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As Iran’s government starts breaking its agreed uranium enrichment limits, European leaders are floundering to keep it alive.
“If war were to break out, we estimate that the price of oil would quickly surge to around $150 per barrel following the outbreak of hostilities,”
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Source: CNBC.com
The US thus will continue to win over other markets. Owing to the presence of maximum recoverable reserves of natural gas. Furthermore, frequent technological innovations particularly in the US market. For shale gas production are also said to provide this region with a major thrust.
The Future Market Insights’ report forecasts a continued dominance of the United States in the realm of shale gas, encompassing technology, exploration, development, production, and export. This projection holds strong for the period spanning 2017 to 2027, positioning the US as the undisputed global leader in the shale gas industry.
With advancements in hydraulic fracturing techniques. The production of shale gas is expected to remain a highly sought-after and profitable process within the sector. The US’s proactive approach to harnessing shale gas reserves through innovative methods has solidified its position. As a key player in shaping the future of the energy landscape.
As the demand for cleaner energy sources intensifies globally. The US is at ease to leverage its expertise in shale gas extraction to meet the evolving needs of the market. The strategic focus on technological innovation and operational efficiency in shale gas production not only enhances the country’s energy security but also bolsters its economic standing on the global stage.
With a commitment to sustainable practices and continual research and development. The US is advantageous to maintain its leadership in the shale gas sector. Driving growth and fostering a sustainable energy future for years to come.
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Source: Fortuneenterpriser.com
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Electric utilities note that power generated from natural gas is inexpensive, reliable, and clean. By the way, natural gas supplies are almost unlimited. Ready to learn more about clean electricity production?
Due to the shift largely from coal to natural gas, carbon emissions from electricity production in the United States have dropped dramatically and are now at mid-1980’s levels.
Electricity production from coal has dropped from nearly 50 percent of the total seven years ago to under 20 percent today, while electricity from gas has risen from about 20 percent seven years ago to 35 percent now, according to the Energy Information Administration.
An abundance of inexpensive American gas is transforming global energy markets, providing important geopolitical gains from the export of liquefied natural gas. In the battle to weaken Russia’s economic grip on Europe, we’ve turned to the commercial world’s most basic weapons — competition. Increasing the export of LNG has given Europe an alternative source of natural gas.
What really brings home the new reality is a milestone reached last year, when America eclipsed Russia as the world’s top producer of natural gas. This adds up to a very different outlook than the one 15 years ago when the U.S. was heavily dependent on imported natural gas.
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Source: Thehill.com
Decline in spending on renewable energy projects during the first half. Wind and solar have yet to become fully competitive with fossil fuel power generation.
Spending on solar and wind also fell in Europe, where governments and environmentalist groups are particularly vocal about their clean energy plans. Investments fell 4 percent, despite a surge in new spending on renewables in several countries, including Spain, Sweden, the UK, and Ukraine. In the United States, new renewables spending fell by 6 percent.
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Source: OilPrice.com
There is a risk of drilling through prior underground industrial work. Potentially inadequately documented, new drilling must be all the more cautious. This is as the Marcellus and Utica Shale extraction continues to boom. It is mostly in the eastern and southeastern counties of Ohio. Read more about the extraction process details.
Drilling superintendent at an Ascent pad in Richland Township lights up. It is when asked what measures are now taken to safely get in the ground. Thousands of feet below the surface, and extract natural gas while protecting local drinking water tables.
“Everything we do is documented, we GPS-track every movement of our drill through the earth, and every layer we drill is cemented until well below the water table,” said McGee. “Everything we’re putting in the ground (when drilling) comes from Mother Nature, the bentonite and barite — are just finely ground rocks, the diesel comes from the ground, the water we use is cleaner than drinking water”. According to James McGee
Oil and gas drilling began in Ohio in the early 1800s, hydraulic fracturing (also known as fracking) was then first used in the mid-1800s to source water and by the 1950s began being used to extract natural gas.
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Source: Newsandsentinel.com
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Given that cleaner, flexible, affordable, and reliable natural gas is the go-to fuel. It is because it cut greenhouse gas emissions and back up intermittent wind and solar power. The Liquefied Natural Gas Market is the fastest-growing commodity market in the world. The reality is that there are about 100 things you need to know about LNG, but let’s just stick to nine of them.
In 2018, the LNG market grew by 8% with deliveries at 314 million tons (MT). This was nearly a 30% rise from 2015 and over a tripling since 2000. There was 868 MTPA (per annum) of total regasification capacity but only 406 MTPA of total liquefaction capacity. LNG now accounts for ~14% of gas use globally.
And there is currently some $1.4 trillion in LNG development across the globe, with the U.S., Canada, Russia, and Australia leading. This makes perfect sense: yearly global demand is modeled to soar 3-7% for decades (those that foresee any regression for LNG base their assumptions on unrealistic Herculean forecasts for wind and solar power).
Although declining, long-term, oil-based contracts still dominate, at 68% of LNG contracts. Around 25% of all LNG was sold on a spot basis, with another 7% short-term (i.e., under four years). The emerging U.S. export market in particular is adding a critical flexible contract style to the market – more liquidity and shorter-term options enhancing the business. The U.S. is bringing LNG that lacks the “destination clauses” that have long restricted the resale of unneeded supply. It’s the U.S. that will evolve gas from a regional product into a global commodity sold like petroleum.
