U.S. Proved Reserves of Natural Gas Up in 2016, Oil Reserves Remained Unchanged

The United States had 341.1 trillion cubic feet (Tcf) of natural gas proved reserves as of the end of 2016, an increase of 5% from 2015, according to EIA’s recently released U.S. Crude Oil and Natural Gas Proved Reservesreport. U.S. crude oil and lease condensate proved reserves remained virtually unchanged from their 2015 level, at […]

By February 16, 2018 0 Comments Read More →

Over $58.5bn Will be Spent on North Sea’s Upstream Capex by 2020, says GlobalData

An average capital expenditure (capex) of $19.5bn per year is forecast to be spent on 568 oil and gas fields in North Sea between 2018 and 2020, according to GlobalData, a leading data and analytics company. Capital expenditure in the North Sea’s traditional oil projects will add up to $35.5bn over the three-year period, while […]

By February 15, 2018 0 Comments Read More →

For energy dominance, make states equal partners in offshore energy

President Trump’s ambitious plan for expanded drilling off the coasts has caused quite a stir. As initially proposed, the plan would open up for development 98 percent of undiscovered, technically recoverable oil and gas resources in offshore areas owned by the federal government. There are 47 potential lease sales off the nation’s coasts that, if leased, […]

By February 14, 2018 0 Comments Read More →

China Leads Globally with Most Planned Delayed Coking Unit Capacity Additions, says GlobalData

Analysis of the planned delayed coking units (DCU) capacity of refineries shows that the Jieyang refinery in China has the highest planned DCU capacity globally with 153 thousand barrels per day (mbd). Saudi Arabia has the second highest with 104 mbd and Panjin II and Palu are jointly in third with 78 mbd, according to […]

By February 13, 2018 0 Comments Read More →

Oil Prices Ravaged By Financial Turmoil

Oil prices fell back suddenly over the last few trading sessions, dragged down by some forces beyond the oil market. The steady decline of the U.S. dollar has helped drive up crude prices for weeks, but that came to an abrupt halt last week. A rebound for the greenback led to a steep decline in […]

By February 12, 2018 0 Comments Read More →

David Banks column: We can be optimistic about America’s energy security

he outcry over potential oil and gas exploration in untapped areas of the Outer Continental Shelf — from the Atlantic to the eastern Gulf of Mexico and the Pacific and Arctic — has cast much-needed focus on America’s energy needs and uses. The future of oil and natural gas in our economy, their essential role […]

U.S. shale surge sends warning to OPEC

U.S. crude oil production is set to increase by more than 1.2 million barrels per day in 2018 compared with 2017, according to the latest short-term forecasts from the U.S. Energy Information Administration. U.S. crude production will average almost 10.6 million barrels per day (bpd) this year compared with 9.3 million bpd in 2017 (“Short-Term […]

Saudi Arabia: One-time ‘swing producer’ becomes ‘swayed producer’ of oil

Oil prices have reached the $70-a-barrel mark, their highest since December 2014, but neither Saudi Arabia nor Russia is shouting with glee. That’s because it remains to be seen whether the oil market has achieved price stability for awhile. Saudi Energy Minister Khalid al-Falih this month spoke of the “fragility of the market.” He noted that a […]

Big On The Boom: Trump’s Infrastructure Plan Looks Like A Total Business Score

By removing unnecessary obstacles to new energy development, the Trump administration has helped unleash a domestic energy boom. U.S. energy production is growing so quickly that the U.S. Energy Information Administration predicts the U.S. will reach record-setting levels of oil and natural gas production this year. Building on this success would lead to still more energy-fueled economic […]

Point — Offshore energy is critical to future energy security

Offshore development plays a critical role in U.S. energy security, supplying more than 1 million barrels of oil per day for the last 20 years. And that’s with 94 percent of federal offshore acreage closed to exploration. Imagine how much more natural gas and oil we could develop if additional coastal resources were accessible. If […]