1 MLN U.S. OIL GAS JOBS
API - private investment in U.S. natural gas and oil infrastructure could create over 1 million U.S. jobs.
"By 2035, if the right regulatory policies are in place, private investment could exceed $1.3 trillion for oil and natural gas infrastructure, and create more than 1 million jobs", said Kyle Isakower, API vice president of regulatory and economic policy.
"Already, reliable access to energy has helped drive down utility, product and other energy-related costs providing a $1337 boost to the average American household in 2015. U.S. industrial electricity costs are 30-50 percent lower than those of our foreign competitors, giving manufacturers – including producers of steel, chemicals, refined fuels, plastics, fertilizers and numerous other products – a major competitive advantage."
"The United States leads the world in carbon reductions thanks primarily to greater use of natural gas," said Robin Rorick, API midstream and industry operations group director. "Carbon emissions from power generation have plunged to nearly 30-year lows, and more than 60 percent of those reductions from 2005 to 2016 have been the result of switching to generation from clean-burning natural gas. By moving forward with private investments in U.S. natural gas and oil infrastructure we can ensure that the United States has the critical framework to sustain America's energy leadership."
API contracted with ICF to investigate the scope of the economic opportunity and the amount of oil and natural gas infrastructure development likely in the U.S. over the next two decades. According to the study:
- Up to a million jobs could be supported.
- Up to $1.34 trillion in private natural gas and oil infrastructure investment could occur.
- Up to $1.89 trillion could be added to the U.S. GDP.
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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.