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Source: Forbes.com
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U.S. shale play will need extra oil pipelines pipeline capacity up to 500,000 bpd by the end of 2030 to ship soaring crude output to markets, Wood Mackenzie said in new research this week.
Midstream operators are set to add 4 million bpd of Permian-to-Gulf Coast pipeline capacity by the end of 2022.
By the mid-2030s, Permian-to-Gulf Coast pipeline utilisation will surpass 92% in the absence of further investment, necessitating pipeline expansions or greenfield capacity,” said John Coleman, principal analyst, North America crude markets at WoodMac.
The Permian Basin, located in West Texas and Southeastern New Mexico, has emerged as one of the most prolific oil and gas regions in the United States. With its vast reserves and favorable geology, production in the Permian has skyrocketed in recent years, surpassing pipeline capacity. This has led to a significant challenge in transporting the produced oil from the region to the market, causing a strain on the Midland oil prices compared to other U.S. benchmarks.
The rapid growth of production in the Permian Basin has been both a blessing and a curse. On one hand, it has brought about a surge in job opportunities and economic prosperity in the region. However, the existing pipeline infrastructure has struggled to keep up with this exponential growth, leading to a bottleneck in takeaway capacity. As a result, the surplus of oil has driven down prices in the Midland area, which has had a negative impact on the profitability of producers operating in the region.
This issue of production outpacing pipeline capacity has highlighted the need for significant investments in new infrastructure to alleviate the strain on the Permian Basin. Several pipeline projects are currently underway to address this challenge and increase the region’s takeaway capacity. Once completed, these pipelines will enable more efficient transportation of the produced oil to refineries and export terminals, ultimately reducing the price differential between Midland and other U.S. benchmarks.
In conclusion, the Permian Basin’s rapid production growth has outpaced the existing pipeline capacity, resulting in a significant impact on the Midland oil prices. However, with ongoing efforts to expand the region’s takeaway infrastructure, it is expected that the price differentials will eventually narrow, benefiting both producers and consumers alike. The Permian Basin continues to be a key player in the U.S. energy sector, and as investments in infrastructure continue, its potential for further growth and development remains promising.
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Source: oilprice.com
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The booming oil and gas industry in Texas now supports about 17 percent of jobs in the state, either directly or indirectly, according to a new economic analysis.
The oil and gas industry in the state of Texas is a significant contributor to the overall economy, bringing in a staggering $557.4 billion in total outlays each year. This industry not only generates immense economic benefits but also plays a crucial role in supporting personal income, amounting to $120.6 billion annually. These figures highlight the magnitude of the industry’s impact, as it provides employment opportunities for nearly 2 million individuals, accounting for approximately one out of every six jobs in the state.
The ripple effects of the oil and gas industry extend far beyond its direct operations. It fuels a vast network of related businesses, ranging from equipment manufacturers to service providers, creating a robust supply chain that further bolsters the state’s economy. This interconnected web of economic activity is a key driver of growth and prosperity, attracting investment and fostering innovation throughout various sectors. Furthermore, the substantial personal income generated by the industry not only benefits individuals directly employed in the sector but also circulates through the local economy, contributing to consumer spending, tax revenues, and overall economic stability.
In conclusion, the oil and gas industry in Texas is undeniably a vital pillar of the state’s economy, generating staggering economic benefits, supporting personal income, and providing employment opportunities for a significant portion of the workforce. Its far-reaching impacts extend beyond the industry itself, contributing to the growth and prosperity of related businesses and stimulating economic activity across various sectors. As such, it is crucial to recognize and leverage the positive contributions of this industry in order to sustain and enhance the state’s overall economic well-being.
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Source: Starlocalmedia.com
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Oil prices inched higher Tuesday, rising on OPEC’s newly extended production cuts and tensions with Iran, but still under pressure from demand concerns tied to slowing global growth and the trade dispute between the U.S. and China.
“A decade ago, or even a few years ago, oil prices would probably be a lot higher,” even with these same concerns, Harder said. “But because of this slowing economic growth and, of course, the boom in American oil production over the last decade, we’re seeing prices more tempered despite the fact that there’s all this unrest and uncertainty going on.”
Harder spoke shortly after the U.S. Energy Information Administration, a statistics-focused offshoot of the Department of Energy, released its short-term energy outlook. The report showed U.S. oil production booming, particularly in the oil-rich area of western Texas known as the Permian Basin.
“That report … finds that [U.S.] oil production is continuing to break records,” Harder said. The agency estimated that U.S. production totaled 11 million barrels per day in 2018, an all-time high for production and year-over-year growth.
“It should be 13 million barrels a day in the next year, and that’s more than double what it was just a decade ago,” she said. “That’s significant.”
The U.S. is also boosting its standing in the petroleum market, becoming a net exporter of petroleum-based products rather than an importer, based on the EIA report.
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Source: CNBC.com
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Oil is back over $60 a barrel!
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Source: Bloomberg
