US drilling activity has surged 60% and well completions rose 30% over the past year, driven by a wave of shale investments that totaled $100 billion, according to Norwegian consultancy Rystad Energy. Rystad analyst Espen Erlingsen predicts that shale investments will continue to accelerate this year, potentially increasing by another 50%, while US oil production could hit 9.3 million barrels in May, up from 8.9 million barrels in November.
Enel Green Power North America has begun operations at the 150-megawatt, $220 million Lindahl project in North Dakota, owned by EGPNA Renewable Energy Partners, a joint venture with GE Energy Financial Services, said Enel. "We are proud to be a part of growing North Dakota's energy economy and look forward to contributing our expertise and clean energy to the sustainable development of the local community," said CEO Rafael Gonzalez.
Patagonia has released the Clean Color Collection, a line of men's and women's apparel made with natural, sustainable dying techniques. The dyes are made from natural ingredients, such as pomegranate, prickly pear cactus and mulberries.
Viral communication could be a key to informing a wider public about a company's corporate social responsibility efforts, Mark Anthony Camilleri says. He recommends a company find a social media platform that can best share its CSR goals and says executives should consider writing guest columns on other websites to connect with influencers.
President Donald Trump's proposal to slash the corporate income tax rate from 35% to 15% might prove problematic for shale producers if the administration decides to eliminate tax breaks and other incentives to compensate for the tax cuts, Bloomberg Intelligence analysts warned. Oil and natural gas exploration and production companies could save up to $13 billion a year thanks to the corporate tax reductions, but analysts say it's not worth it because tax deductions could help these companies save $35 billion over the next decade.
Cheniere Energy will deliver a batch of US liquefied natural gas to Poland in June as part of a contract with Poland's state-owned PGNiG, marking the first time the US will be exporting shale gas to Central and Eastern Europe. Poland's contract with Cheniere comes as the country seeks to reduce its dependence on Russia.
Canadian oil company Suncor Energy is weighing more oil sands deals in Alberta as international oil companies continue their exodus, but CEO Steve Williams said during Suncor's first-quarter earnings call that the company was in no rush to buy, although it may be one of the few companies capable of purchasing. Royal Dutch Shell, ConocoPhillips and Marathon Oil have shed about $22.5 billion worth of oil sands assets this year, while Chevron and BP are reportedly considering similar moves.
BP announced it has come across an oil reserve of 200 million barrels at its Atlantis field in the US Gulf of Mexico, uncovered with the help of advanced seismic imaging technology that produces highly accurate subsea images. The amount of recoverable oil in the reserve could be worth $2 billion.
President Donald Trump is expected today to issue a new executive order designed to open more offshore areas to oil and natural gas development and review the Obama administration's five-year drilling plan, which excludes Arctic waters and large swaths of the Atlantic. However, it could take two years to amend former President Barack Obama's plan.
States and cities have the ability to advance renewable energy agendas and other clean energy policies that will help the US curb its carbon emissions regardless of the federal government's actions, writes Basav Sen, director of the Climate Justice Project at the Institute for Policy Studies. "Expanding renewable energy helps reduce carbon pollution and makes the energy system more just," he writes.
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