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[Due to the increasing size of the archives, each topic page now contains only the prior 365 days of content. Access to older stories is now solely through the Monthly Archive pages or the site search function.]

The 5 Countries That Could Push Oil Prices Up

October 26, 2017

by Nick Cunningham for Oilprice.com

Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market.

An unexpected disruption could occur at any moment, as has happened in the past, leading to a sudden and sharp jump in prices. Geopolitical tension has been largely irrelevant since the collapse of oil prices in 2014, but it’s making a return now that cracks have emerged in some key oil-producing nations. The threat of an outage will carry more weight as the oil market tightens.

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DOE: US petroleum production exceeding transportation consumption and will continue to do so through 2050

October 23, 2017

According to the US Department of Energy (DOE) Energy Information Administration (EIA), in 2015 total petroleum production exceeded all US transportation sector petroleum consumption. The EIA expects petroleum production to be greater than transportation consumption through 2040.

Including non-petroleum sources such as ethanol, the production will exceed transportation demand by about three million barrels per day in 2050.

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Honeywell UOP opens first facility in China to test flare emissions for VOCs

October 22, 2017

Honeywell UOP’s Callidus Technologies business began operation of China’s only facility capable of testing flare emissions for volatile organic compounds (VOCs). The test center in Luoyang, Henan Province, aids customers that are working to reduce emissions of VOCs in industrial flare systems and improve flare operation.

The Callidus Luoyang Combustion Research and Development Center is the largest test facility of its kind in Asia. Its design and testing methodology was developed by Callidus in conjunction with the US Environmental Protection Agency, resulting in a significant improvement over industrial design requirements.

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NAS: concerns remain about rail transport for energy liquids, gases; pipeline, maritime have more comprehensive safety system in place

October 12, 2017

With the sharp and largely unexpected increase in the long-distance movement of domestically produced crude oil, ethanol, and natural gas since 2005, a number of concerns have arisen about the safe transport of these hazardous materials, particularly in relation to railroad track defects, rural communities’ emergency response preparedness, and the older tank car designs that will continue to be used in multi-car unit trains, according to a new report from the National Academies of Sciences, Engineering, and Medicine.

Pipelines and barges have accommodated major portions of the growth in domestic energy liquids and gases, and they have done so without major new safety problems and within the basic framework of their longstanding regulatory and safety assurance systems. The committee that carried out the study and wrote the report stressed that to the credit of transportation service providers from all of the modes as well as their safety regulators, the vast majority of these energy supplies have been transported without incident, enabling the country to capitalize on its new energy resources and manage the safety risks associated with its transportation.

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Study finds air pollution and GHG costs of crude-by-rail nearly 2x pipeline costs; much larger than spill and accidents costs

October 11, 2017

Researchers from Carnegie Mellon University and the University of Pittsburgh have found that the air pollution and greenhouse gas costs of shipping crude by rail are nearly twice as large as those for oil pipelines. Further, their estimates of air pollution and greenhouse gas costs are much larger than estimates of spill and accidents costs—more than twice as big for rail and more than eight times as big for pipelines.

The findings of their study, published by the National Bureau of Economic research, suggest that the policy debate surrounding crude oil transportation has put too much relative weight on accidents and spills, while overlooking a far more serious source of external cost: air pollution and greenhouse gas emissions.

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The “Amazon Effect” Is Coming To Oil Markets

by Irina Slav for Oilprice.com

While OPEC mulls over further steps to once again support falling oil prices, tech startups are quietly ushering in a new era in oil and gas: the era of the digital oil field.

Much talk has revolved around how software can completely transform the energy industry, but until recently, it was just talk. Now, things are beginning to change, and some observers, such as Cottonwood Venture Partners’ Mark P. Mills, believe we are on the verge of an oil industry transformation of proportions identical to the transformation that Amazon prompted in retail.

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The Next Big Offshore Boom Is About To Happen in Brazil

October 05, 2017

by Irina Slav for Oilprice.com

Say what you will about offshore oil and gas exploration, but it’s still alive and kicking—high production costs and all. The latest demonstration of the viability of deepwater projects, even in the post-2014 oil industry era, comes from none other than Brazil.

On Wednesday, the country’s National Petroleum Agency put 287 oil and gas blocks up for auction, and only 37 found buyers. Too few, it might seem at first. But the proceeds came in at more than US$1.2 billion—a hefty share of this pledged by heavyweight Exxon. The NPA’s expectations for the proceeds were much more modest, at $157 million.

