CRITICALLY IMPORTANT ALASKA
API - 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.
"Safe and environmentally responsible energy development in the ANWR coastal plain holds great promise for our nation's energy security and competitiveness throughout the world," said API Upstream Director Erik Milito. "We commend Charmain Murkowski for her leadership on this important issue and look forward to working with Congress and the administration to continue harnessing our nation's energy potential to benefit American consumers.
"Developing our resources in ANWR is supported by strong majorities of Alaskans, and would generate jobs, government revenue, and spur economic growth. The natural gas and oil industry has the technology and expertise, along with decades of experience, to safely develop our energy resources in the Arctic while protecting the surrounding environment. Responsible access to ANWR is also in our national security interest, with other nations like Russia, Canada and Norway already actively exploring the Arctic region.
"Studies have shown the ANWR coastal plain holds the largest undeveloped conventional oil resources to be found in the U.S., and projections show that increased production over the long-term is exactly what we need to meet domestic and global demand. With eighty percent of U.S. voters supporting increased domestic oil and natural gas production, we should embrace our nation's abundant energy resources and continue advancing the U.S. as a global energy leader."
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.