Oil giant BP may purchase solar energy from Lightsource BP -- a company it agreed to buy a 43% stake in -- to cover the power needs of its US operations. "They're doing it for financial reasons," said Katherine Ryzhaya, Lightsource BP's chief commercial officer, adding that a deal could be reached within six months.
Rystad Energy predicts that the global energy services market will see profits return to their 2014 highs in around six years, as long as oil prices stay relatively strong. The US onshore services sector is expected to return to pre-downturn levels by 2023, while the US offshore services market will have to wait until 2027, Rystad says.
US crude stockpiles shed 2.1 million barrels last week, while gasoline and distillate supplies plunged by 2.8 million barrels and 1.6 million barrels, respectively, according to the American Petroleum Institute.
US refiners Phillips 66 and Marathon Petroleum are leveraging their access to crude oil from the Permian Basin to compete with producers and traders in the lucrative export market. Marathon Petroleum Chairman and CEO Gary Heminger recently traveled to South Korea and Singapore in search of customers, and late last year, Phillips 66 delivered Petroleos Mexicanos' first US crude cargo.
Tech companies including Google, Amazon and Microsoft flocked to the CERAWeek energy conference last week to present solutions ranging from cloud computing to virtual reality that could accelerate the oil and natural gas industry's digitization efforts. Accenture estimates that digital transformation of the industry could produce $1.6 trillion of added value for companies and their customers, creating the opportunity for a new revenue stream for large tech companies.
A bill seeking to overhaul Colorado's oil and natural gas regulations cleared the state House Energy and Environment Committee in a 7-4 vote Tuesday and now awaits a vote by the House Finance Committee. The bill, already approved by the state Senate, would expand local government control over drilling operations, as well as require regulators to make public health and safety their first priority.
Pemex will drill 506 wells in 20 fields this year, more than three times the number drilled last year, says Octavio Romero, CEO of the Mexican state-owned company. The plan, which aims to increase oil production by over 300,000 barrels per day by 2022, includes the construction of 13 offshore platforms serving southern Gulf of Mexico projects and three platforms serving four onshore discoveries.
Siccar Point Energy says it has started drilling an offshore exploration well at the Blackrock prospect in the UK and will later look for natural gas at the Lyon prospect. "We have a very exciting 2019 in front of us with two material exploration wells to drill and progressing the Cambo development forward to project sanction," Siccar Point CEO Jonathan Roger said.
UK-based Spirit Energy has started producing oil at the North Sea's Oda field more than four months ahead of the scheduled Aug. 1 start date. The field, in the southern area of the sea's Norwegian portion, is expected to have a top production level of almost 35,000 oil equivalent barrels per day.
Sedimentary rocks that sat on the ocean floor 500 million years ago contain worm tunnels, indicating worms may have lived in the seabed at that time, a study says. Brian Pratt, a University of Saskatchewan geologist and paleontologist, found the rocks 35 years ago in the Northwest Territories' Mackenzie Mountains and recently created enhanced images that revealed the tiny tunnels.
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