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California calls for improved air quality monitoring at refineries in the state

September 29, 2017

California state and local air quality officials released a draft report outlining a range of recommended actions to improve air monitoring at the state’s oil refineries, and strategies to better inform surrounding communities during incidents at refineries that result in increases in pollution or toxic releases.

The draft report, the latest product of an initiative set in place by Governor Brown in 2013 to address refinery safety and emissions, is jointly authored by the California Air Resources Board (CARB), and the California Air Pollution Control Officers Association (CAPCOA), which represents all 35 of the state’s local air districts. CARB staff will work with the air districts and local response agencies to present this draft report to community members at a series of public safety meetings throughout the State to be scheduled for early fall.

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ExxonMobil expands methane emissions reduction program

September 26, 2017

ExxonMobil announced an enhanced program to reduce methane emissions from its production and midstream facilities across the United States. The program prioritizes actions at sites operated by subsidiary XTO Energy and includes efforts to develop and deploy new, more efficient technologies to detect and reduce facility emissions.

Methane detection and repair relies on a technical-mechanical-professional collaboration to ensure the best results. There is no one solution, and finding the next emission-reduction opportunities requires investment today. The newly announced methane emission reduction program at XTO Energy will build on practices already in place. The new steps include:

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IHS Markit research estimates 60B to 70B barrels remain in Permian basin; headed for a second peak

Energy researchers at IHS Markit have completed the first, three-year phase of a massive Permian Basin research project that models and interprets the giant basin’s key geologic characteristics to better estimate its remaining hydrocarbon potential. Initial results indicate the giant basin still holds an estimated 60 billion to 70 billion barrels of technically recoverable resources.

To conduct this new analysis, researchers used the IHS Markit historical well and production database that includes more than 440,000 Permian Basin wells, and a new proprietary software tool that, for the first time, enables them to leverage interpreted formation ‘tops’ data to identify accurate formations for completion intervals on hundreds of thousands of wells.

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Baker Institute expert: crude-oil production increase a risky strategy for Saudi Arabia

September 13, 2017

A number of factors are pushing Saudi Arabia to raise its crude-oil production capacity, but the wide range of potential outcomes suggests that such an increase is a risky strategy for the kingdom and the global environment, according to a new article by an expert from Rice University’s Baker Institute for Public Policy.

Most notably, a rise in Saudi crude-oil output could trigger a damaging period of global oversupply, said Jim Krane, the Wallace S. Wilson Fellow for Energy Studies in the Baker Institute’s Center for Energy Studies. This glut could be exacerbated by future carbon taxes and other policy restrictions on fossil fuels, he said. Krane’s paper is published in the journal Energy Policy.

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IHS Markit: 2020 low-sulfur requirements for marine bunker fuels causing scramble for refiners and shippers

August 28, 2017

On 27 October 2016, the International Maritime Organization (IMO) announced that beginning on 1 January 2020, the maximum sulfur content allowed in marine bunker fuel will be reduced from 3.50% mass by mass (m/m) to 0.50% m/m (35,000 ppm to 5,000 ppm)—five years earlier than many expected. (Earlier post.) The IMO fuel sulfur content regulation will have a significant global impact on both the refining and the shipping industries.

Owing to uncertainty around the implementation date and the ultimate level of compliance, neither the global refining nor shipping industries have as yet made the necessary investments to comply fully with the IMO rules. As a result, both industries will experience rapid change and significant cost and operational impacts, according to new analysis from IHS Markit.

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The Next Oil Price Spike May Cripple The Industry

August 25, 2017

by Andreas de Vries and Dr. Salman Ghouri for Oilprice.com

Two diametrically opposed views dominate the current debate about where the oil price is heading. On the one hand, there is the view that the price of oil will be “lower for longer”, or even “lower forever”, as the electrification of transport will eat away at oil demand more and more while, at the same time, technological innovation (shale in particular) will greatly increase economically recoverable resources. On the other hand, however, there is the view that the price of oil is set to explode, primarily due to underinvestment in the upkeep of brownfields, development of greenfields, and exploration for new resources.

Our view is that most likely, both will happen. How it is possible for the price of oil to go both up and not up, and what would that mean for the oil industry? We will explain.

