Oil & Gas
Top stories summarized by our editors
10/18/2018

The Permian Basin drilling boom has given rise to a new, lighter variety of crude called West Texas Intermediate Light, which has an API gravity of 45-50 degrees, compared with 38-42 degrees for WTI Midland. Producers began selling the new crude grade in September, and initial volumes were estimated at 100,000 barrels per day, said sources familiar with the matter.

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WTI Midland
10/18/2018

Wind blowing across Antarctica's Ross Ice Shelf causes vibrations that could indicate cracks and melting, helping scientists track climate change's effects, a study says. Researchers, who buried seismometers under the snow to record acoustics and vibrations, say humming patterns change as storms modify snow dunes and surface texture.

10/18/2018

The natural gas production boom led to almost $60 billion in savings for Texas consumers between 2006 and 2016, reports the Consumer Energy Alliance. Moreover, the Texas oil and natural gas industry added roughly $3 billion to state coffers in fiscal 2017.

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Rigzone
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Consumer Energy Alliance
10/17/2018

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.

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US Census Bureau
10/17/2018

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.

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S&P Global Platts
10/17/2018

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.

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Reuters
10/17/2018

US crude stockpiles sank by 2.1 million barrels last week, while gasoline and distillate inventories were down 3.4 million barrels and 246,000 million barrels, respectively, reports the American Petroleum Institute.

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MarketWatch
10/17/2018

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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The Associated Press
10/17/2018

China National Petroleum and Norway-based Equinor will jointly undertake oil and natural gas exploration and carbon capture technology, the companies said Tuesday. Under the agreement reached Monday, the companies will look for unconventional gas resources in China, among other projects worldwide.

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Reuters
10/17/2018

Naval explosions for testing how ship hulls react to shock waves have given seismologists a better understanding of a monitoring system's ability to detect nuclear test explosions, a study says. Researchers compared the Navy's data from explosions off Florida's coast in 2001, 2008 and 2016 to information from seismic stations and hydroacoustic sensors, potentially improving the accuracy of explosion site identification calculations.

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ScienceDaily
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US Navy