Big oil companies are experimenting with on-demand services as they explore innovative ways to market their products while keeping up with the energy sector's technological transformation. ExxonMobil has invested $4 million in on-demand fuel startup Yoshi, which operates in more than 20 US cities, while Royal Dutch Shell plans a Houston launch of its Shell TapUp fuel-delivery service, introduced last year in the Netherlands.
At least six states -- Oregon, New Hampshire, North Carolina, Maine, Washington and Maryland -- may be excluded from the Trump administration's final offshore drilling plan, Interior Secretary Ryan Zinke indicated in comments to state officials. He said several of the states lacked significant oil resources.
Venture Global LNG has landed two 20-year contracts to deliver 2 million metric tons of US liquefied natural gas annually to Poland's state-run oil and natural gas company. Venture Global is developing two LNG export facilities in Louisiana, due to come online in 2022 and 2023.
The Energy Information Administration says US crude stockpiles rose by 6.5 million barrels last week -- the fourth consecutive increase -- surpassing analyst expectations for an increase of 1.88 million barrels. Gasoline and distillate inventories plunged by 2 million barrels and 800,000 barrels, respectively.
The Environmental Protection Agency intends to formally propose amendments to the nation's Renewable Fuel Standard by February and adopt the new rules by May, according to a filing with the Office of Management and Budget. The proposed changes include allowing year-round sales of 15% ethanol fuel blends, or E15, and restricting trading of Renewable Identification Numbers.
The American energy trade gap has diminished considerably over the past 10 years, with the value of energy imports only about 1.5 times higher than exports in 2017, compared with the 2003-2007 period when imports were running 10 times greater than exports in value, according to the US Census Bureau. Crude oil is still the biggest energy import into the US, while petroleum products represent the primary export at 70% of the total value of 2017's US energy exports.
Dominion Energy has received permission from the Federal Energy Regulatory Commission to start non-mechanized tree felling in Buckingham County, Va., as part of the Atlantic Coast Pipeline's construction. Dominion aims to bring the 1.5 billion-cubic-feet-per-day natural gas pipeline into service in late 2019.
US oilfield service providers will begin releasing their third-quarter earnings reports on Friday, but Wall Street analysts are cutting profit forecasts as delayed well completions, tight labor markets and rising costs weigh on margins. There are 172 hydraulic fracturing spreads currently active in the Permian Basin, down from 192 earlier this year, while nationally, the number of active fleets has fallen from 480 to 460, reports Primary Vision, a data provider.
The Bureau of Land Management and US Army Corps of Engineers have jointly approved ConocoPhillips Alaska's Greater Mooses Tooth 2 oilfield in the National Petroleum Reserve-Alaska. The site should have a 30-year life span and could produce up to 40,000 oil barrels daily.
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