Arabia to restrain oil exports in March, confident cuts will stabilize market
Wed, 14 Feb 2018 16:12:00 GMT
Saudi Arabia will keep its crude exports below 7 million barrels per day in March, the Saudi energy minister said.
MARKET WATCH: NYMEX crude dips pending official US inventory report
Wed, 14 Feb 2018 16:05:00 GMT

Light, sweet crude futures fell slightly Feb. 13 on the New York Mercantile Exchange to remain above $59/bbl while Brent crude oil gained but remained under $63/bbl in London.

Crude oil inventories up 1.8 million barrels
Wed, 14 Feb 2018 15:34:00 GMT
CNBC's Jackie DeAngelis reports the latest read on crude oil and gasoline inventories from the EIA.
OPEC will be forced to 'play second fiddle' to the US in 2018, analyst says
Wed, 14 Feb 2018 13:40:00 GMT
The U.S. will soon surpass OPEC to become the most influential player in the energy market, according to an analyst.
U.S. imports of solar photovoltaic modules mainly come from Asia
Wed, 14 Feb 2018 13:00:00 GMT
Solar photovoltaic (PV) module imports into the United States have increased significantly in recent years and represent a sizable portion of installed solar capacity. In 2016, U.S. imports of solar modules measured in direct current (DC) totaled 13 gigawatts (GWDC)—up from 2 GWDC in 2010—with two-thirds of 2016 imports coming from Malaysia, China, and South Korea.
Phillips 66 agrees to repurchase shares from Berkshire Hathaway subsidiary
Wed, 14 Feb 2018 12:44:00 GMT
Phillips 66 said it will buy back shares worth $3.28 billion from a Berkshire Hathaway subsidiary.
The biggest offshore wind farm on the planet has chosen its turbine supplier
Wed, 14 Feb 2018 11:51:00 GMT
The Hornsea Project Two will have a capacity of 1.4 gigawatts.
Oil surges 2.4% in late trade, settling at $60.60, after smaller-than-expected rise in US stockpiles
Wed, 14 Feb 2018 10:51:00 GMT
Oil prices turned positive on Wednesday, as government data showed a smaller-than-expected rise in U.S. crude stockpiles.
Mexico awards 19 blocks in record Deepwater Round 2.4
Tue, 13 Feb 2018 23:34:00 GMT
Mexico's National Hydrocarbons Commission reported the award of 19 blocks of the 29 on offer in the Perdido, Campeche, and Mexican Ridges areas in the Mexican Gulf of Mexico. Round 2, Phase 4 (Round 2.4) was held Jan. 31 in Mexico City.
EIA STEO: US crude oil production to average 10.6 million b/d in 2018
Tue, 13 Feb 2018 23:23:00 GMT
In its latest Short-Term Energy Outlook, the US Energy Information Administration forecasts US crude oil production to average 10.6 million b/d in 2018 and 11.2 million b/d in 2019, both of which are 300,000 b/d higher than forecast in the January STEO.
Infrastructure proposal addresses federal decision process delays
Tue, 13 Feb 2018 21:57:00 GMT

A “one agency, one decision” review structure—with firm deadlines to complete environmental reviews and permit applications—highlighted the Trump administration’s proposal to rebuild US infrastructure when it was released on Feb. 12. Officials from both the US Chamber of Commerce and the Interstate Natural Gas Association of America welcomed the plan and said it provided an important starting point. 

Gazprom Neft confirms Uransky block discovery
Tue, 13 Feb 2018 21:39:00 GMT

PJSC Gazprom Neft subsidiary Gazpromneft-Orenburg will drill three additional exploration and appraisal wells on its Uransky license block in Russia.

Poland’s Grupa Lotos restarts Gdansk refinery, updates EFRA status
Tue, 13 Feb 2018 21:27:00 GMT

Grupa Lotos has resumed operations at its 10.5 million-tonne/year refinery in Gdansk, Poland, following power outage on Feb. 8 that halted production at the site. All units impacted by the outage were restarted and in operation as of Feb. 9, with no impact on external sales of products manufactured at the refinery, the operator said. 

Electricity prices are highest in Hawaii but expenditures are highest in South Carolina
Tue, 13 Feb 2018 15:00:00 GMT
Hawaii has the highest residential electricity prices in the United States, averaging 27.5 cents per kilowatthour (kWh) in 2016�more than twice the national average. However, residential customers in four states spent more per household for electricity that year: South Carolina, Alabama, Connecticut, and Maryland.
The United States is projected to become a net energy exporter in most AEO2018 cases
Mon, 12 Feb 2018 13:00:00 GMT
EIA projects that the United States will become a net energy exporter in 2022 in the newly released "Annual Energy Outlook 2018" (AEO2018) Reference case, primarily driven by changes in petroleum and natural gas markets. The transition from net energy importer to net energy exporter occurs even earlier in some sensitivity cases that modify assumptions about oil prices or resource extraction.
Economic indicators can inform non-OECD liquid fuels consumption forecasts (2/14/2018)

