Despite competitors shying from offshore investments, BP is calling for up to $17 billion in Gulf platform spending annually through 2021 with hopes of increasing production by 5% each year. "Our strategy is to take this investment that we spent so much money building and keep it full," said BP Gulf of Mexico Regional President Richard Morrison.
An American Petroleum Institute study predicted 2 million new jobs in the natural gas industry by 2040 and $1 billion in cost savings for American consumers from less expensive petrochemical product manufacturing and lower energy prices. "There's a lot of opportunities to use the feedstocks for further economic opportunity," said Stephanie Catarino Wissman, API-PA executive director.
Preliminary data suggesting a rise in US crude stockpiles caused oil prices to pull back sharply. The American Petroleum Institute reported that US crude inventories unexpectedly increased by 851,000 barrels in the week ending Friday, resulting in US West Texas Intermediate crude falling to $43.70 from $44.24.
The American Petroleum Institute is urging the Energy Department to be cautious in its study of current regulations and tax policies ordered by Energy Secretary Rick Perry. API said propping up coal and nuclear plants will not improve reliability.
US shale oil producers plan to revisit capital spending if prices spend several months below $45 a barrel. US oil prices on Tuesday closed at $44.24 per barrel, lower than highs near $53 in April, causing angst among shale oil producers with aims of generating enough cash flow to pay for higher capital spending.
In an effort to keep crude flowing, US pipeline operators are selling underused space at significant discounts, which is frustrating shippers. The pipeline companies are having a hard time keeping lines full after a two-year oil price slide.
The Trump administration says the US can have "energy dominance" worldwide by exporting oil, natural gas and other resources. The White House is hosting a series of events this week to discuss increasing US global influence.
Amlon Environmental Services has purchased a majority stake in Alpha Omega Recycling, a company that recycles industrial byproducts and spent catalysts.
A new documentary called "Food Evolution" is tackling genetically modified foods to "reset the conversation on GMOs, and the importance of science on how we feed our children and shape policy," said director Scott Hamilton Kennedy. The film features commentary from a host of scientists, activists and farmers, debating the pros and cons of GMOs.
Areva recently signed contracts to supply advanced fuel to four nuclear facilities beginning in 2020. Under the contracts, worth $560 million, the company will supply its Atrium 11 boiling water reactor fuel design and Gaia and HTP pressurized water reactor fuel designs as specified.
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