MEXICO BECOMES BIGGER
OGJ - Mexico is poised to become an increasingly important global oil and gas supplier as reforms take hold and foreign participation grows, International Energy Agency and US Department of Energy leaders agreed during a joint press conference on July 18.
"Mexico's change in its constitution helped its oil investments double in 2016 when an expected rebound did not occur and global oil investment declined for the first time in years," IEA Executive Director Fatih Birol said, citing a recent IEA report . "That's good news for North America's energy future."
US Energy Sec. Rick Perry observed, "History teaches us that the world is not stagnant. Mexico had one of its biggest natural gas discoveries in history last week. I've just returned from talks with government leaders there, and I believe Mexico will become an even bigger oil and gas supplier as we go about building this new North American energy partnership."
Birol said IEA expects the US shale revolution to get a second wind and increase its gas production to 40% of the world's total by 2022. IEA also projects that the US will become one of the world's three largest LNG exporters—alongside Australia and Qatar—and give LNG a majority share of the global gas market for the first time by 2040, he said.
"North America is entering a golden age of energy prosperity," said Birol, adding that Mexico looks as if could be more than a junior partner. The country is on track to become a full IEA member by yearend, he said.
Perry said one of DOE's priorities will be to streamline its gas export approval process. Sales to customers in countries having a free-trade agreement with the US are presumed to be in the US national interest. DOE determines whether that is the case in proposed sales to customers in non-FTA countries.
"We're trying to send a message out that if an applicant follows the rules, a permit will be issued," Perry said. "We philosophically recognize that LNG exports are a good energy component. We expect it to continue being a major driver in US job growth and global emissions reductions."
As the US increases its shale gas production in the next 5 years, there should be enough to supply US manufacturers and to export the rest to foreign customers, Birol said. "Manufacturing is taking over from power generation as the main gas demand driver," he said.
Perry noted, "We think it's important for our allies in Europe in particular to have more than one source of gas. I hope the US will send a message around the world that we're ready to become a major LNG supplier."
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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.