Oil

The United States will become the world’s top producer of oil and natural gas over the next several decades, but China and India will lead a host of developing countries in embracing clean energy technologies for power generation as costs for renewables continue to decline.

North Dakota rolled into this winter’s freeze on a high for both production and prices, but state officials said Tuesday oil price downside risks are expected to last through the year, after the Organization of the Petroleum Exporting Countries extended production cuts.

Oklahoma took in $1 billion in gross receipts in December, a 12% increase for the month that was fueled in part by a nearly 43% increase in taxes levied on gross oil and natural gas production, said State Treasurer Ken Miller.

The Trump administration on Thursday proposed to throw out the rule book for offshore oil and natural gas drilling, expanding leasing to politically sensitive areas including the Pacific and Atlantic coasts.

President Trump stood on the South Lawn of the White House with dozens of Republican lawmakers Wednesday, touting his biggest legislative accomplishment to date: passage of a $1.5 trillion comprehensive tax reform bill, which the GOP successfully muscled through Congress earlier in the day, despite an 11th hour hiccup.

Denver-based Extraction Oil & Gas Inc., whose exploration focus is trained in the Denver-Julesburg (DJ), is forecasting full-year 2018 net volumes to jump up to 76% year/year, averaging 87,000-93,00 boe/d, even with capital spending slightly below 2017.

North Dakota officials on Friday reported monthly records for oil and natural gas production, tempered with nagging concerns about growth outpacing the build-out of more takeaway infrastructure, particularly for gas, in the nation’s second largest oil producing state.

While adding three natural gas-directed rigs — including gains in the Marcellus and Haynesville shales — the U.S. rig count fell by one for the week ended Friday, according to data from Baker Hughes Inc. (BHI).

Aera Energy LLC, a partnership between units of Royal Dutch Shell plc and ExxonMobil Corp., is bidding to become the largest solar energy developer in California with 850 MW of capacity to create steam for an enhanced oil recovery (EOR) operation in the Belridge oilfield 40 miles west of Bakersfield.