Past figures show that US shale drillers continued to produce at high levels during the downturn, even with oil prices in the low $30 range, which suggests they're unlikely to scale back considerably this time, according to Mauldin Economics. In a low price environment, drillers usually suspend exploration activity to get the most out of completed wells.
A research team at University of California at San Diego has unveiled a new skin patch containing enzymes that feed off sweat and have real-life technological capabilities and applications. In tests, researchers used the soft, stretchable electronic-skin-based biofuel cell to power a radio for two days and now are looking at how the wearable biofuel cell might be used for wearable devices to track a person's health.
A draft law submitted to the National People's Congress would fine polluters dumping untreated contaminants into the soil up to $293,000, provide state funds to support cleanup projects and establish a nationwide monitoring network, according to China Daily. Another Chinese newspaper reported that the draft law would establish priority protection areas and ban grazing and crop growing in heavily polluted areas, among other provisions.
Wisconsin Power and Light has launched a request for proposals seeking to add 200 megawatts of wind capacity to its portfolio. The utility said that it would accept proposals for power purchase agreements, asset sales and the transfer of projects in the development and construction phases.
Demand to ship gasoline on Line 1 of the Colonial Pipeline, the largest US gasoline pipeline, has fallen below its 1.3 million-barrel-per-day capacity for the first time in six years even though US gasoline demand usually peaks during summer. "The only reason they wouldn't be full is clearly that inventory levels are high enough that there is no incentive to move product to New York," said Sandy Fielden, Morningstar's director of oil and products research.
Major oil companies, including ConocoPhillips and Occidental Petroleum, are increasingly harnessing the power of big data and data analytics to improve efficiency, cut costs and boost safety. For instance, ConocoPhillips has managed to reduce the time it needs to drill new Eagle Ford Shale wells by half using data collected from hundreds of sensors attached to production equipment, and the company believes these sensors could help it save billions of dollars.
Oil prices likely will settle at $40 per barrel in the second half of 2018 amid a persistent oil supply glut and with US oil production seen rising by 1.8 million barrels per day, Seaport Global Securities predicted. However, Seaport's managing director and head of E&P research, Michael Kelly, doesn't expect $40 oil to drive off investors unless oil prices fall below that level.
The first lease sale in Alaska's Cook Inlet in nearly a decade has garnered about $3 million in high bids from a single energy company, Hilcorp Alaska, the Bureau of Ocean Energy Management said. "Expanded oil and gas production is critical to America's economic and energy security, as we move to strengthen the Nation's energy independence in accordance with the administration's goals," bureau Acting Director Walter Cruickshank said.
BP Chief Commercial Officer James Straughan believes some US liquefied natural gas capacity will be shut down before the end of the decade because it's the only way to address the global LNG oversupply. Straughan sees the LNG glut worsening in the next couple of years because the US and Australia are adding capacity faster than the market needs.
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