Tag Archive for: production

US breaks dependence

US breaks dependence on gasoline imports

– The United States is the world’s single largest gasoline market, however, due to regional discrepancies continues to import gasoline from other regions, mostly Europe. Why does US breaks dependence?

The current trend in gasoline imports to the United States is showing signs of moderation, with recent data revealing that average imports have fallen to just 320,000 barrels per day in October. This figure marks the lowest monthly import level observed in more than a decade, as reported by Kpler. While this decline may seem concerning at first glance, it presents an opportunity for reflection and growth within the energy sector. The decrease in imports signifies a shift towards greater self-sufficiency and resilience in the face of changing market dynamics. As the nation navigates through these transitions, it is essential to recognize the potential for innovation and adaptation, paving the way for a more sustainable energy future.

U.S Refiners’ Determination and Capability

In the face of evolving energy landscapes, U.S. refiners have demonstrated remarkable determination and capability by ramping up gasoline production following maintenance periods. With only 333 unplanned outages recorded across the country in the third quarter, marking the lowest number in three years, these refiners exemplify the spirit of perseverance and efficiency. Furthermore, despite the gradual encroachment of hybrid and electric vehicles into the marketplace, U.S. gasoline demand has remained robust. The Energy Information Administration (EIA) reports that consumption has stabilized at around 9 million barrels per day, unchanged from the previous year. This resilience showcases the enduring reliance on traditional fuels while highlighting the potential for coexistence between conventional and alternative energy sources. As we stand at the crossroads of energy evolution, let us embrace the opportunities ahead, recognizing that every challenge is a stepping stone towards a brighter, more sustainable future.

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Source: Oil Price

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Chevron

Chevron targets 1 million boe/d Permian production by 2025

Chevron Corporation has set an ambitious goal to achieve production of 1 million barrels of oil equivalent per day (boe/d) from the Permian Basin by the year 2025. The company’s strategic focus is primarily directed towards the Delaware Basin segment of the Permian, located in New Mexico. This region has been identified as particularly advantageous due to its geological characteristics, which include high-quality source rock that is both thick and deep.

According to Duncan Healey, the asset manager for Chevron’s New Mexico operations, the geological attributes of the Delaware Basin allow for greater efficiency in extracting hydrocarbons. The high pressure present in the subsurface formations facilitates the extraction of oil and gas, making this area a more productive option compared to other regions within the Permian Basin.

In addition to its production goals, Chevron is actively seeking to minimize its environmental impact by implementing innovative technologies and practices. The company has prioritized the use of electrical compressors for its operations wherever feasible, as opposed to relying on traditional natural gas-fueled compressors. This transition not only enhances operational efficiency but also contributes to a reduction in carbon emissions associated with production activities.

Hydraulic fracturing operations of Chevron

Furthermore, Chevron has reported a notable decrease in the carbon intensity of its hydraulic fracturing operations in the region, a development that underscores the company’s commitment to implementing sustainable practices within its extraction processes. This reduction in carbon intensity is a significant achievement, reflecting Chevron’s ongoing investment in innovative technologies and methodologies that enhance operational efficiency while minimizing environmental impact. By adopting advanced techniques and optimizing resource management, Chevron is not only improving its operational performance but also demonstrating a proactive approach to addressing the pressing environmental challenges of our time. These efforts are indicative of the company’s broader strategy to integrate sustainability into its core operations, ensuring that environmental considerations are at the forefront of its business decisions.

Through these initiatives, Chevron aims to strike a balance between its production objectives and its responsibilities as a steward of the environment. The company recognizes the importance of addressing the growing concerns related to climate change and resource sustainability, especially in an era where public and regulatory scrutiny is intensifying. By reinforcing its position as a leader in the energy industry, Chevron is taking meaningful steps towards reducing its carbon footprint and promoting a more sustainable energy landscape. This commitment not only enhances the company’s reputation but also aligns with the global shift towards cleaner energy solutions. As Chevron continues to innovate and embrace sustainable practices, it sets a benchmark for others in the industry, illustrating that it is possible to achieve economic growth while prioritizing the health of our planet for future generations.

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Source: Oil & Gas Journal

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BP expects high levels of upstream production and a strong performance from its trading business will help it offset the negative impacts of lower oil and gas prices

BP says high production and strong trading will offset oil and gas price slump

Oil and Gas Price Slump

BP on Tuesday said it expects high levels of upstream production and a strong performance from its trading business. It will help offset the negative impacts of lower oil and gas prices. And a drop in the value of Egypt’s currency. That could hit its profits by $1.2 billion in the first quarter of 2024.

The British oil major said it expects to take a $0.2-0.4 billion hit from lower natural gas prices. A $0.3-0.6 billion hit from lower oil prices, and a $0.2 billion hit from the drop in the value of Egypt’s pound.

In a trading update, BP, however, said a strong performance from its oil and gas trading businesses, higher upstream production, and good refining margins will boost its first quarter results and help offset the negative impacts of lower prices.

Shares in BP BP, +0.49% BP, +1.58% increased 2% on Tuesday having gained 11% in the year-to-date. BP is scheduled to publish its first quarter results on May 7.

 

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Source: Market Watch

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