The US in 2018 is expected to become a net exporter of natural gas for the first time in six decades and earn the title of the third-largest liquefied natural gas exporter in the world, all thanks to the shale revolution. LNG export capacity in the contiguous 48 states is seen topping 6 billion cubic feet per day by the end of 2018, representing 8% of domestic consumption.
US crude inventories surged by 1.9 million barrels in the week ended Friday, versus forecasts for a 300,000-barrel build, the American Petroleum Institute reported. Gasoline supplies were down 1.1 million barrels, while distillate stockpiles dropped by 2 million barrels.
Texas will become home to new oil refineries built by Raven Petroleum and MMEX Resources that aim to take advantage of growing demand for gasoline in Mexico as its market is getting deregulated. The refineries will be designed to process shale oil from the Eagle Ford and Permian Basin into fuels such as gasoline and diesel, which will then be shipped to Mexico by rail.
Offshore production in the US Gulf of Mexico is more to blame than shale for the surge in US oil output, with offshore projects adding 220,000 barrels of extra oil per day between September and December 2016, according to Bank of America Merrill Lynch. By comparison, the Energy Information Administration expects shale output to increase by 110,000 barrels per day in April, with the Permian Basin accounting for most of the gains as production in other shale regions declines.
West Virginia Republican lawmakers are advocating for a bill that would allow oil and natural gas companies to drill without needing approval from all mineral-rights owners. The new legislation would require drillers to get the approval of at least 75% of mineral-rights owners, whereas current law states that a single owner has the right to block drilling on a property.
ExxonMobil is using a supercomputer with 716,800 processors to simulate reservoirs. The simulations, which show rock and fluid conditions over the drilling period of an oil or natural gas field, help the company plan more efficiently and make better predictions.
Australian energy company FAR is buying an interest in two offshore basins in Gambia, agreeing to pay ERIN Energy up to $8 million for exploration and production. The two West African blocks, which are close to FAR's SNE oilfield off the coast of Senegal, contain an estimated 1 billion barrels of oil.
Sound Energy has found natural gas in a well about 12 kilometers outside its Tendrara operations in Morocco. The well hit gas in Westphalian sands 2,762 meters down and in TAGI reservoir sands at a depth of 2,642 meters.
Gazprom Neft says it has surpassed the mark of producing 5 million barrels of oil in 14 wells in the Badra oilfield in Iraq this year. The Russian company has reached daily production of 80,000 barrels at the field, which may contain about 3 billion barrels.
Scientists say the moon may contain lava tubes, hollow hard shells that result from ancient lava flows. The tubes, which may offer clues about the moon's formation, could provide human visitors with a shelter from unfiltered radiation and temperature fluctuations, researchers say.
- Page 1