U.S. CAN’T STOP
While the U.S. rig count keeps falling, weak oil prices won't stop the United States from becoming a net energy exporter in the coming decades, the Energy Information Administration's 2015 annual energy outlook said.
The agency expects "strong" domestic crude production growth, thanks in large part to tight oil and gas, that will lead to a decline in net imports and growth in net exports in all price scenarios during 2015.
Crude and petroleum net imports are expected to fall from 6.2 million barrels per day in 2013 to 3.3 million bpd in 2040 while gross exports of refined products, especially gasoline and diesel, will create a "significant" spike in net exports between 2013 and 2040.
In the case of low oil prices, where Brent crude hits $52 per barrel in 2014 and rises to $76 per barrel in 2040, the United States would remain a net importer through 2040, the report said.
The agency said that if oil prices stay within the lower end of its forecast U.S. drillers will pump 9.8 million bpd in 2020, 700,000 bpd less than the agency expected last year.
Overall crude production is expected to grow from 7.4 million bpd in 2013 to 9.4 million bpd in 2040, a 26 percent spike over last year's reference case despite lower prices.
Lower 48 onshore tight oil production is expected to hit 5.6 million bpd in 2020 before slumping to 4.3 million bpd in 2040, 34 percent more growth than projected in last year's report.
Production in the Gulf of Mexico is also expected to rise through 2019 in all price scenarios but will fluctuate after a decline slated to last "at least through 2025."
Dry natural gas production will likely dip after 2019 compared to last year's forecast although the United States is still expected to become an overall natural gas net exporter in 2017, a year earlier than previous models suggested.
Mexico will be the biggest beneficiary of booming U.S. gas production with net pipeline exports to south of the border growing nearly twofold from 2017 to 2040 although export levels could drop as Mexico ramps up domestic production.
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.