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“Dirty, Difficult, And Dangerous”: Why Millennials Won’t Work In Oil

July 22, 2017

by Tsvetana Paraskova for Oilprice.com

Like many industries today, the oil industry is trying to sell its many job opportunities to the fastest growing portion of the global workforce: Millennials. But unlike any other industry, oil and gas is facing more challenges in persuading the environmentally-conscious Millennials that oil is “cool”.

During the Super Bowl earlier this year, the American Petroleum Institute (API) launched an ad geared toward Millennials, who now make up the largest generation in the U.S. labor force.

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Stanford study finds energy requirements of super-giant oilfields can significantly increase over time

July 17, 2017

A new study finds that as some of the world’s largest oilfields age, the energy required to keep them operating can rise dramatically even as the amount of petroleum they produce drops. Failing to take the changing energy requirements of oilfields into account can cause oilfield managers or policymakers to underestimate the true climate impacts, Stanford scientists warn.

Mohammad Masnadi and Adam Brandt used decades-long time-series data from twenty-five globally significant oil fields (>1 billion barrels ultimate recovery) to model greenhouse gas (GHG) emissions from oil production as a function of time.Depletion requires increased energy expenditures in drilling, oil recovery, and oil processing. They found that volumetric oil production declines with depletion, but that this depletion is accompanied by significant growth—in some cases more than tenfold—in per-MJ GHG emissions.

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The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks

July 16, 2017

by Cyril Widdershoven for Oilprice.com

OPEC exports have come under pressure this week from technical threats to oil fields, with Saudi Arabia’s Manifa problems grabbing the headlines.

Saudi Aramco CEO Amin Nasser, while addressing the World Petroleum Congress in Istanbul, stated that the outlook for oil supplies is “increasingly worrying”, due to a loss of $1 trillion ($1,000 billion) in investments last year. The skepticism shown by a majority of financial analysts and oil commentators about the real threat to global oil (and gas) production volumes was countered by the news that the production at Saudi Aramco’s main offshore oil field, Manifa, has been hit by technical problems. News sources reported that the output from Saudi Aramco’s massive Manifa oilfield has been hit by a technical problem. The impact of this possible technical mishap is not to be underestimated.

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IndianOil and LanzaTech to construct first refinery Offgas-to-Bioethanol production facility

July 11, 2017

Indian Oil Corporation Limited (IndianOil), India’s flagship national oil company and LanzaTech signed a Statement of Intent to construct the world’s first refinery offgas-to-bioethanol production facility in India.

The basic engineering for the 40-million liter per year (10.6 million gallons US/year) demonstration facility will begin later this year for installation at IndianOil’s Panipat Refinery in Hayrana, India, at an estimated cost of 350 crore rupees (US$55 million). It will be integrated into the existing site infrastructure and will be LanzaTech’s first project capturing refinery off-gases. LanzaTech’s first commercial facility converting waste emissions from steel production to ethanol will come online in China in late 2017.

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France launches new climate plan; Euro 7 lead; targeting ending the sale of vehicles emitting GHGs by 2040

July 07, 2017

Nicolas Hulot, France’s new minister responsible for environment and energy, presented the country’s new climate plan at a press conference at the Ministry. Prepared at the request of the President and the Prime Minister, the climate action plan is divided into six main themes: render the Paris Agreement irreversible; improve the daily life of the French; end the use of fossil energy and engage in carbon neutrality; make France the Nº 1 green economy; encourage the potential of ecosystems and agriculture; and intensify international mobilization on climate diplomacy.

Among the many actions outlined in the plan is the targeting of ending the sale of cars emitting greenhouse gases (“gaz à effet de serre”) by 2040. (The plan at this current level of detail does not specify whether or not that is tailpipe emissions or full lifecycle emissions, factoring in upstream for electric vehicles.) France also intends to initiate an ambitious (“ambitieuse”) Euro 7 standard at the European level.

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Has Permian Productivity Peaked?

June 03, 2017

by Nick Cunningham of Oilprice.com

The U.S. shale industry might have just received a huge windfall with the nine-month extension of the OPEC cuts. Shale output was already expected to come roaring back this year, but the extension of the cuts provides even more room in the market for shale drillers to step into.

The sky is the limit, it seems. However, there are growing signs that the U.S. shale industry could be reaching the end of the low-hanging fruit. Or, more specifically, drilling costs are starting to rise and the enormous leaps in production that can be obtained by simply adding more rigs also appears to be running into some trouble.

