Moody’s Investors Service upgraded its outlook for the global energy industry on Monday, citing a sustained increase in commodity prices and expectations for global economic growth to drive increased oil and gas demand over the next 12 to 18 months. The firm said it expects that, as vaccine programs become prevalent and the coronavirus outbreaks…
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Louisiana Renewable Diesel Plant Looking to FID in 2022
A 171-acre site at the Port of Columbia in Caldwell Parish, LA, could be the site of a 32 million gallons/year renewable diesel plant, Gov. John Bel Edwards said Friday. Strategic Biofuels LLC CEO Paul Schubert, who joined Edwards in the announcement, said subsidiary Louisiana Green Fuels (LGF) is developing the site on the Ouachita…
Updated Regulations Needed for Offshore Oil, Natural Gas Pipelines, Says GAO
The Government Accountability Office (GAO) urged federal regulators to continue working to update regulations to ensure the integrity of about 8,600 miles of active offshore oil and gas pipelines. The U.S. government watchdog also handed down recommendations for addressing the environmental and safety risks associated with decommissioning. The GAO said the Department of the Interior’s…
Natural Gas Rig Count Unchanged in U.S. as One Oil Rig Exits Patch
The U.S. natural gas rig count held flat at 94 during the week ended Friday (April 23), while a small contraction in oil-directed drilling saw the combined domestic tally ease lower, according to data from Baker Hughes Co. (BKR). Oil rigs fell one unit to 343 in the United States for the week, lowering the…
Interior Halting Oil and Gas Leases on Federal Lands, Offshore Through June
The U.S. Interior Department ceased new oil and gas lease sales on federal lands and offshore through at least June as officials this week extended a review of the program’s impact on climate change. Interior’s Bureau of Land Management (BLM) said it is “exercising its discretion to not hold lease sales” through the second quarter.…
Increased Ethane Supply Said Crucial to Mexico’s Petchem Sector
Mexico’s petrochemicals sector has suffered from underinvestment and the prioritization of crude oil production by state oil company Petróleos Mexicanos (Pemex), according to a new issue brief published by Rice University’s Baker Institute for Public Policy. These factors have led to a steady decrease over the last decade in Pemex’s production of ethane and ethane…
Bakken Production Getting ‘More Gassy,’ as Expected
Oil prices have streaked upward in North Dakota’s Bakken Shale as production has hit a winter lull, according to the state’s Department of Mineral Resources (DMR). DMR Director Lynn Helms in the monthly production report for January, which was issued on Thursday, said oil production was down about 4% month/month (m/m) to 35.5 million bbl…
Global Energy M&A Starting Strong as Operators Transform Oil, Gas Portfolios
Following a slump in dealmaking last year, the oil and gas industry is hitting the reset button in 2021, as operators are making deals with an eye to consolidate and reduce their carbon footprints. Although the year is young, two recent analyses demonstrate the difference between the slumping activity last year and what may be…
Chevron Putting Priority on Carbon Reduction, with Onshore Emphasis in Permian, Duvernay and Vaca Muerta
Chevron Corp. CEO Michael Wirth during the annual investor meeting on Tuesday said the supermajor’s message to investors could best be summed up in four words: higher returns, lower carbon. Wirth, together with his executive team, laid out a broad global development plan centered around increasing returns on capital employed while slicing the carbon intensity…
FTS Looking for Lower 48 Fracking, Pricing to Strengthen in 2021
Pure-play completions expert FTS International Inc. is off to a hot start in 2021, with 13 fracture fleets now in operation, versus 10.5 in the fourth quarter. In reporting results for 4Q2020 and last year, CEO Michael Doss said prices for the U.S. hydraulic fracturing (fracking) services are stagnant, but there are signs of a…