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Woodside approves investment in $7.2B Trion development in deepwater Gulf of Mexico; first oil in 2028

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Australia-based Woodside Energy has made a final investment decision to develop the large, high-quality Trion resource in the deepwater Gulf of Mexico. First oil is targeted for 2028. Trion was discovered in 2012 by PEMEX. Trion is a greenfield development that would represent the first oil production from Mexico’s deepwater.

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EIA: biofuels are displacing petroleum-based distillate fuel oil consumption on the West Coast

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Consumption of distillate fuel oil in the US West Coast, as measured by product supplied, decreased to its lowest level since 2002 last year and continues its decline this year, according to the latest “This Week in Petroleum” report from the US Energy Information Administration (EIA).

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California Governor orders end to fracking by 2024, instructs CARB to analyze pathways to phase out oil-production by 2045

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Additionally, Governor Newsom requested that the California Air Resources Board (CARB) analyze pathways to phase out oil extraction across the state by no later than 2045. California’s production of oil has been steadily dropping since 1985. According to the California Energy Commission, California oil represented 34.9%

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New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

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Map of basins with assessed shale oil and shale gas formations, as of May 2013. Among the highlights in the 2013 report is a 10-fold increase in the estimate of technically recoverable shale / tight oil from 32 billion barrels (from the EIA’s Annual Energy Outlook 2011 ) to 345 billion barrels. Source: US EIA. Click to enlarge.

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EIA: North Dakota oil production reached new high of 770K bpd in 2012; transported by trucks and railroads

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North Dakota crude oil production (including lease condensate) averaged an all-time high of 770,000 barrels per day in December 2012, according to the US Energy Information Administration (EIA). Much of crude oil production in North Dakota is gathered and transported by truck to railcars leaving the state. Source: EIA.

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USGS releases first shale-oil and shale-gas resource potential assessment for the Alaska North Slope

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The US Geological Survey has released its first estimate of the potential of undiscovered, technically recoverable onshore shale oil and gas resources in Alaska’s North Slope. However, the recent success of shale oil and shale gas development in the lower-48 states demonstrates the technical viability of such resources, USGS said.

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China’s CNOOC to acquire Canada-based Nexen for $15.1B; offshore oil and gas, oil sands, and shale gas

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CNOOC Limited—China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world—is acquiring all of the Common Shares of Canada-based energy company Nexen Inc. It is the second-largest oil producer in the UK North Sea.

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