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EIA forecasts US crude oil production rate to break record high in 2018 and again in 2019; 10.3 and 10.8 million b/d

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In its latest edition of the Short-Term Energy Outlook , the US Energy Information Administration (EIA) forecasts that US crude oil production will average 10.3 million b/d in 2018—the highest annual average production in US history, surpassing the previous record of 9.6 US crude oil production averaged an estimated 9.3

2018 207
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BP to acquire unconventional US onshore assets from BHP for $10.5B; transforming US onshore oil & gas business

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BP has agreed to acquire a portfolio of world-class unconventional oil and gas assets from BHP. The acquisition will bring BP extensive oil and gas production and resources in the liquids-rich regions of the Permian and Eagle Ford basins in Texas and in the Haynesville gas basin in Texas and Louisiana.

Oil 150
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GE Oil & Gas secures order for industry’s first 20-ksi deepwater BOP stack and riser

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GE Oil & Gas has received an order for the offshore oil and gas industry’s first 20,000-psi (20-ksi)-rated deepwater blowout preventer (BOP) stack and riser systems from Maersk Drilling. It was the failure of the BOP stack on the Macondo well that enabled the massive oil release from the Deepwater Horizon disaster.

Oil 210
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ExxonMobil adds 2.7B barrels oil equivalent to reserves; replaces 183% of 2017 production

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billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of production. billion oil-equivalent barrels at year-end 2017. During 2017, proved additions at Upper Zakum in Abu Dhabi totaled more than 800 million barrels of crude oil. Exxon Mobil Corporation added 2.7 Resource Base.

2017 186
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GTI plans second Permian Basin field test site to maximize hydraulic fracturing efficiency and increase production

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GTI (Gas Technology Institue) is leading a high-profile program on Hydraulic Fracturing Test Sites (HFTS) in the Permian Basin, bringing together government and industry to improve recovery, continue enhancing environmentally responsible methods of optimizing production, and lowering costs in the Midland and Delaware Basins.

Delaware 210
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ExxonMobil planning hydrogen production, carbon capture and storage at Baytown complex; 1B cfd of blue hydrogen

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ExxonMobil is planning a hydrogen production plant and one of the world’s largest carbon capture and storage projects at its integrated refining and petrochemical site at Baytown, Texas, supporting efforts to reduce emissions from company operations and local industry. million tons per year.

Hydrogen 281
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BloombergNEF: clean energy investment in developing nations slumps as financing in China slows; coal burn surges to record high

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New investment in wind, solar, and other clean energy projects in developing nations dropped sharply in 2018, largely due to a slowdown in China. This is due to wind and solar projects generating only when natural resources are available while oil, coal, and gas plants can potentially produce around the clock. thousand in 2017.

Coal 243