Virginia Gov. Terry McAuliffe wrote in a letter to the Interior Department on Thursday that he opposes drilling off his state's coast, citing concerns over revenue sharing. McAuliffe previously said he would support offshore drilling only if the administration establishes a revenue-sharing program, but President Donald Trump's recent proposal to ax royalty sharing with Gulf Coast states makes this highly unlikely.
Enel Green Power has sold 100% of its "B" shares in its 300-megawatt Red Dirt project in Oklahoma to Mitsubishi UFJ Financial and Allianz for $340 million, according to the companies. Enel will continue to oversee the project, which is expected to begin operations this year.
An environment of trust, appreciation and innovation helps people be happy and perform effectively and creatively, writes Larry Senn. Encourage others to be open to change, foster open communications and recognize successes.
Oil prices will likely fluctuate between $40 and $60 per barrel through 2022, according to Citi analysts, who also said prices could fall below $40 per barrel or climb above $60 if supply disruptions worsen or improve significantly. Citi believes US shale drillers will be able to bring the market into balance in the event of supply shocks, thanks to their flexibility in oil production.
The Permian Basin land grab has slowed in recent months as the availability of lucrative and reasonably priced acreage shrinks and oil prices remain depressed. The number of transactions in West Texas dropped by one-third to 30 in the second quarter, while their value was down 85% to $2.8 billion compared with the first three months of the year.
The Texas Permian Basin Petroleum Index, which measures the health of the oil and natural gas industry in the region, rose in June for the ninth consecutive month and was 18.7% higher than a year earlier -- with all components posting gains. The June rig count was up 147.2% year-on-year to 309 rigs, the number of drilling permits issued during the month rose 77.7% to 750, and June employment in the industry grew 9.8%.
US gasoline production has run at near-record levels for the first seven months of 2017, but above-average exports have helped gasoline inventories decline, according to the Energy Information Administration. "Gasoline is highly likely to take direction from crude oil, so while high production should mean lower prices, it's actually reducing oil inventories, and future gasoline prices may feed more off future oil prices, and thus reflect oil's supply and demand balance," said GasBuddy senior analyst Patrick DeHaan.
Houston-based Sanchez Energy has reached an agreement to sell 39,500 acres producing dry natural gas in the Eagle Ford Shale's Javelina region for $105 million. "This transaction accelerates the value of the asset, while building our liquidity and providing value to our shareholders," Sanchez Energy Director and CEO Tony Sanchez said.
Wind has broad support in Niagara County, N.Y., and specifically in the towns of Somerset and Yates where Apex Clean Energy has proposed building its Lighthouse Wind project, writes Lauren D'Avolio. Development Manager Taylor Quarles said the company has had success educating residents on the benefits of wind and with community outreach programs.
EDF Energy Renewables has finished installing five gravity-base foundations at its 41.5-megawatt Blyth offshore wind pilot off the coast of England, said the company. It added that Jan de Nul is on track to begin installing the project's five 8-megawatt MHI Vestas turbines next month.
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