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Today’s Stunted Oil Prices Could Cause Oil Price Shock In 2020

May 24, 2017

by Haley Zaremba for Oilprice.com

As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. As Saudi Arabia announces plans to slash production and move their economy away from oil dependency, many industry insiders are predicting that the now over-saturated market will reach an equilibrium with higher commodity prices by 2018 and U.S. shale production will continue to grow along with global demand.

Robert Johnston, the CEO of one of the world’s biggest political risk consultancies, is unconvinced. In a speech made at the Association of International Petroleum Negotiators’ 2017 International Petroleum Summit, Johnston laid out his concerns for the future of oil.

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US Shale Is Immune To An Oil Price Crash In 2017

May 18, 2017

by Tsvetana Paraskova for Oilprice.com

Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oil price gains from that agreement.

Four months after the OPEC/NOPEC deal took effect, oil prices dropped to the levels preceding the agreement, amid concerns over still stubbornly high inventories and rising U.S. output.

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Big Oil Betting On Electric Vehicles

May 03, 2017

by Jon LeSage for Oilprice.com

Speaking this week at the Bloomberg New Energy Finance conference in New York, Total SA’s chief energy economist, Joel Couse, forecasted that EVs will make up 15 to 30 percent of global new vehicle sales by 2030.

Oil demand for transportation fuel see its “demand will flatten out,” after 2030, Couse said. “Maybe even decline.

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Supply Crunch Or Oil Glut: Investment Banks Can’t Agree

April 15, 2017

by Tsvetana Paraskova for Oilprice.com

In recent years, U.S. shale has thrown in another unknown in the mix of factors driving the price of oil. This year, shale output forecasts combine with OPEC’s production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oil price forecasts by Wall Street’s major investment banks.

The biggest banks remain bullish on oil prices, expecting moderate price gains by the end of the year, even after last month WTI prices dropped below $50 for a couple of weeks.

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EIA STEO projects higher US crude production, increases in travel and gasoline demand

April 11, 2017

In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) projects that US crude oil production, which averaged an estimated 8.9 million barrels per day (b/d) in 2016, will average 9.2 million b/d in 2017 and 9.9 million b/d in 2018. That level is higher than originally forecast, exceeding the previous record level of 9.6 million barrels per day reached in 1970, said EIA Acting Administrator Howard Gruenspecht.

For summer 2017, EIA forecasts motor gasoline consumption to average 9.5 million barrels per day (b/d), up about 20,000 b/d (0.3%) compared with last summer, which was a record high. Highway travel is forecast to be 1.4% higher than the level last summer. The effect of the increase in highway travel is expected to be partially offset by a 1.2% increase in fleet-wide vehicle fuel efficiency.

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When Will Russia Run Out Of Oil?

April 06, 2017

by Viktor Katona for Oilprice.com

On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. In 2016, only 3.7 billion barrels of conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 percent of global proved reserves. Globally, exploratory drilling fell by almost 20 percent in 2015 and fell even further in 2016. Russia’s exploration activities, which were hit not only by plummeting oil prices but also by a targeted sanctions regime, suffered a double blow during this period.

In 2015, only seven new hydrocarbon discoveries were made in Russia, three of them in the Baltic Sea. In 2016, oil and gas companies in Russia discovered 40 prospective fields, however, the 3P reserves of the largest among them, Rosneft’s Nertsetinskoye, amounted to 17.4 million tons. This stands in stark contrast with pre-sanction period achievements, for instance, 2014’s largest find, Pobeda, is believed to contain 130 million tons of oil and 0.5TCm of gas.

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Opinion: There Is No Such Thing As Peak Oil Demand

April 02, 2017

by Dwayne Purvis for Oilprice.com

Notwithstanding that oil demand has increased for over 150 years, it will eventually stop increasing. If oil demand were to reach an actual peak, then the top might be easier to predict. As it stands, the forecast models of demand are likely predicting peak demand far later than it will be.

The so-called balance of supply and demand has always been a moving target, a race to the top in which the two run neck and neck. Imbalances result from out-of-step growth rates and not from movements away from a stationary balance. Perversely, imbalances breed further imbalances as the supply and demand components are provoked in opposite directions but with different timing, magnitudes and inertias. Without sufficient damping, the market has often overcompensated.

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US State Department issues Presidential Permit to TransCanada for Keystone XL

March 24, 2017

The US Department of State has signed and issued a Presidential Permit to construct the Keystone XL Pipeline. The permit authorizes TransCanada to construct, to connect, to operate, and to maintain pipeline facilities at the US-Canadian border in Phillips County, Montana for the importation of crude oil.

