Oil & Gas
Top stories summarized by our editors
6/28/2017

Despite competitors shying from offshore investments, BP is calling for up to $17 billion in Gulf platform spending annually through 2021 with hopes of increasing production by 5% each year. "Our strategy is to take this investment that we spent so much money building and keep it full," said BP Gulf of Mexico Regional President Richard Morrison.

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Reuters
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BP, Richard Morrison
6/28/2017

An American Petroleum Institute study predicted 2 million new jobs in the natural gas industry by 2040 and $1 billion in cost savings for American consumers from less expensive petrochemical product manufacturing and lower energy prices. "There's a lot of opportunities to use the feedstocks for further economic opportunity," said Stephanie Catarino Wissman, API-PA executive director.

6/28/2017

Preliminary data suggesting a rise in US crude stockpiles caused oil prices to pull back sharply. The American Petroleum Institute reported that US crude inventories unexpectedly increased by 851,000 barrels in the week ending Friday, resulting in US West Texas Intermediate crude falling to $43.70 from $44.24.

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CNBC
6/28/2017

The American Petroleum Institute is urging the Energy Department to be cautious in its study of current regulations and tax policies ordered by Energy Secretary Rick Perry. API said propping up coal and nuclear plants will not improve reliability.

6/28/2017

US shale oil producers plan to revisit capital spending if prices spend several months below $45 a barrel. US oil prices on Tuesday closed at $44.24 per barrel, lower than highs near $53 in April, causing angst among shale oil producers with aims of generating enough cash flow to pay for higher capital spending.

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Reuters
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Oil prices, cash flow
6/28/2017

In an effort to keep crude flowing, US pipeline operators are selling underused space at significant discounts, which is frustrating shippers. The pipeline companies are having a hard time keeping lines full after a two-year oil price slide.

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Reuters
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oil price, US
6/28/2017

The Trump administration says the US can have "energy dominance" worldwide by exporting oil, natural gas and other resources. The White House is hosting a series of events this week to discuss increasing US global influence.

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Trump, natural gas, White House
6/28/2017

Tendeka has developed a sand-control system to improve water-injection wells in subsea and deepwater oil projects. The Cascade 3 is compatible with gravel packs and screens, and it prevents backflow, the company says.

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Offshore online
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Tendeka
6/28/2017

Pan American Energy plans to spend about $1.2 billion in Argentina this year, including $400 million on oil and natural gas exploration in the Vaca Muerta shale formation, a spokesman for the Argentina-based company said. Argentina's President Mauricio Macri is encouraging companies to invest in the formation, which is in the Patagonia region.

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Reuters
6/28/2017

GE Oil & Gas has signed two contracts with an Eni subsidiary to provide equipment for offshore natural gas projects in Mozambique. A discovery by Eni in 2015 may contain 85 trillion cubic feet of gas.

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GE Oil & Gas, natural gas, Mozambique, Eni, Eni