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.
Netherlands-based Royal Dutch Shell is selling its interests in the Draugen and Gjoa oil projects off Norway's North Sea coast to Norwegian operator OKEA. The $556 million deal is part of Shell's $30 billion divestment program.
Technology companies are making improvements to graphics processing units and "digital twin" systems to help the oil and natural gas industry benefit from data collection related to drilling, production and predictive maintenance. Digital twins, which include copies of project systems and processes, help detect faults and predict asset life spans.
Brazil is trying to make it easier for companies to fulfill mandates for offshore oil exploration and production contracts and to build infrastructure, a report says. Under new rules, companies can build the hulls of vessels in Asian shipyards and use suppliers from Brazil.
A magnitude 1.6 "microearthquake" occurred early Thursday morning in Southampton Township in New Jersey's Burlington County, the US Geological Survey said. The quake originated at a depth of about 12 kilometers.
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