In November 2016, then US Secretary of State John Kerry had rejected the controversial Keystone XL, citing combatting climate change as the critical factor. Kerry noted at that time that the arguments pro and con had been “overstated”. (Earlier post.) In January 2017, two days after newly inaugurated President Trump issued a Presidential Memorandum inviting TransCanada to “promptly re-submit its application to the Department of State for a Presidential permit for the construction and operation of the Keystone XL Pipeline,” the company did so.

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An OPEC Deal Extension Isn’t As Simple As It Sounds

March 23, 2017

by Tsvetana Paraskova for Oilprice.com

It’s been six months now that oil prices have been reacting to OPEC, first to the possibility of an agreement, and then to the production cut deal itself, forged by OPEC to rebalance the market. The deal—initially aired as “an agreement to agree on a deal” in September and signed at the end of November—will likely impact the market for at least the next six months.

The agreement clearly states that it is production that OPEC producers are vowing to cut, but Iraqi oil minister Jabbar al-Luaibi has recently claimed—rather emphatically—that it is exports, not production, that serve as the baseline for the cuts. And according to Iraq, the agreed-upon cuts have been all about exports all along.

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Is A Second OPEC Cut In The Cards?

March 08, 2017

by Tsvetana Paraskova for Oilprice.com

OPEC’s coordinated effort to curtail global supply has so far managed to put a floor under oil prices, which have been sitting modestly above US$50 since the deal was announced at the end of November last year. But resurgent U.S. shale has been capping the upside, and Brent has not breached US$58 per barrel. Analysts and experts are now mostly predicting that oil prices will remain below US$60 this year.

The supply-cut deal has so far resulted in a surprisingly high OPEC compliance of more than 90 percent, thanks to the cartel’s leader and biggest producer, Saudi Arabia, which has been cutting deeper than pledged. But the market has already priced in this high compliance, and although oil prices jump for a few hours on every report of ‘extraordinary efforts’ and reassurance that members will strive for ‘full conformity’, they are stuck in a narrow band, kept in check by U.S. shale and record high inventories in America.

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Oil Majors’ Costs Have Risen 66% Since 2011

March 03, 2017

by Nick Cunningham of Oilprice.com

The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. Oil prices have stabilized and the cost cutting measures implemented over the past three years should allow companies to turn a profit even though crude trades for about half of what it did back in 2014.

The collapse of oil prices forced the majors to slash spending on exploration, cut employees, defer projects, and look for efficiencies. That allowed them to successfully lower their breakeven price for oil projects. However, some of that could be temporary, with oilfield services companies now demanding higher prices for equipment and drilling jobs, in some cases upping prices by as much as 20 percent. The result could be an uptick in the cost of producing oil for the first time in a few years. Rystad Energy estimated the average shale project could see costs rise by $1.60 per barrel, rising to $36.50.

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The Oil War Is Only Just Getting Started

February 03, 2017

The Oil War Is Only Just Getting Started

by Tsvetana Paraskova for Oilprice.com

It’s been a month now that investors and analysts have been closely watching two main drivers for oil prices: how OPEC is doing with the supply-cut deal, and how US shale is responding to fifty-plus-dollar oil with rebounding drilling activity. Those two main factors are largely neutralizing each other, and are putting a floor and a cap to a price range of between $50 and $60.

The US rig count has been rising, while OPEC seems unfazed by the resurgence in North American shale activity and is trying to convince the market (and itself) and prove that it would be mostly adhering to the promise to curtail supply in an effort to boost prices and bring markets back to balance. In the next couple of months, official production figures will point to who's winning this round of the oil wars.

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BP Energy Outlook: 30% growth in global demand to 2035; fuel demand continues to rise, even with EVs & fuel efficiency

January 25, 2017

The 2017 edition of the BP Energy Outlook, published today, forecasts that global demand for energy will increase by around 30% between 2015 and 2035, an average growth of 1.3% per year. However, this growth in energy demand is significantly lower than the 3.4% per year rise expected in global GDP, reflecting improved energy efficiency driven by technology improvements and environmental concerns. The Outlook looks at long-term energy trends and develops projections for world energy markets over the next two decades.

While non-fossil fuels are expected to account for half of the growth in energy supplies over the next 20 years, the Outlook projects that oil and gas, together with coal, will remain the main source of energy powering the world economy, accounting for more than 75% of total energy supply in 2035, compared with 86% in 2015.