Increases in economic activity are typically associated with growth in petroleum and other liquids consumption. EIA lowered the 2018 oil-consumption-weighted Gross Domestic Product (GDP) growth forecast in countries outside the Organization for Economic Cooperation and Development (OECD) in the February 2018 Short-Term Energy Outlook (STEO) from the January STEO, but growth expectations for those countries remain higher than all 2017 STEO forecasts. In the February STEO, EIA expects global petroleum and other liquid fuels consumption to grow by 1.7 million barrels per day (b/d) in 2018, with 1.3 million b/d of that growth coming from non-OECD countries (Figure 1). Because oil consumption data can be lagged or incomplete, the use of frequently released economic indicators can be useful for confirming stronger or weaker periods of economic growth and inform oil consumption forecasts. ...
EIA raises crude oil price forecast for 2018 by nearly $3 per barrel; 2019 global supply and demand balances largely unchanged (2/7/2018)

EIAÂ’s February Short-Term Energy Outlook (STEO) raises forecast crude oil prices in 2018 by nearly $3 per barrel (b) compared with the previous STEO. Average monthly Brent prices have increased for seven consecutive months, and, on January 11, spot prices moved higher than $70/b for the first time since December 2014. EIA forecasts Brent spot prices will average about $62/b in both 2018 and 2019, compared with an average of $54/b in 2017. EIA expects West Texas Intermediate (WTI) crude oil prices to average $4/b lower than Brent prices in both 2018 and 2019 (Figure 1). The upward revision to 2018 prices results in higher U.S. crude oil production throughout the forecast. However, with relatively little production growth from members of the Organization of the Petroleum Exporting Countries (OPEC) and higher global consumption, the global oil balances remain largely unchanged from the forecast last month. ...
China is now the world's largest crude oil importer (1/31/2018)

China surpassed the United States in annual gross crude oil imports in 2017 by importing 8.4 million barrels per day (b/d) compared with 7.9 million b/d of U.S. crude oil imports (Figure 1). China had become the world's largest net importer (imports less exports) of total petroleum and other liquid fuels in 2013. New refinery capacity and strategic inventory stockpiling combined with declining domestic production were the major factors contributing to the recent increase in Chinese crude oil imports. ...
Household costs for heating fuel to increase this winter (1/24/2018)

EIA expects that U.S. average household expenditures for heating oil and propane for the 2017–18 winter will be higher than last winter according to the January Short-Term Energy Outlook (STEO). Compared with last year, higher crude oil prices and lower inventory levels are putting upward pressure on the prices for heating fuels (Figure 1). In addition, forecasts for a colder winter than last year—one of the warmest on record for much of the United States—are expected to increase heating fuel consumption. As a result of increased prices and higher consumption, EIA expects average household expenditures for heating oil and propane to increase from last year’s levels. ...
Oil climbs above $62 amid producer promises to support markets

Crude climbed above $62/bbl for the first time in more than a week as an alliance of some of the world’s largest oil producers signaled further cooperation to tighten supplies through the end of the year.
Interior sets date for largest oil, gas lease sale in U.S. history

In support of President Donald J. Trump's ‘America-First Offshore Energy Strategy,’ Deputy Secretary of the Interior David Bernhardt announced that the Department will offer 77.3 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development.
Noble Energy announces execution of gas sales agreements for export of gas to Egypt

Noble Energy, Inc., has announced that it has signed agreements to sell significant quantities of natural gas from Leviathan and Tamar fields to Dolphinus Holdings Limited to supply gas in Egypt.
Merkel defends Russian gas link expansion protested by Poland

German Chancellor Angela Merkel threw her country’s weight behind the Nord Stream 2 gas pipeline from Russia, boosting the chances that the controversial link will become reality.
Harvest Natural Resources sues ex-oil chief over bribe demands

Former Venezuelan oil minister Rafael Ramirez, already accused of corruption by his own country, now faces a lawsuit from a Houston energy firm alleging that it lost almost half a billion dollars over its refusal to pay bribes for contracts.
The Philippines in talks with China for joint sea exploration

The Philippines and China are in talks to jointly pursue oil and gas exploration in disputed waters of the South China Sea, Foreign Affairs Secretary Alan Peter Cayetano said Friday.
Indonesia eyes European, U.S. oil giants for investment bids

Indonesia will hold roadshows in the U.S. and Europe later this month to lure investments from the world’s top energy companies as the former OPEC member seeks to reverse a decline in oil and gas production.
Abu Dhabi broadens oil partnerships in $1.5-billion Cepsa deal

Abu Dhabi’s selection of a Spanish company to help it develop offshore oil fields is a sign of the Gulf producer’s push to diversify its partnerships while working to boost production capacity and secure long-term markets for crude.
Noble, Delek sign $15-billion deal to export Israel gas to Egypt

Noble Energy Inc. and Delek Drilling-LP, the lead partners in Israel’s largest gas fields, said they signed a $15 billion agreement to export gas to Egypt’s Dolphinus Holdings.
Once OPEC's oil-price dove, Saudi Arabia takes a harder line

For decades, Saudi Arabia was the voice of moderation within OPEC, pushing back against the urging of members like Venezuela and Iran for higher oil prices. That role seems to be shifting.
U.S. oil exports go up a gear as supertanker sets sail for China

The flood of U.S. oil exports stepped up a gear on Monday after the first fully laden supertanker sailed from an American port, alleviating a bottleneck that’s limited overseas shipments.
Feed Fetched by RSS Dog.