Hurricanes and other powerful storms vibrate the Earth's crust under the ocean and produce minor "stormquakes," scientists say. Researchers studied seismic data collected around North American coasts between 2006 to 2019 and say more than 10,000 stormquakes -- some with magnitudes as high as 3.5 -- occurred off the US and Canadian coasts during that period.
The US is expected to lead in liquefaction capacity growth between 2019 and 2023, accounting for about 73% of new global capacity additions, according to a report by GlobalData. The planned startup of several liquefied natural gas projects, including the 19.4-million-short-ton-a-year Rio Grande terminal in Texas, should boost the country's LNG capacity by 173 million short tons per year by 2023.
Enterprise Product Partners will proceed with an expansion of the 1,200-mile ATEX ethane pipeline from Appalachia to Texas, following a successful open season. The project will increase the pipeline's capacity from its current 145,000 barrels per day to 190,000 barrels per day when it is complete in 2022.
The International Energy Agency has cut its global oil demand growth forecast for this year by 65,000 barrels per day to 1.1 million BPD and by 105,000 BPD to 1.2 million BPD for 2020, citing concerns over a global economic slowdown.
Oil and natural gas producers in the US 10th District experienced a modest decline in activity in the third quarter and reported needing oil prices at $55 per barrel to turn a profit, an increase from six months ago, according to the Federal Reserve Bank of Kansas City's latest energy survey. The drilling and business activity index dropped from seven to minus 23, while indexes for revenues, employment, capital spending, delivery times, profits and employee hours also turned negative.
Whiting Petroleum, which has operations in North Dakota and Colorado, is reportedly in discussions for a potential acquisition of smaller rival Abraxas Petroleum. A deal would offer Whiting the opportunity to expand its footprint in the second-largest producing US shale play and spread overhead costs.
ConocoPhillips has agreed to sell the majority of its Australia assets to Santos for $1.4 billion as the company doubles down on its North American unconventional and Alaskan holdings. "ConocoPhillips already allocates around 70 percent of its capital into its US operations, so this sale, following recent Timor Sunrise and UK divestments, is firmly in line with its strategy of reducing international exposure and increasing North American output," said Wood Mackenzie analyst David Low.
The Texas Railroad Commission declined to adopt specific and stricter proposed safety rules for rural gathering lines and instead proposed that the lines should be operated in a "reasonably prudent manner." Considering the low risks posed by rural gathering lines, stricter regulations would create unnecessary burdens for pipeline operators, industry representatives argued.
After several years of record-breaking production growth, the US shale boom appears to be slowing, with several signs suggesting that peak shale has come and gone. Oil production has increased at a 3% rate this year, down from 21% from 2017 to 2018, even though well completions through August are up 11% year-on-year.
Permian Basin operator Parsley Energy is acquiring Jagged Peak Energy in a $1.65 billion all-stock deal that will expand Parsley's Permian position beyond the Midland Basin, giving it a total of 267,000 net acres in the shale play."We now have a premier Delaware Basin business that rivals our foundational Midland Basin business," said Parsley CEO Matt Gallagher.