Oil & Gas
Top stories summarized by our editors
8/18/2017

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.

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The Hill
8/18/2017

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.

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CNBC
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Citi, Oil prices, oil production
8/18/2017

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.

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Permian Basin, Oil prices, West Texas
8/18/2017

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%.

8/18/2017

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.

8/18/2017

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.

8/18/2017

Fewer oil rigs are doing the work of what used to require more, thanks to technological improvements and efficient drilling methods. Operators have increased per-rig production by narrowing their site choices and using super-spec rigs, advanced geosteering, analytics and long laterals.

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World Oil
8/18/2017

Guizhou Industry Investment plans to start natural gas production in the Zheng An block in China's Guizhou province within three years after winning exploration rights. The company submitted the winning bid of $193.4 million at a government auction.

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Reuters
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Guizhou, natural gas production
8/18/2017

China says it increased its oil and natural gas exploration investment by 12.6% during the latest five-year period compared to the previous five years. The country has increased its oil reserves and aims to boost domestic crude output to 200 million tons by 2020.

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China Daily (Beijing)
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oil reserves, China, natural gas
8/18/2017

ConocoPhillips has received permission from Norway's oil industry regulator to remove its old offshore Ekofisk oil platform, the first to be built in the country more than 40 years ago and shut down in 2013. Conoco has new equipment at the North Sea oilfield, expected to remain in operation until around 2050.

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Reuters