In an interview with SmartBrief, American Petroleum Institute Executive Vice President and Chief Strategy Officer Marty Durbin said he sees a bright future ahead for the US oil and natural gas industry and the liquefied natural gas sector in particular, touting the role of US LNG exports in reshaping global markets. Durbin identified infrastructure development and access to export logistics and markets as the keys to industry growth and project success.
Delegates to the OPEC meeting in Vienna have reached a tentative agreement to boost production by 1 million barrels of oil per day. Details of the plan are still being worked out.
The uncertainties surrounding the US-China trade war are narrowing Chinese demand for US crude, with no US crude cargoes expected to be delivered to China's independent refiners over the next few months. Limited supply of medium sour US grades and the high cost of processing US crudes are also driving down Chinese demand.
A shortage of pipeline capacity near the Cushing, Okla., oil hub threatens to slow down oil production growth in Colorado in the immediate future, according to a report from the Colorado Office of State Planning and Budgeting.
Shale firms' newfound focus on financial discipline and shareholder returns jeopardizes much-needed long-term investments in shale, warned Hess Corp. CEO John Hess. "While that financial discipline is healthy, I think it does act like a break on long-term investment," Hess said.
The Environmental Protection Agency is said to be on the verge of scrapping a proposal to redistribute waived biofuels volumes to larger refiners at least for the time being amid pressure from the refining industry. The proposed changes were expected to be unveiled today.
The wind industry hires 72% more veterans than the national average and the American Wind Energy Association supports the passage of the Energy Jobs for our Heroes Act of 2018, which would increase veteran access to wind and other clean energy jobs, says AWEA Vice President of Federal Affairs Bree Raum. "This legislation will help us welcome even more of our nation's heroes into the American wind energy workforce," she says.
Iberdrola will continue to pursue land-based wind instead of offshore wind in Texas because the state has huge wind resources -- especially on the Western Plains -- that can be developed at a lower rate than offshore wind, says CEO and Chairman Ignacio Galan. The Electric Reliability Council of Texas estimates the state has 33,000 megawatts of new wind capacity are either under consideration or being developed.
Businesses are filling the gap left by the federal government when it comes to advancing sustainability and combating climate change, writes Suzanne Shelton, president and CEO of Shelton Group. Shelton argues that Americans want more federal action on climate change and that the government should realize people care more about the impact of sustainability -- not partisan divides.
Mainstream Renewable Power has erected the first of 50 3.4-megawatt Senvion turbines at its 170-MW Sarco wind farm in Chile, says the company. "The lifting of the first turbine marks a significant milestone for the wind farm," notes Project Manager Alejandro Espinoza.
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