IHS Markit attributes a $250 billion reduction in the nation's trade deficit to the domestic shale and natural gas production boom since 2007, which is putting the US on course to become a net petroleum exporter by the early 2020s. Crude oil imports declined from over 10 million barrels daily in 2007 to 7 million barrels a day last year, IHS data show.
Cheniere has started producing liquefied natural gas at its export facility near Corpus Christi, Texas, and plans to ship the first cargo aboard the Golar Tundra LNG tanker to an undisclosed destination soon after a terminal opening event today.
US oil and natural gas output climbed from 2014 levels to 9.3 million barrels per day and 83.4 billion cubic feet per day, respectively, in 2017, even as the well count dropped from a peak of 1.03 million wells in 2014 to 991,000 last year, reports the Energy Information Administration. The production increases in the face of declining well numbers can be attributed to technological advances and techniques such as horizontal drilling.
A majority of speakers at a public hearing Wednesday in Denver on the Trump administration's proposed rollback of methane standards urged the Environmental Protection Agency to leave the rules unchanged, citing concerns related to health and the environment. Supporters of the proposal, including the American Petroleum Institute, argued that the rollback would reduce industry costs and enable the industry to develop cost-effective solutions to the methane emissions problem.
Scientists used seafloor and island seismographs to estimate how much water is pulled underground by tectonic-plate collisions in the western Pacific's Mariana Trench. After listening to earthquake and other noises from over a year, researchers concluded that subduction zones move about three times more water into Earth's interior than previously thought.
The UK's most recent licensing round for hydrocarbon blocks on the UK Continental Shelf attracted 36 applications from 35 companies, the Oil & Gas Authority said Wednesday. The authority, which offered acreage in frontier areas such as the Atlantic Margin and English Channel, said it intends to review applications immediately and select winners during next year's second quarter.
Several localities on Russia's Kamchatka Peninsula felt a magnitude 6.5 earthquake this morning that struck off the peninsula's coast, but no damage was immediately reported. The quake was centered at a depth of 76.2 kilometers in Kamchatka Bay, about 78 kilometers south of Ust-Kamchatsk, and was followed by several aftershocks, the Russian Academy of Sciences said.
Economic output from federal lands increased by $400 million to reach $292 billion in fiscal 2017, thanks to a combination of deregulatory actions, ramped-up oil and natural gas production activities and increased access, reports the Interior Department. Revenue from oil and natural gas royalties jumped by almost $1 billion during the period, says the department.
With US oil hovering around $55 a barrel, producers are finally starting to profit from their hedging contracts after several quarters of earnings hits due to bad hedges. Diamondback Energy has locked in a weighted average price of $58.41 a barrel for 49% of its 2018 output, while Concho Resources has 77% of its 2018 output hedged at an average of $55.32.
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