The Brookings Institute released a study last week comparing the effects of immediate lifting of the U.S. crude oil export ban vs. delaying till 2020. The study data showed a positive uptick for the GDP in all cases, a 0.14 change in welfare, annual reduction in unemployment, additional production of 1.5 MMBOD in 2015, decline in gasoline prices by 9
The Powder River Basin (PRB), an area in Wyoming traditionally exploited for its coal resources and coalbed methane gas opportunities, has more than doubled its oil output since 2009. The Energy Information Administration’s (EIA) Today in Energy segment for September 15, 2014, credits the rise in production to new drilling and completion practices, or largely the use of horizontal drilling
Flaring decreases to 26% The State of North Dakota has chalked up another record. July production numbers are in—the state produced 1,110,642 barrels of oil per day in July. The numbers broke down as follows: Bakken/Three Forks Shale: 1,047,034 BOPD (94%), conventional oil: 63,608 BOPD (6%). Seventy percent of July production was from 7,862 unconventional Bakken/Three forks wells, and 30%
The European Union (EU) and United States levied more sanctions on Russia today in an effort to hamper the country’s already struggling economy. The latest sanctions primarily target Russia’s oil industry and military equipment. Supermajors participating in projects with Russia’s oil giants like Transeft, Rosneft and Gazprom are barred from investing in any large scale projects. Its gas industry, however,
President Obama addressed the nation on Wednesday night, urging Congress to increase funding, assistance and conduct “a series of strategic airstrikes” against the Islamic State, or ISIL, the group marching across Iraq that recently beheaded two American journalists on Internet broadcasts. The President vowed to support the Iraqi government by providing military training and supplies, but stopped short of placing
In May 2014, the United States government announced intentions to accelerate the review process for LNG exports. The decision came when tensions were rising among Russia and the rest of Europe regarding its involvement in Ukraine. Europe threatened sanctions and Russia warned of cutting off supplies, but there was a major problem: the sides are mutually dependent on each other.
The Energy and Commerce Committee of the U.S. House of Representatives put out press releases Wednesday promoting the jobs aspect of the energy revolution. In his news release, Chairman Fred Upton referred to the American Petroleum Institute’s new reportthat presents the findings of a survey of companies in America’s domestic oil and natural gas supply chain. “This study projects that
For the first time since 1938, Mexico’s oil frontier is open for business. Mexico’s newly privatized oil industry was officially signed into law on August 11, 2014, ending Petróleos Mexicanos’ (Pemex) 76 year nationalization reign on the country’s hydrocarbon resources. Pemex provides roughly one-third of Mexico’s tax revenue, but years of corruption and inefficiency have cut sharply into its production. The company has lost roughly $8 billion to date in 2014, according to Reuters. Volumes for Q2’14 dipped to 2,468 MBOEPD, and management expects overall output for 2014 to average 2,441 MBOEPD. If the numbers prove to be accurate, production will have declined by 36% since 2004 (3,848 MBOEPD), or an annual average of roughly 140 MBOEPD. If the entire ten year period is considered, the lost production of 1,407 MBOEPD is roughly equal to Q2’14 volumes produced by both Apache Corp. (ticker: APA, 636 MBOEPD) and Occidental Petroleum (ticker: OXY, 741 MBOEPD).
Alaska Gasline Development Corporation (AGDC) and affiliates of ExxonMobil (ticker: XOM), TransCanada (ticker: TRP), BP (ticker: BP) and ConocoPhillips (ticker: COP) filed a FERC pre-filing request, effectively launching the early design phases of their Alaska LNG Project, an estimated $65 billion, 20 MM metric ton LNG facility, to be built in the Nikiski area on the Kenai Peninsula. Concurrently, Russia’s
Industry Leaders Discuss Global Operations, Company Growth, M&A, and Emerging Trends in these Exclusive One-on-One Video Interviews with Oil & Gas 360® EnerCom, Inc. today posted an executive video interview series on Oil & Gas 360®, the company’s one-stop source of oil and gas news, information and analysis. More than 25 company executives participated in one-on-one interviews with Oil &
Udall is fighting for a 25% national RES, a carbon tax, wind tax credits, LNG exports and more nuclear. Gardner wants easier permitting to drill on federal lands and Alaska’s outer shelf, wind tax credits, LNG exports and more nuclear. Incumbent Democrat Senator Mark Udall and his Republican challenger U.S. Congressman Cory Gardner are engaged in a battle for Udall’s
The Utica is growing. Royal Dutch Shell (ticker: RDS.B) successfully drilled two Utica wells 100 miles northeast of the nearest producer in the play, the company announced in a press release on September 3, 2014. The wells, located in Tioga County, Pennsylvania, not only extend the sweet spot of the play, but are “comparable to the best publically announced thus
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