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, 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…
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Sinopec’s Fuling shale gas field produced 3.054bn m³ of gas during the first seven months of the year, up 161% from the same period last year with sales of 2.932bn m³, which was also higher by 161%. CNPC mentioned these numbers on August 25 in a report on China’s shale gas development. The report stated that Fuling shale gas…
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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…
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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…
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U.S. crude oil prices languish below $50/bbl, but the oil-directed rig count is up by 90, an increase of almost 30% over the past 12 weeks. Natural gas production is down less than 1% from the all-time high hit back in February even though the price of natural gas remains below $3/MMbtu. The price spread…
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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…
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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…
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While shale drilling in the U.S. is on the rise again, prices need to climb nearer to $60 a barrel for U.S. producers to have a “substantial” boost in activity, the International Energy Agency said. Producers remain “cautious on outlook,” and further drilling increases this year may be “limited,” the IEA said in its monthly…
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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…
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