International news for oil and gas professionals
How soon might the world resume its concern about "peak oil?"
Americans had every right last month to greet the 40th anniversary of the Arab oil embargo with boasts about surging production of oil and gas and about correspondingly diminished reliance by the US on supply from abroad.
Expanding the use of natural gas to fuel US motor vehicles, even partially, is the most sensible strategy for reducing petroleum's dominant fuel position—and the nation's reliance on oil imports from politically unstable parts of the world.
Employees returned to work Oct. 17 and began to restore full federal services after the 112th Congress approved and US President Barack Obama signed legislation ending a 16-day partial government shutdown.
The American Petroleum Institute said it would like the administration of US President Barack Obama to gather information more quickly so it will be able to consider expanded oil and gas leasing on more of the US Outer Continental Shelf when it develops the next 5-year management program.
The US oil and natural gas outlook's dramatic shift from scarcity to abundance potentially could increase the country's geopolitical leverage, prominent former federal officials speaking at a Washington conference agreed on Oct 16.
US total oil supply is expected to average 12.1 million b/d this year, making it the world's largest oil producer, PIRA Energy Group, an energy markets consulting firm in New York, reported. PIRA counts oil supply as all liquids, including condensates.
Due to lower output from Iraq and Libya, crude oil supplies from the Organization of Petroleum Exporting Countries in September fell by 645,000 b/d to 29.99 million b/d, below the 30 million b/d threshold for the first time in almost 2 years, according to the International Energy Agency's most recent Oil Market Report.
The US market for natural gas approaches the winter of 2013-14 adequately supplied, according to the Federal Energy Regulatory Commission staff.
Energy efficiency markets around the world drew investment of as much as $300 billion in 2011, according to a recently unveiled report from the International Energy Agency called the "Energy Efficiency Market Report."
Nova Gas Transmission Ltd. (NGTL) suffered a rupture on its pipeline system 138 km (85.6 miles) west of Fort McMurray, Alta. TransCanada Pipelines Ltd. owns and operates NGTL.
Pipeline transport of oil is so much safer than other modes that resistance to it is raising risks, concludes a study published by the Fraser Institute, Calgary.
Devon Energy Corp., Oklahoma City, and Dallas-based Crosstex Energy LP reported Oct. 21 the signing of a definitive agreement to combine nearly all of Devon's US midstream assets with those of Crosstex to form a new midstream business.
Oil and gas production has begun from ExxonMobil's $4.5 billion (Aus.) Kipper-Tuna-Turrum project in Bass Strait offshore Victoria. Gas is flowing from the Tuna field while Turrum has produced its first oil.
Political forces are aligning in Canada toward a vital debottlenecking of the oil sands.