Texas produced 86.6 million barrels of shale oil and condensate in March, up nearly 2% from February but down from the same period a year ago, according to preliminary data from the Railroad Commission of Texas. "Texas preliminary March 2017 crude oil production averaged 2,492,349 barrels daily, compared to the 2,506,539 barrels daily average of March 2016," the commission said.
Deepwater Wind and US Wind have agreed to conditions outlined by the Maryland Public Service Commission and will invest $115 million in manufacturing and port upgrades related to the development of the state's offshore wind industry, according to the companies, each of which is planning an offshore wind farm. US Wind project development director Paul Rich said it plans "to make Maryland the East Coast hub of a vibrant new industry."
Environmental nonprofit Canopy has partnered with the Rainforest Alliance to develop the CanopyStyle Audit, the first-ever, independently verified auditing system for the rayon-viscose supply chain. The audit lets global viscose and rayon producers assess the level of risk of their fabrics originating from ancient and endangered forests.
Kimbal Musk, co-founder and CEO of Musk Foundation-supported nonprofit The Kitchen Community and brother to Elon Musk, has launched a new incubator for indoor urban farming dubbed Square Roots. The program will form another pillar of Musk's ongoing work with sustainable farming, which also includes building self-watering Learning Gardens in hundreds of US schools, a series of sustainable and locally sourced restaurants and container farming.
US crude stockpiles could post declines of as much as 10 million barrels per week in the upcoming period in a sign that the oil supply glut is finally easing, according to oil traders and analysts. Andrew Lebow, senior partner at Commodity Research Group, expects US crude inventories to fall below 500 million barrels over the next six to 10 weeks, down from 516 million barrels last week.
Land acquisitions in Alberta, Canada, have hit the highest level since 2014 fueled by a new wave of investment in the Duvernay Shale, which is estimated to hold 354 million barrels of oil equivalent that were previously considered unprofitable. The increasing interest in the formation, particularly the Duvernay East Shale Basin portion, has boosted land prices.
Permian drilling productivity is expected to decline for the first time since 2013 in June, with oil production per new well seen down by 10 barrels to 630 barrels per day, according to the Energy Information Administration. This aspect, together with the fact that the number of drilled-but-uncompleted wells is expected to climb to 1,995 in June, suggests that explorers are adding rigs faster than the understaffed hydraulic fracturing firms can handle.
The Trump administration's proposal to sell oil from the Strategic Petroleum Reserve could violate federal law, Deputy Energy Secretary nominee Dan Brouillette said during a confirmation hearing. The law states that the president is allowed to sell oil from the reserve only in case of a "severe energy supply interruption or by obligations of the United States under the international energy program."
The Canadian government is preparing stricter rules aimed at curbing methane emissions from oil and natural gas operations, according to an announcement from Environment and Climate Change Minister Catherine McKenna. "By better detecting and patching leaks, companies will be able to save and sell that natural gas and do their part to fight climate change," McKenna said.
Wind energy has become a leading energy source in the US, but with that success come new challenges, said incoming American Wind Energy Association Chairman and EDF Renewable Energy President and CEO Tristan Grimbert at AWEA's WINDPOWER 2017. To remain competitive in the US' low-cost electricity market, Grimbert said wind would need access to a better transmission system, updated market rules and, ultimately, for the market to validate and compensate the industry for the benefits of wind generation.
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