Category: Industry News

Oil Leaders to Invest in New Supplies

“ Energy agencies warn investment is needed to avoid a shortfall in world energy supplies.” “Our message to the oil industry here in Houston is, invest, invest, invest,” Fatih Birol, the executive director of the International Energy Agency, told attendees at the CERAWeek by IHS Markit oil and gas conference. He was far from the only one. On Monday, Birol’s agency released a report, Oil 2017, which warned that the global oil supply could struggle to keep up with demand after 2020. The reason: a slump in investment in 2015 and 2016 caused by the collapse of world oil prices. While production and investment have picked up recently, IEA said “early indications of global spending for 2017 are not encouraging.” Oil demand will rise over the next five years, IEA forecasts, passing the 100 million barrels per day threshold in 2019 and climbing to 104 million barrels per day by 2022. Developing economies will account for all of the growth, IEA predicts, with Asia consuming seven out of every 10 extra barrels of oil produced. Full article CLICK HERE Read More

Ohio oil, gas drilling outlook improves

In the volatile oil and gas industry, it has been a few years since the overall outlook has been this encouraging. Signs lately give industry followers reasons to be optimistic. Prices are trending upward, federal approval has come for several projects and the administration of President Donald Trump was barely in office when it backed two long-stalled, controversial pipeline projects: Keystone XL and Dakota Access. In Ohio, evidence of positive movement in the industry soon will be visible as miles of steel pipe begin to ship from the Republic Short Line rail yard in Massillon. The pipe, some sitting at the former locations for Republic Steel and Massillon Stainless facilities for nearly two years, will head to construction sites as part of the 713-mile Rover Pipeline that recently received final federal approval. Read More

Oil industry notches win with EPA ruling

March 3 (UPI) — An oil and trade group said steps by the Trump administration to ease regulatory burdens on emissions would help ensure American leadership on the energy stage. The Environmental Protection Agency said it was abandoning measures that called for the disclosure of methane emissions from oil and natural gas wells. Methane is a potent greenhouse gas, though a handful of states argued the measure would inhibit the economic benefits of the oil and gas industry. Texas Attorney Gen. Ken Paxton said the measures, imposed in November, would have “dubious” environmental benefits. The American Petroleum Institute, which has challenged the EPA in court, said the steps taken by President Donald Trump eased what it considered unnecessary rules th at impede oil and natural gas development. “The United States is leading the world in the production and refining of oil and natural gas and in the reduction of carbon emissions, and we look forward to working with the administration on lawful, common sense regulations that create jobs and benefit American consumers,” Director for Regulatory and Scientific Affairs Howard Feldman said in a statement. Read Full Article CLICK HERE Read More