House Speaker Nancy Pelosi, D-Calif., says that an agreement between the House and the Trump administration on the US-Mexico-Canada Agreement is imminent and that she hopes the House approves the trade deal this year. Discussions with US Trade Representative Robert Lighthizer are "in a good place" regarding drug pricing, labor rights, environmental protection and enforcement, Pelosi says.
The oil and natural gas industry does not fear the rise of electric vehicles because gasoline automobiles only account for 25 million barrels of the roughly 100 million of daily global oil consumption, according to Pioneer Natural Resources CEO Scott Sheffield. Frank Macchiarola, vice president of downstream and industry operations at the American Petroleum Institute, agrees with Sheffield, noting that energy transitions take long periods of time and gas will be needed to generate much of the electricity used to charge electric vehicles.
US shale producers demonstrated "impressive execution" this year as they managed to increase oil production at a modest 2% rate while spending less on drilling and completions, Rystad Energy said. "U.S. shale companies are well-positioned to see an oil increase of about nine percent in the fourth quarter this year relative to the same period last year, growing 2019 volumes by approximately 16 percent over 2018," said Rystad's Veronika Akulinitseva.
US crude stockpiles gained 2.2 million barrels last week, exceeding analyst forecasts for a one-million-barrel increase, the Energy Information Administration reported. Gasoline supplies also climbed by 1.9 million barrels, while distillate inventories were down by 2.5 million barrels.
US oil and natural gas drillers plan to lower capital budgets for a second consecutive year in 2020, with spending expected to be about $4 billion below 2019 levels, according to Cowen & Co. More discipline should contribute to a healthier energy sector in the long run, but the short-term impact likely will be job cuts and an economic slowdown in Texas.
Callon Petroleum has modified its acquisition offer for rival Carrizo Oil and Gas in an attempt to win shareholder support for the merger, and has pushed back a shareholder vote to Dec. 20. Under the new terms, Carrizo shareholders will receive 1.75 Callon shares for each share held, leaving Callon shareholders with 58% control of the combined company.
The State-Tribal Relations Committee, which acts as a liaison with tribes in Montana, is asking the state's congressional delegation to push back the deadline for public comments on the Keystone XL pipeline's draft supplemental environmental impact statement. The lawmakers cited a "lack of formal consultation with tribal governments" and called for a "more rigorous and meaningful public comment process."
Far Eastern Federal University scientists are developing low-frequency infrasonic acoustic technology for Arctic oil and natural gas exploration. The technology, which senses ultrasonic noise from hydrocarbon fields, includes the use of remotely operated vehicles for conducting surveys in cold water and severe weather conditions.
Colombia's national hydrocarbons agency says 27 companies are eligible to bid in an auction for 59 oil blocks, including five off the coast and 24 with the potential to produce natural gas. The country wants to secure 20 contracts in the bidding round.
A magnitude 7.1 earthquake in the sea near Indonesia's Moluccas islands on Thursday shook buildings and prompted a two-hour tsunami alert, although there were no reports of fatalities or large waves. The quake, which was followed by more than 20 aftershocks, was centered 139 kilometers northwest of Ternate at a depth of 45 kilometers, the US Geological Survey said.
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