There's been a significant increase in energy companies tapping the Utica Shale for natural gas over the last four years, which has driven up production numbers, according to a new report from the Energy Information Administration. Utica well production has skyrocketed from 0.1 billion cubic feet per day in December 2012 to 3.5 billion cubic feet per day in June 2016.
Oil companies are expected to increase their spending in 2017 by 2.5% more than the previous year's totals, the first yearly growth in spending in three years. BMI Research predicts that spending will increase from $444 billion this year to $455 billion next year, although these figures are still well below the $724 billion spent in 2014 prior to the oil crash.
A UN special envoy has released a statement urging the federal government to block construction of the Dakota Access oil pipeline, citing concerns raised by the Standing Rock Sioux tribe.
Large banks such as Goldman Sachs would need to hold more capital against energy investments under a Federal Reserve plan proposed Friday. The Fed opened a three-month comment period on the plan.
Helis Oil & Gas has pulled out of a project in Louisiana's Tuscaloosa Marine Shale following a data assessment that revealed it is not commercially viable. Helis, which was drilling in the Lacombe Bayou Field, gave the exploration project a success rate of just 30% to 35% when the project started.
A group of scientists has found a way to eliminate the bias of seismological models by using a new technique that corrects wrong assumptions about the Earth's interior and eliminates false signals produced by models. The new method could help researchers see the Earth's layers better than ever before.
Republican presidential nominee Donald Trump wants to repeal environmental regulations, ease pipeline permits and open more federal land for drilling and mining if he becomes president. "Your regulations are going to be cut back to a point that you'll be able to have your businesses, grow your businesses and start new businesses," he said at the annual Shale Insight conference on Thursday.
A report from the US Chamber of Commerce says that more than 4.3 million US jobs have been created as a result of the boon in oil and gas development. "The 'Keep it in the Ground' movement completely ignores the vast benefits to our nation's economy that the energy renaissance has brought to us," Chamber President and CEO Karen Harbert said.
The Treaty Alliance Against Tar Sands Expansion has been signed by indigenous tribes from Canada and the northern US, with the stated goal of jointly fighting oil pipeline proposals. The group also plans to oppose tanker and rail projects.
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