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banning oil

Bureau of Land Management acting chief William Perry Pendley today slammed calls by some Democratic presidential contenders to ban oil and gas leasing on federal lands. Want to know more about the issue of banning oil?

“A tremendous amount of the energy we use every day, whether it’s gasoline or natural gas or oil, comes from federal lands. So much of the oil and gas comes from public lands,”

Pendley broadly stressed the importance of developing oil and natural gas resources on federal lands and waters despite criticisms that the Trump administration has placed energy development above all other priorities.

When asked at the panel session about the climate impacts of extracting fossil fuels from federal lands, Pendley said the economic value of developing resources is critical to rural Western communities, such as along the Western Slope.

“The development of these resources is the life’s blood for these people,” he said. “The most important environment for most people is, do they have a home? Can they provide fuel? Next, can they provide food? Can they provide the wherewithal for their families? And that means jobs. And the BLM and industry, whether it’s the recreational industry or the oil and gas industry, provides those jobs.”

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Source: eenews.net

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It was Texas, North Dakota, and New Mexico that saved us from a crude price spike a few weeks ago.

U.S. crude oil production will steadily rise from 13.1 million b/d in 2020 to 14.2 million b/d by 2035.

 

 

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Source: Forbes.com

The Marcellus and Point Pleasant-Utica Shale plays in the Appalachian Basin contain an estimated mean of 214 trillion cubic feet of undiscovered.

“Watching our estimates for the Marcellus rise from 2 trillion, to 84 trillion, to 97 trillion in under 20 years demonstrates the effects American ingenuity and new technology can have,” said USGS director Jim Reilly.

 

 

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Source: kallanishenergy.com

Houston-based Occidental Petroleum Corp. (NYSE: OXY) has been planning to sell $10 billion to $15 billion worth of assets since inking a deal to acquire The Woodlands-based Anadarko Petroleum Corp. earlier this year.

The $55 billion acquisition, including the assumption of debt, closed Aug. 8, and Occidental provided an update on its divestiture and deleveraging efforts on Sept. 30.

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Source: bizjournals.com

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What’s past is prologue: more oil, more natural gas. No kidding. These two essential fuels supply nearly 65% of the energy used in the U.S. and global economies.

Given that economic and population expansion are the primary indicators of more energy demand, global energy demand is set to boom 45% by 2050.

 

 

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Source: Forbes.com

Oil and Gas Climate Initiative

Executives from the largest oil and gas companies in the world offered their takes on climate change. They also had a fair sharing why they need natural gas. Want to know their Oil and Gas climate initiative response?

One of the opening events of Climate Week in New York offered a rare sight. Nine bosses of some of the world’s largest oil and gas companies in one room.

An industry-supported organization whose members set targets to reduce methane emissions and gas flaring. Present Monday were the chief executive officers of companies including BP Plc, Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell Plc, and Total SA. They took questions from reporters and activists.

Here are some highlights:

Ben van Beurden, CEO, Royal Dutch Shell:

“Ultimately, (the) Paris (agreement on climate) is going to be met..In the end it is the responsibility of industry, companies like us, to make sure that the transition is going to be as orderly as possible and not going to be disruptive.”

“Natural gas could be a part of the solution.”

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Source: industryweek.com

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drilling down in West texas

Large independent exploration and production companies against oil majors. West Texas shale play economic, a factor that has large independents and oil majors jockeying for dominance by filing ever-larger batches of drilling down permits.

Exxon Mobil is preparing 25 horizontal wells spread out in Glasscock, Loving, Pecos, Reeves, and Winkler counties. The oil major has filed for 470 drilling permits in the Permian so far this year.

Not be outdone, Endeavor Energy Resources, an independent oil company owned by wildcatter billionaire Autry Stephens, filed for permits to drill 25 horizontal wells in Howard, Midland, and Reagan counties. The Midland company has filed for 203 permits so this year.

Over the past week, Chevron has filed for permits to drill three horizontal wells in Martin County. The oil major has filed for 145 drilling permits so far this year.

Diamondback Energy, an independent oil company headquartered in Midland, filed for permits to drill 10 horizontal wells in Howard County. The company has filed for 275 drilling permits so far this year.

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Source: Chron.com

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Q4 gasoline demand is only about 4-6% lower than the three summer months .

Come winter, domestic demand will be ramping up 50%, with overall needs this year rising even more because of more LNG exports.

 

 

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Source: Forbes.com

Traders have scrambled to calculate what the limit move in oil would be, after Saturday’s drone attack on the ‘’world’s most important oil processing plant’’. Let’s talk more about this oil price explosion.

And moments ago, Brent crude reopened for trading, exploding almost 20% higher, its biggest jump in 28 years time.

Bloomberg notes that this attack has resulted in the single-worst disruption in oil markets ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Iraq invaded its southern neighbor. It also exceeds the loss of Iranian oil output in 1979 during the Islamic Revolution, according to data from the U.S. Department of Energy.”

Furthermore, in light of news that the Saudi outage could last for months, this could be just the start. As a reminder, according to Morningstar research director, Sandy Fielden, “Brent could go to $80 tomorrow, while WTI could go to $75… But that would depend on Aramco’s 48-hour update. The supply problem won’t be clear right away since the Saudis can still deliver from inventory.”

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Source: OilPrice.com

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Oil prices gain and traded higher on Wednesday after an industry report said U.S. crude stockpiles fell last week.

Brent crude futures rose 51 cents, or 0.6 percent, to $62.89 a barrel by 0405 GMT, while West Texas Intermediate (WTI) futures were up 54 cents, or 0.9 percent, to $57.94 a barrel.

Prices had ended lower on Tuesday, squeezed by speculation of sanctions-hit Iranian crude returning to the market following U.S. President Donald Trump’s move to fire national security adviser John Bolton, a noted Iran policy hawk.

But they rebounded after American Petroleum Institute (API) data late on Tuesday showed U.S. crude oil and gasoline stocks fell last week, while distillate stocks built.

“Oil should remain supported in Asian trading, mostly supported by the overnight API crude inventory data,” said Jeffrey Halley, senior market analyst at OANDA.

The API numbers had U.S. crude inventories down by 7.2 million barrels in the week ended Sept. 6 to 421.9 million, compared with analysts’ expectations in a Reuters poll of a decrease of 2.7 million barrels.

Iran’s oil exports were slashed by more than 80 percent due to re-imposed sanctions by the United States.

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Source: foxbusiness.com

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