International news for oil and gas professionals
Change is messy, demanding both courage and vision to risk comfortable todays for promising tomorrows.
Straining to solve a problem that might be illusory, European regulators soon might create real problems by increasing the volatility of an important crude oil price marker.
International oil and gas companies keenly await more details as Mexico's Congress drafts and debates secondary laws to implement its recently passed energy reforms.
Mexico moved quickly once politicians there decided to adopt energy sector reforms, but the process's second phase, which begins Feb. 1 and should be completed in 2 years, could be critical, an official of national oil company Petroleos Mexicanos (Pemex) said.
BP PLC's Energy Outlook 2035, released Jan. 15, forecasts that world energy consumption will increase 41% between 2012 and 2035.
Global oil consumption during fourth-quarter 2013 was adjusted to 92.1 million b/d, according to the International Energy Agency's most recent Oil Market Report.
US net imports of liquid fuels as a share of consumption will diminish to about 25% by 2016 from 40% in 2012 and 60% in 2005, according to the US Energy Information Administration's 2014 Annual Energy Outlook (AEO).
Malcolm Webb, chief executive officer of trade group Oil & Gas UK, said the UK has an exploration crisis and that change is urgently needed to address it.
On one hand, a Jan. 16-17 exchange of letters between leaders of 18 national environmental organizations and the Obama administration simply may have been political posturing before 2014's real work begins. On the other, it could be a timely reminder of where the White House stands on climate and energy.
Royal Dutch Shell PLC reported it has agreed to sell its 8% equity interest in the Wheatstone-Iago joint venture and 6.4% interest in the 8.9-million tonne/year Wheatstone LNG project in Western Australia for a cash consideration of nearly $1.14 billion to Kuwait Foreign Petroleum Exploration Co. (Kufpec), subject to closing.
ExxonMobil Corp., BP PLC, ConocoPhillips, TransCanada Corp., Alaska Gasline Development Corp. (AGDC), and Alaska's commissioners of natural resources and revenue have signed a heads of agreement (HOA) for the Alaska LNG Project, laying the commercial framework for development of an 800-mile natural gas pipeline to transport production from the Alaska North Slope (ANS) to a 15-18 million tonne/year LNG plant on its south-central coast.
Friendship with the United States, as several friends of the US are learning the hard way, doesn't mean what it once did.