EXXON MOBIL TO PROCEED WITH LIZA DEVELOPMENT OFFSHORE GUYANA
Exxon Mobil Corporation has made a final investment decision to proceed with the first phase of development for the Liza field, one of the largest oil...
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IEA: US SHALE GAS REVOLUTION DRIVES MARKET TRANSFORMATION
The global natural gas market is undergoing a major transformation driven by new supplies coming from the United States to meet growing demand in developing economies and industry surpasses the power sector as the largest source of gas demand growth, according to the IEA’s latest market analysis and five-year forecast on natural gas. This evolution of the role of natural gas in the global energy mix has far-reaching consequences on energy trade, air quality and carbon emissions, as well as the security of global energy supplies, according to the new report, Gas 2017. Global gas demand is expected to grow by 1.6% a year for the next five years, with consumption reaching almost 4,000 billion cubic meters (bcm) by 2022, up from 3,630 bcm in 2016. China will account for 40% of this growth. Demand from the industrial sector becomes the main engine of gas consumption growth, replacing power generation, where gas is being squeezed by growing renewables and competition from coal. The United States – the world’s largest gas consumer and producer – will account for 40% of the world’s extra gas production to 2022 thanks to the remarkable growth in its domestic shale industry. By 2022, US production will be 890 bcm, or more than a fifth of global gas output. Production from the Marcellus, one of the world’s largest fields, will increase by 45% between 2016 and 2022, even at current low price levels, as producers increase efficiency and produce more gas with fewer rigs. While US domestic demand for gas is growing, thanks to higher consumption from the industrial sector, more than half of the production increase will be used for liquefied natural gas (LNG) for export. By 2022, the IEA estimates that the United States will be on course to challenge Australia and Qatar for global leadership among LNG exporters. “The US shale revolution shows no sign of running out of steam and its effects are now amplified by a second revolution of rising LNG supplies,” said Dr Fatih Birol, the IEA’s Executive Director. “Also, the rising number of LNG consuming countries, from 15 in 2005 to 39 this year, shows that LNG attracts many new customers, especially in the emerging world. However, whether these countries remain long-term consumers or opportunistic buyers will depend on price competition.” (Source: IEA - Image: Ole Jorgen Bratland / Statoil))
FIRST HYDROCARBONS OF THE LAPTEV SEA
Rosneft is performing the drilling of the northernmost exploratory well on the Eastern Arctic shelf following a comprehensive geological study. During...
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TechnipFMC has been awarded an extension to its ongoing Engineering, Procurement and Construction (EPC) contract from Statoil for Visund Nord IOR project...
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Shunsaku Miyake, President and CEO of JX Nippon Oil & Gas Exploration Corporation announced that its subsidiary JX Nippon Oil & Gas Exploration...
Read More+OIL RESERVES TO MEET 50 YEARS OF PRODUCTION
According to BP’s Statistical Review of World Energy 2017, Global proved oil reserves in 2016 rose by 15 billion barrels (0.9%) to 1707 billion barrels,...
Read More+NORWAY: NPD RESOURCES REPORT 2017
The significant remaining resources in discoveries and fields make it possible to create values for the Norwegian society for many decades to come, according...
Read More+CONDOR STARTS DRILLING YAKAMOZ-1 IN TURKEY
Condor Petroleum, a Canadian based oil and gas company focused on exploration and production activities in Turkey and Kazakhstan, provides an operations...
Read More+INPEX SELLS PNG INTERESTS TO KUMUL
Inpex Corporation announced today that it has sold a 40.1% participating interest in Block PDL3 (the Production Block) in Papua New Guinea held by Southern...
Read More+INDIA: BP AND RELIANCE TO DEVELOP BLOCK KGD6 GAS FIELDS
Reliance Industries Limited (RIL) and BP announced that they are moving forward to develop already-discovered deepwater gas fields, bringing new gas production...
Read More+SOVCOMFLOT ICEBREAKING VESSEL NAMED STEPAN MAKAROV
On 15 June 2017, the naming ceremony took place for a new multifunctional icebreaking standby vessel (IBSBV) built to order for SCF Group. The vessel was...
Read More+SemGroup TO ACQUIRE HOUSTON FUEL OIL TERMINAL
SemGroup Corporation has executed a definitive agreement to acquire Houston Fuel Oil Terminal Company (HFOTCO), one of the largest oil terminals in the...
Read More+FIFTH WELL AT VLADIMIR FILANOVSKY
Russian Lukoil has completed the construction and commissioning of the fifth production well at Vladimir Filanovsky offshore field in the Caspian Sea and...
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