DES US President Barack Obama will direct his administration to open more than 75% of the nation's potential offshore oil and gas resources for development, he said in his 2012 State of the Union address.
DES US crude oil production rose 2.5% year-to-year in 2011 to an average 5.6 million b/d as petroleum product demand fell 1.2% to 18.9 million b/d, the American Petroleum Institute reported.
DES Increased US natural gas exports potentially would lead to higher prices, increased production, less consumption, and more imports from Canada by pipeline, the US Energy Information Administration said in Jan. 19 analysis.
DES Over the next 10 years, continued development of tight oil and ongoing development of offshore resources in the Gulf of Mexico will push US crude oil production to 6.7 million b/d in 2020, and even with a projected decline after 2020, crude oil production will remain above 6.1 million b/d through 2035, the US Energy Information Administration forecasts in the early release of its Annual Energy Outlook 2012 (AEO2012).
The oil and gas industry continues to be one of the most active global sectors for mergers and acquisitions in a trend that could continue during 2012 despite an uncertain economy, Ernst & Young executives said while releasing the E&Y annual review of M&A activity on Jan. 24.
The environmental regulatory system for Canadian oil sands is similar in rigor to mining and oil operations in South Australia and Alaska, according to a new report by analyst IHS CERA.
Syria's oil minister said sanctions imposed by Western governments on his country's petroleum exports have cost $2 billion in lost revenues since last September
DES Chad's 50,000-b/d Djarmaya refinery, 40 km north of the capital Ndjamena, has been shut down by government officials again due to a dispute over the price of oil with supplier China National Petroleum Corp. International (CNPCI).
DES TransCanada Corp. is considering possibilities for moving Bakken shale crude south to the US Gulf Coast via a stand-alone system following the US rejection of the company's permit application for the Keystone XL crude oil pipeline.
DES Apache Corp., Houston, has agreed to acquire Cordillera Energy Partners III, a private exploration and production company with Anadarko basin operations, for $2.85 billion.