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US Shale Is Now Cash Flow Neutral

December 23, 2016

by Nick Cunningham of Oilprice.com

Oil prices are probably already high enough to spark a rebound in shale production.

The IEA says that in the third quarter of 2016, the US shale industry became cash flow neutral for the first time ever. That isn’t a typo. For years, the drilling boom was done with a lot of debt, and the revenus earned from steadily higher levels of output were not enough to cover the cost of drilling, even when oil prices traded above $100 per barrel in the go-go drilling days between 2011 and 2014. Even when US oil production hit a peak at 9.7 million barrels per day in the second quarter of 2015, the industry did not break even. Indeed, shale companies were coming off of one of their worst quarters in terms of cash flow in recent history.

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Not So Prolific: US Shale Faces A Reality Check

December 14, 2016

by James Stafford of Oilprice.com

The collapse of oil prices has forced the US shale industry to slash production costs. In order to improve the breakeven costs for the average shale well, the industry has deployed three general strategies: improving techniques and technology, such as drilling longer laterals or using more frac sand; focusing drilling on the sweet spots; and demanding lower prices from oilfield service companies. All three of those strategies led to a decline in the breakeven price for a shale wells.

But while the industry plays up the efficiency gains, highlighting enhanced technology and better management, merely focusing on the sweet spots has been “nearly twice as important as better technology in reducing well costs,” as The Post Carbon Institute (PCI) notes in a report published on Monday, 2016 Tight Oil Reality Check. This is a process known as “high-grading.” In fact, the so-called efficiency gains over the past two years are a lot less impressive once you dig into the causes.

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BP approves revamped $9B Mad Dog Phase 2 project in the deepwater Gulf of Mexico; down from original $20B cost

December 04, 2016

BP has sanctioned the $9-billion Mad Dog Phase 2 project in the United States, despite the current low oil price environment. Mad Dog Phase 2 will develop resources in the central area of the giant Mad Dog field through a subsea development linked to a new floating production platform with the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells. Oil production is expected to begin in late 2021.

In 2013, BP (operator, with 60.5% working interest) and co-owners, BHP Billiton (23.9%) and Union Oil Company of California, an affiliate of Chevron USA Inc (15.6%), decided to re-evaluate the Mad Dog Phase 2 project after an initial design—pegged at some $20 billion—proved too complex and costly. Since then, BP has worked with co-owners and contractors to simplify and standardize the platform’s design, reducing the overall project cost by about 60%. Today, the leaner $9-billion project, which also includes capacity for water injection, is projected to be profitable at or below current oil prices.

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Are The Saudis About To Reveal The Best Kept Secret In Oil?

November 20, 2016

by Nick Cunningham of Oilprice.com

One of the oil world’s longest and best kept secrets may finally be revealed. Saudi Arabia is preparing to unveil how much oil it holds, a closely guarded state secret that has been kept quiet for decades.

The decision to bring such important data to light comes as Saudi Aramco is preparing to partially privatize its assets, an IPO that could bring in some $100 billion. The IPO will be a monumental event, one that the Wall Street Journal says could offer Wall Street some of the largest fees in history.

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US offshore oil and gas leasing plan for 2017-2022 focuses on Gulf of Mexico, excludes Arctic

November 19, 2016

US Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Hopper released the final plan to guide future energy development for the Nation’s Outer Continental Shelf (OCS) for 2017-2022. The Proposed Final Program offers 11 potential lease sales in four planning areas—10 sales in the portions of three Gulf of Mexico Program Areas that are not under moratorium and one sale off the coast of Alaska in the Cook Inlet Program Area.

The Beaufort and Chukchi Seas planning areas in the Arctic are not included in the Proposed Final Program. The Proposed Final Program makes available areas containing approximately 70% of the economically recoverable resources in the OCS.

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Oil and Gas Climate Initiative to invest $1B over 10 years in low-emissions tech

November 04, 2016

The Oil and Gas Climate Initiative (OGCI) will invest $1 billion over the next ten years to develop and to accelerate the commercial deployment of innovative low-emissions technologies.

Led by the heads of ten oil and gas companies that aim to lead the industry response to climate change, OGCI member companies—BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Royal Dutch Shell, Saudi Aramco, Statoil and Total—together represent one fifth of the world’s oil and gas production. The OGCI was established following discussions during the 2014 World Economic Forum Annual Meeting, and was officially launched at the UN Secretary General’s Climate Summit in New York in September 2014.

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