Global oil surplus to extend into 2H 2017: IEA

The surplus in global oil markets will last for longer than previously thought, persisting into late 2017 as demand growth slumps and supply proves resilient, the International Energy Agency said. World oil stockpiles will continue to accumulate through 2017, a fourth consecutive year of oversupply, according to the IEA. Consumption growth sagged to a two-year…

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INEOS realigns portfolio, grabs shale gas to boost position as chemical sector giant: IHS Markit

INEOS, a global manufacturer of commodity and intermediate chemicals with annual revenues last year of $40 billion, is poised to strengthen its position as a global chemical industry giant once it realizes the benefits of two major investments. These initiatives include imports of U.S. natural gas liquids (NGLs) and investment in UK shale gas, says…


BP signs second Chinese shale gas contract with CNPC

BP has signed a second production sharing contract for shale gas exploration, development and production with China National Petroleum Corporation. The agreement, signed on 27th July but revealed in early September, covers an area of around 1,000 square kilometres at Rong Chang Bei in the Sichuan Basin. In March 2016, BP and CNPC signed their first…


New Govt in Australia’s Northern Territory adds to shale gas doubts

Australia’s centre-left Labor Party won a convincing vote in the Northern Territory election on Saturday, a result that heightens existing uncertainty over development of the region’s onshore gas industry and could ward off foreign investment. Labor, which trounced the ruling Country Liberals Party, has promised to put in place a moratorium on fracking until its…


Shale: Swing Supplier or Bridge Fuel? – EIA Energy Conference 2016

More than 1,000 people from industry, government, and academia turned out for Energy Information Administration’s 2016 Energy Conference, July 11 and 12 at the Washington Hilton in Washington, DC to discuss current and future challenges facing domestic and international energy markets and policymakers. Here’s the conclusions of the most significant presentation on shale (on whether shale oil is…


More than a share in shale gas profits needed to sway UK public opinion on fracking

Britain is due to receive its first delivery of shale gas imported from the US, which will arrive at Grangemouth petrochemical plant in Scotland next month. That the UK is importing a tanker-full of shale gas from the US despite sitting on substantial resources of its own reveals just how far advanced the US shale gas industry…


China to be world’s 2nd largest shale gas producer by 2040; global shale output to quadruple: EIA

China is expected to produce over 20 billion cubic feet of shale gas per day (Bcf/d) by 2040, becoming the world’s second largest producer after the United States, according to the US Energy Information Administration (EIA). The production will account for more than 40% of the country’s total natural gas production by 2040, the EIA…