Tight

The rapid improvement in efficiencies to produce deepwater oil and gas, which usually has taken years and millions of dollars, has put the expensive offshore within reach of tight/shale oil development costs, according to Wood Mackenzie.

U.S. tight oil and Canada’s oilsands have become the “twin pillars” of the continent’s energy security, accounting for almost 95% of North American production growth from 2009 to 2015, while at the same time reducing overseas oil imports by 40%, IHS said Monday.

Nearly half of the crude oil produced in the Lower 48 states last year came from wells drilled since the start of 2014, federal officials said Tuesday.

Shale natural gas, ramrodded by U.S. producers, should amount to about 75% of domestic gas output and nearly 20% of total global gas production by 2035, compared to 10% of global share in 2014, a stronger forecast than BP plc’s economics team previously projected. And it could get even better, chief economist Spencer Dale said Wednesday.

Produced volumes of U.S. shale gas will be bigger than conventional gas resources ever were or will be, BP plc’s chief economist said Wednesday.

North America has a remarkable amount of potential tight oil resources, but they may pale in comparison to those estimated worldwide, according to a study by IHS Inc.

Global liquefied natural gas (LNG) supplies are tight and expected to remain so for a while as liquefaction projects in progress wrestle with delays and those being planned face an environment of escalating costs. However, there is plenty of gas to liquefy in Australia, the United States (thank you, shales) and elsewhere. And there’s growing demand as gas is becoming the “fuel of choice” around the world.

Global liquefied natural gas (LNG) supplies are tight and expected to remain so for a while as liquefaction projects in progress wrestle with delays and those being planned face an environment of escalating costs. However, there’s plenty of gas to liquefy in Australia, the United States (thank you, shales) and elsewhere. And there’s growing demand as gas is becoming the “fuel of choice” around the world.

Two workers were killed and three others hospitalized Friday morning in an oil well blowout in the Bone Spring tight sands formation in West Texas, near Barstow.