The Bureau of Land Management today is set to unveil a proposal to completely eliminate an Obama-era regulation targeting hydraulic fracturing on federal land. The BLM says the regulation duplicates state and tribal rules and is too burdensome for the oil and natural gas industry.
The Louisiana Offshore Oil Port, the biggest crude import terminal in the US, is aiming to become an export hub as well and is in talks with shippers to export crude by early 2018. "LOOP is the most obvious place for US crude exports since as a deepwater port, it makes it more manageable to load up a large ship such as a VLCC," said Morningstar Director of Commodities and Energy Research Sandy Fielden.
Global oil demand could peak in 2024 or 2030 at the latest as electric cars gain ground while other vehicles continue to see improved fuel efficiency, according to Goldman Sachs. Goldman expects annual oil demand growth to slow down from 1.2% between 2017 and 2022 to 0.7% by 2025 and 0.4% in 2030.
Anadarko Petroleum on Monday became the first US oil producer to announce it is cutting its 2017 capital budget by $300 million to a range of $4.2 billion to $4.4 billion in response to tough market conditions. Other US oil companies could follow in Anadarko's footsteps and announce cuts of their own, which would give a short-term boost to the exploration and production sector, according to Seaport Global Securities analyst Michael Kelly.
QEP Resources has agreed to sell its Wyoming natural gas assets, which produced 234 million cubic feet per day in the first quarter, to Pinedale Energy Partners in a deal worth roughly $740 million. The sale comes as QEP shifts its focus to the Permian Basin, where it plans to spend $600 million on acreage.
Chevron has agreed to spend about $20 million to improve safety at its Richmond, Calif., refinery as part of a settlement reached with state regulators in connection with a 2012 fire at the facility. The safety measures Chevron must implement include upgrading equipment monitoring and replacing carbon-steel piping with chrome-alloy piping to prevent corrosion.
The Senate on Monday confirmed David Bernhardt as deputy interior secretary in a 53-43 vote despite opposition from Democrats concerned about potential conflicts of interest.
Some volcanoes on Mars still may be active, and others may be forming, scientists say. Researchers who studied what may be 200-million-year-old volcanic cones say some of the volcanoes may have contained water and supported microbial life forms.
A 1730 earthquake along Chile's coast may have reached a magnitude of more than 9, and stress along part of the fault has been building ever since, a study has found. Based on their review of tsunami records, researchers say the earthquake likely occurred on a rupture 600 to 800 kilometers long and had an average slip of 10 to 14 meters.
US demand for frac sand will likely hit a record of 73 million tons in 2017, 30% more than a 2014 peak of 56 million tons, according to Credit Suisse. The main demand drivers are the growing completions activity and higher completions intensity, which means that each well completed in 2017 takes in nearly 4,200 tons of sand on average.
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