REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.
U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.
OGJ - ADNOC is increasing its total production capacity to 3.5 million b/d next year from about 3.1 million b/d at present.
OGJ - Abu Dhabi National Oil Co. (ADNOC) and China National Petroleum Corp. (CNPC) signed an agreement covering potential collaboration, including potential offshore opportunities and the sour gas development projects.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
REUTERS - Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move.
REUTERS - Further complicating the situation, S&P Global Ratings declared Venezuela in selective default after it failed to make coupon payments on bonds due in 2019 and 2024 within a 30-day grace period. The agency warned there was a strong chance it would miss further payments within three months.
API welcomed legislation that would allow for safe and responsible natural gas and oil development in a small non-wilderness portion of Alaska’s Arctic National Wildlife Refuge (ANWR). The legislation was released by the Senate Energy and Natural Resources Committee to be included as part of the budget reconciliation bill.
Shell’s subsidiary, Shell Energy Holdings Australia Limited (“SEHAL”), has entered into an underwriting agreement with two investment banks, for the sale of 71.6 million shares in Woodside, representing 64.0% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of A$31.10 per share, resulting in total pre-tax proceeds of approximately $1.7 billion (A$2.2 billion). The sale is expected to complete on November 14, 2017.
EIA - Crude oil production from the major US onshore regions is forecast to increase 80,000 b/d month-over-month in December to 6.174 million b/d, gas production to increase 779 million cubic feet/day.