The United Arab Emirates is planning to increase its oil production capacity to 3.5 million barrels per day by 2018, from current 2.8 million.
Global expenditure on drilling deepwater oil and gas exploration wells is expected to almost triple to $114 billion by 2022 from $43 billion in 2012, Wood Mackenzie said in a statement last week.
Gulf Keystone, a London-based company, said last week it started drilling its first exploration well in Kurdistan’s Shaikan oil field. It said the entire field could hold as much as 10.5 billion barrels of crude oil. Production for 2018 is targeted at 250,000 barrels per day.
State-owned Chinese oil companies have paid $1.5 billion for a stake in an Angolan crude oil field and bought a $4.2 billion share in an offshore Mozambique gas field in recent weeks, part of a $100 billion global spending binge by China since 2009 to secure foreign oil resources.
Demand for fuel oil in China rose 11.9% year on year from January to May this year, totaling 17.66 million mt, or close to 760,000 barrels per day.
A series of new Russian natural gas deals with Asian customers marks the beginning of a major shift away from the country’s traditional markets in Europe.
The British energy sector is eager to secure more supplies of natural gas from Russian energy company Gazprom, the British energy minister said. Energy Minister Michael Fallon met in St. Petersburg with Gazprom chief Alexei Miller to discuss expanding ties in the energy sector.
The US recorded the world’s highest increase in natural gas consumption and production in 2012, while also witnessing the highest drop in coal use.
The US may produce five million barrels of shale oil per day by 2017 and may become the largest global oil producer with up to 16 million barrels of oil (shale, conventional, LNG, and biofuels) per day in just a few years, according to a new report from Harvard’s Belfer Center authored by Leonardo Maugeri.
A new study from the British Geological Survey estimates that 1.3 quadrillion cubic feet of natural gas lie trapped in shale rock beneath northern England, significantly more than current proven UK gas reserves. The UK.’s shale-gas industry currently has no commercial production.
The US Energy Information Administration said global shale oil and shale gas resource estimates in their recent report are highly uncertain and will remain so until they are extensively tested with production wells.
Jordan is pushing ahead with plans to build the Middle East’s first shale oil-fired electric power plant, a major step toward achieving energy security by the resource-poor Hashemite kingdom. Its fragile economy had long been held back by dependence on imported energy.
India’s cabinet agreed to double natural gas prices to industrial and retail consumers to help fund investment in exploration and reverse declining domestic output, which would ultimately help in reducing the country’s rising and hefty energy import costs.
To protect her German automobile industry, Chancellor Angela Merkel managed to block the adoption of new emissions limits for cars produced in the European Union. Stricter caps, she insisted, could severely handicap Germany’s automobile industry, focused as it is on the luxury car sector. The EU wants the reduction of a company’s fleet-wide CO2 emissions from 130 grams to 95 grams per kilometer by 2020. Germany was successful and a decision on the item was delayed until October.
The danger of electric power shortages in the UK by the middle of the decade has risen, according to the industry regulator Ofgem in a recent report. Spare electricity power production capacity could fall to 2% by 2015, increasing the risk of blackouts. The global financial crisis, tough emissions targets, the UK’s increasing dependency on natural gas imports, and the closure of aging coal-fired stations were all contributing to the heightened risk of shortages, Ofgem said. “Preventive action taken now will help protect consumer supplies,” the report said.
with h/t Tom Whipple