US oil companies plan to increase oilfield investments by 25% to $110 billion in 2017 if oil prices retain gains, according to a survey by investment bank Evercore. "We're coming out of the biggest recession for the oil field in a generation," Evercore analyst James West said.
Arctic oil drilling would strengthen the US national security because it would lead to the construction of much-needed regional infrastructure, as well as guarantee energy security and independence for decades to come, writes retired US Navy Rear Adm. and former Deputy Assistant Defense Secretary Donald Loren. He says that banning Arctic drilling would leave the US powerless.
The Connecticut Department of Energy and Environmental Protection announced on Tuesday that it had pulled out of a regional effort to increase the natural gas capacity available in New England and canceled a request for proposals. The decision comes in the wake of court rulings in Massachusetts and New Hampshire that hindered the ability of neighboring states to share the costs of projects.
BP will reportedly deliver 300,000 barrels of US crude to Thailand and 700,000 barrels to Australia in December in what would be the first US crude exports to the two Asian-Pacific countries. It would add to at least four shipments of US crude by BP that arrived in Asia earlier this year after the federal government lifted a ban on crude exports at the end of 2015.
The Torrance Refinery has tentatively agreed to make improvements to its internal electrical power supply that would allow it to continue operations during local power outages and therefore reduce flaring at the PBF Energy facility. The agreement with the South Coast Air Quality Management District is expected to be finalized before a Dec. 8 hearing.
Buckeye Partners is making changes to its Albany, N.Y., rail facility to repurpose it for refined products service, with deliveries set to begin in early 2017. The facility was previously used to transport crude to the Irving Oil refinery in New Brunswick, Canada.
Xcel Energy is seeking approval to build four new wind farms -- three in Minnesota and one in North Dakota -- that would add 750 megawatts of installed wind capacity to its network. Xcel said the proposal is part of its greater plan to add 1,500 MW to its footprint by 2020.
Oil and natural gas companies using internet-connected field equipment will struggle to organize data, says David Mount, a partner with venture capital firm Kleiner Perkins Caufield & Byers. Companies must learn to standardize information across vendors and join data before they can attempt advanced internet of things projects, Mount says.
Democratic presidential nominee Hillary Clinton pledged to ban oil and natural gas extraction on public lands if elected. Republican presidential nominee Donald Trump has a contrasting approach that includes terminating the current moratorium on federal coal leasing and making more land available for fossil fuel extraction.
General Electric's acquisition of LM Wind Power, which is expected to close next year, will create new opportunities for the company in renewable energy development, said Chairman and CEO Jeffrey Immelt. "[Between] us and LM, we've got good technology that can really innovate in the industry," he said.
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