International News for oil and gas professionals
Oil production from the Permian basin in West Texas is once again on the rise. According to the January Drilling Productivity Report published by the US Energy Information Administration, production from the Permian is expected to increase by 3,000 b/d from January through February.
Only by expanding can the gasoline market now accommodate new amounts of federally mandated ethanol. Yet gasoline consumption has stagnated in the US.
The proposed Keystone XL crude oil pipeline's construction and operation would not have significant environmental impacts, the US Department of State said in its long-awaited final supplemental environmental impact statement for the 1,700-mile project.
Witnesses on both sides of the debate over whether to expand US crude oil exports used improved energy security and creation of more domestic jobs to support their viewpoints during a US Senate Energy and Natural Resources Committee hearing on the subject.
Royal Dutch Shell PLC will not resume activity on federal leases it holds offshore Alaska in 2014 because a US appeals court's Jan. 22 decision in a 2008 lawsuit against the US Department of the Interior has created significant uncertainties, company officials stated.
If there was any doubt before, there isn't now: Many in Texas believe the state is fighting an outside invader again.
Countries already are making geopolitical moves to secure Arctic oil and gas resources despite actual development being decades away in most cases, experts agreed at a Woodrow Wilson International Center for Scholars forum.
Unconventional resources in the US constituted the oil and gas industry's largest source of growth in 2013—a trend that's expected to continue into 2014, Ernst & Young indicated in its US quarterly outlook.
Hess Corp. reported that its exploration and production capital budget for 2014 is expected to reach $5.8 billion, almost have of which, $2.85 billion, will be spent on unconventional shale resources.
The US oil and gas industry finished 2013 strong when it came to mergers and acquisitions, but the late-year push to a total of 182 deals totaling $115.9 billion wasn't enough to match the 212 deals worth $152.8 billion in 2012, PwC US Energy Practice said in a report released Jan. 28.
Iran can push production of crude oil back to 3-3.5 million b/d "relatively quickly" in the absence of international sanctions, says a veteran observer of the Islamic Republic.
Valero Energy Corp., the largest US independent refiner-marketer, plans to invest $730 million in upgrading two of its Texas refineries to process increased volumes of light crude sourced from the Eagle Ford shale.
ConocoPhillips reported full-year earnings of $9.2 billion in 2013, an increase from the $8.4 billion totaled in 2012, which included $1.2 billion from downstream operations before the separation of Phillips 66 on Apr. 30.
Refusal by global-warming activists to address core issues has gone from tiresome to annoying. President Barack Obama committed the dodge in his State of the Union address on Jan. 28 when he declared, "Climate change is a fact."