While the Canadian Association of Oilwell Drilling Contractors is expecting 45 fewer wells drilled next year than what is expected this year, the more important operating days for rig contractors will be greater – 124,701 in 2014 compared to 121,008 in 2013.
SOURCE: washingtonpost.com
The picture of U.S. future energy supplies looked brighter Thursday after the federal Energy Information Administration said U.S. oil reserves grew by a record amount, driven by new shale discoveries.
But the shares of two oil giants took hits as Royal Dutch Shell wrote down the value of its U.S. shale assets by $2 billion and warned that rebels’ continuing sabotage of Nigeria’s onshore output could damage the company’s production. Exxon Mobil fell as earnings in its refining and chemical units suffered downturns.
Separately, TransCanada, the Calgary-based company behind the proposed Keystone XL pipeline, announced that it would push ahead with a $12 billion pipeline from Canada’s oil sands to the port of St. John on Canada’s eastern coast. The new pipeline would carry 1.1 million barrels a day, more than a third more than the Keystone XL would.
The EIA report said that “proved” oil reserves — oil that can be extracted and marketed under current conditions — grew by 15 percent, or almost 3.8 billion barrels, the second straight record year of increases. That brought U.S. proved oil reserves to the highest level since 1985. The agency said that U.S. proved reserves of natural gas jumped 10 percent, the second-largest annual increase since 1977.
Texas posted the largest increase in proved oil reserves, largely because of shale developments in the state’s Permian Basin and the Eagle Ford formation. North Dakota had the second-largest increase, boosted by activity in the Bakken formation in the Williston Basin.
SOURCE: fuelfix.com
During a trip to survey booming oil development in North Dakota on Tuesday and Wednesday, Interior Secretary Sally Jewell said she saw evidence energy companies are working aggressively to pare greenhouse gas emissions ahead of federal regulations on the practice.
During her two-day visit to North Dakota, Jewell visited an oil rig working for Oklahoma City-based Continental Resources, a major operator in the Bakken and Three Forks plays of Montana and North Dakota. She also toured facilities operated by Norway’s Statoil, which has invested more than $4 billion in the region.
It was Jewell’s first visit to the surging oil region since she became Interior secretary in April.
“It’s extraordinary how much oil is in the ground here and is being produced,” she said in an interview. “North Dakota has become the second-largest producer of crude oil among the 50 states. It has passed Alaska. It has passed California.”
“To see that on the ground is amazing,” Jewell added.
READ MORE: http://fuelfix.com/blog/2013/08/07/drilling-regulator-sees-methane-reductions-in-booming-bakken/
SOURCE: LP Gas
The popular yellow EnergyGuide labels listed with many consumer appliances provide valuable operating cost and energy use information to the public.
And if the propane industry gets its way, these appliance labels will show additional data that positions LP gas-fueled appliances favorably, especially against electricity.
The U.S. Department of Energy (DOE) sets energy-efficiency standards for appliances in residential and commercial buildings based on site measurements, or at the point of use. The National Propane Gas Association (NPGA), among other groups, has been pushing for a full-fuel-cycle (FFC) measure of energy consumption at the federal level. This measure considers the energy consumed in extracting, processing and transporting primary fuels through its point of use and, according to proponents, provides a more accurate portrayal of energy use and emissions.
“Full fuel cycle goes back to the extraction of liquids out of the ground,” says Michael Caldarera, vice president of regulatory and technical services for NPGA.
After lengthy delays the Deep Panuke field is one step closer to bringing natural gas to market.
Read MoreAmbitious energy project would pump Alberta oil to refineries on the East Coast
Read MoreCAODC's employment websites
Read MoreCheckout the CAODC's new Safety On Canadian Rigs Video.
Read MoreGAS & OIL EXPO is a leading biennial event for the North American gas and oil industry. To be held at Calgary's Stampede Park, June 11 to 13, it will offer opportunities for brand exposure, business development, education and networking.
Come visit us, Northern Star Communications, at Booth #1803 in the BMO Centre. See you there!