API: MORE JOBS FOR U.S.
API - API President and CEO Jack Gerard called President Trump's executive order to streamline energy infrastructure an important step in speeding up projects, creating jobs, and improving government efficiencies in delivering energy Americans demand.
"Ensuring we have a robust energy infrastructure system that protects the environment and keeps pace with growing production and demand is essential to helping American families and businesses have reliable access to affordable energy," said Gerard. "Whether it is powering our nation's electricity grid, delivering natural gas to heat homes and run appliances, supplying raw materials and energy to industry and manufacturing, or delivering the transportation fuels we use every day, this investment will ensure that these critical products are there when and where they are needed most."
API submitted comments in March to the Department of Commerce noting that the business community, including the oil and natural gas industry, relies upon a cost-effective regulatory system that promotes the certainty and predictability necessary to make the massive capital investments required to bring energy and other projects to the U.S. economy. API said that significant improvements could be achieved by standardizing permitting processes; improving coordination among federal and state agencies, including deadlines for permit issuance; and using a dispute resolution process to resolve interagency permitting problems.
"The business community, including the oil and natural gas industry, relies upon a cost-effective regulatory system that promotes the certainty and predictability necessary to make the massive capital investments required to bring energy and other projects to the U.S. economy," said Gerard. "We welcome the administration's action to streamline the regulatory process in developing and transporting our nation's oil and natural gas resources. It is good for our economy, consumers, and strengthening our national security."
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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.