Daily News Energy Headlines from October 16, 2017

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
Gulf Oil Activity Still Waiting on Higher, Stable Prices - The global economy is starting to work through the glut of crude oil, but exploration and production companies are not comfortable enough with oil prices to pull the trigger on $30 billion worth of projects in the Gulf of Mexico. "Depending on who you talk to, whether you need $50 oil or $60 oil, that's really the next phase of spending in the offshore environment. We have almost $30 billion in activity that's sitting on the sidelines waiting for commodity prices to recover and actually stabilize," said Chris Paschall, vice president of research, oil and gas for the market research firm Industrial Info Resources. "So there is hope here. I just think it's going to take a little longer than what we were probably anticipating." Paschall was one of the speakers at Industrial Info's 2018 Industrial Market Outlook, held Wednesday evening in Baton Rouge. About 600 people attended. (Baton Rouge Advocate)

Asia Turns to U.S. Oil - Asia is set to ramp up crude oil imports from the United States in late 2017 and early next year, with buyers searching out cheap supplies after hurricanes hit U.S. demand for the commodity at a time of rising production in the country. As many as 11 tankers, partly or fully laden with U.S. crude, are due to arrive in Asia in November, with another 12 to load oil in the United States later in October and November before sailing for Asia, according to shipping sources and data on Thomson Reuters Eikon. (Reuters)

FINANCIAL
BP Hopes to Raise $893 in Midstream IPO - BP Midtsream Partners, a unit of British energy company BP plc (NYSE:BP), said on Monday it expects to raise up to $893 million from its initial public offering (IPO). (Reuters)

PIPELINES
Constitution Pipeline Could Begin Operating in 2019, Granted Approvals - Constitution Pipeline said on Friday that its natural gas pipe from Pennsylvania to New York could enter service as early as the first half of 2019 if it gets the necessary regulatory approvals. On Wednesday, Constitution asked the U.S. Federal Energy Regulatory Commission (FERC) to overturn New York's denial of a required water permit that would allow it to move ahead with the project, due to the lateness of the decision. (Reuters)

PRODUCTION
EIA: U.S. Crude Oil Production to Increase - The U.S. Energy Information Administration (EIA) forecasts that U.S crude oil production will average 9.4 million barrels per day (BBL/d) in the second half of 2017, 340,000 BBL/d more than in the first half of 2017. Production in 2018 is expected to average 9.9 million BBL/d, surpassing the previous high of 9.6 million BBL/d set in 1970. (EIA)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.