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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) over the past week.
OIL & GAS PRODUCTION
Pennsylvania May Tighten Environmental Rules, Impose New Taxes on Oil & Gas Producers - Oil & Gas companies are opposing Pennsylvania Governor Tom Wolf's efforts to tighten environmental regulation of drilling in the Keystone State and enact a new extraction tax on natural gas to fund education. But the measures are playing well with the public, according to local news media reports, suggesting they may well become law before too long.
North Dakota Shows Surprise Oil Production Increase in March - North Dakota reported that oil production in the state grew to about 1.2 million BBL/d in March, an increase of about 1%. The state reported that 189 wells were completed by Exxon Mobil Corporation (NYSE:XOM), Hess Corporation (NYSE:HES), Continental Resources Incorporated (NYSE:CLR) and ConocoPhillips (NYSE:COP). Natural gas production rose 14% to 47.2 million cubic feet.
Shell Gets Go-Ahead for Arctic Drilling - On May 11, the U.S. Department of the Interior gave Royal Dutch Shell plc (NYSE:RDS-A) permission to have two rigs drill up to six exploratory wells off the coast of Alaska.
U.S. Crude Oil Reserves Decline, but Global Glut Remains - A report on Wednesday from the U.S. Energy Information Administration (EIA) said that U.S. crude oil reserves had declined by 2.2 million barrels last week. This was welcome news to many and a cause for modest gains in the prices of Brent and West Texas Intermediate (WTI) crude oils. Several weeks of declining rig counts and well completions seem to be having some effect on U.S. output. The decline put U.S. oil stocks at 484.84 million barrels, and marks the second week in a row that there has been a drawdown.
However, the declines in U.S. oil reserves are having only a modest effect on global oil supply, particularly as the Organization of Petroleum Exporting Countries (OPEC) continues ramping up production. Several reports this week suggest that a global drawdown on crude oil supplies will not occur anytime soon.
POWER
G7 Ministers Open North Sea Windfarm - One of Germany's largest offshore windfarms has been officially opened by leading energy ministers from the G7 industrialized nations. The 295-megawatt (MW) Nordsee Ost windfarm in the German North Sea was inaugurated by German Minister of Economics Sigmar Gabriel, and fellow ministers from the G7 states, who were attending a two-day meeting in Hamburg on energy security challenges.
Duke Windfarm in Texas Enters Commercial Operations - Duke Energy's (NYSE:DUK) 200-MW Los Vientos III Windpower Project in Texas has achieved commercial operation. The output from the windfarm will be purchased by Austin Energy.
Hungary Cements Paks II Nuclear Deal with Russia - Hungary's government has confirmed a contract with Russia's state-owned Rosatom Corporation (Moscow) to build its second nuclear power plant. The news comes just weeks after the European Union's (EU) nuclear watchdog, Euratom, approved a vital and contentious fuel-supply deal between Hungary and Russia for the Paks II nuclear project. For additional information, see April 27, 2015, article - Hungary's Paks II Nuclear Project Back on Track.
MERGERS AND ACQUISITIONS
Noble Energy to Acquire Rosetta Resources - Noble Energy (NYSE:NBL) says that it will acquire shale oil producer Rosetta Resources (NASDAQ:ROSE) for about $2.1 billion in stock.
LNG
DoE Gives Export Permission to Cheniere's Corpus Christi Facility - The U.S. Department of Energy has granted permission for Cheniere Energy's (NYSE:LNG) Corpus Christi facility to export up to 2.1 billion cubic feet per day of liquefied natural gas (LNG) over the next 20 years from Cheniere Energy's planned Corpus Christi facility to countries without a free trade agreement with the U.S.
Anadarko Picks Contractor for Mozambique LNG Plant - Sources tell Bloomberg that Anadarko Petroleum Corporation (NYSE:APC) (The Woodlands, Texas) will use Chicago Bridge & Iron Company (NYSE:CBI) (The Hague, Netherlands) as its main contractor for construction of a potential $15 billion LNG plant in Mozambique.
Canada Aboriginals Vote Against LNG Plant - Canada's Lax Kw'alaams Band in northern British Columbia rejected the $960 million in compensation offered by Malaysia's Petronas to build an LNG terminal on its ancestral lands. For more information, see May 13, 2015, article - British Columbia LNG Project One Vote Away from Being Rejected.
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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, five offices in North America and 10 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.
OIL & GAS PRODUCTION
Pennsylvania May Tighten Environmental Rules, Impose New Taxes on Oil & Gas Producers - Oil & Gas companies are opposing Pennsylvania Governor Tom Wolf's efforts to tighten environmental regulation of drilling in the Keystone State and enact a new extraction tax on natural gas to fund education. But the measures are playing well with the public, according to local news media reports, suggesting they may well become law before too long.
North Dakota Shows Surprise Oil Production Increase in March - North Dakota reported that oil production in the state grew to about 1.2 million BBL/d in March, an increase of about 1%. The state reported that 189 wells were completed by Exxon Mobil Corporation (NYSE:XOM), Hess Corporation (NYSE:HES), Continental Resources Incorporated (NYSE:CLR) and ConocoPhillips (NYSE:COP). Natural gas production rose 14% to 47.2 million cubic feet.
Shell Gets Go-Ahead for Arctic Drilling - On May 11, the U.S. Department of the Interior gave Royal Dutch Shell plc (NYSE:RDS-A) permission to have two rigs drill up to six exploratory wells off the coast of Alaska.
U.S. Crude Oil Reserves Decline, but Global Glut Remains - A report on Wednesday from the U.S. Energy Information Administration (EIA) said that U.S. crude oil reserves had declined by 2.2 million barrels last week. This was welcome news to many and a cause for modest gains in the prices of Brent and West Texas Intermediate (WTI) crude oils. Several weeks of declining rig counts and well completions seem to be having some effect on U.S. output. The decline put U.S. oil stocks at 484.84 million barrels, and marks the second week in a row that there has been a drawdown.
However, the declines in U.S. oil reserves are having only a modest effect on global oil supply, particularly as the Organization of Petroleum Exporting Countries (OPEC) continues ramping up production. Several reports this week suggest that a global drawdown on crude oil supplies will not occur anytime soon.
POWER
G7 Ministers Open North Sea Windfarm - One of Germany's largest offshore windfarms has been officially opened by leading energy ministers from the G7 industrialized nations. The 295-megawatt (MW) Nordsee Ost windfarm in the German North Sea was inaugurated by German Minister of Economics Sigmar Gabriel, and fellow ministers from the G7 states, who were attending a two-day meeting in Hamburg on energy security challenges.
Duke Windfarm in Texas Enters Commercial Operations - Duke Energy's (NYSE:DUK) 200-MW Los Vientos III Windpower Project in Texas has achieved commercial operation. The output from the windfarm will be purchased by Austin Energy.
Hungary Cements Paks II Nuclear Deal with Russia - Hungary's government has confirmed a contract with Russia's state-owned Rosatom Corporation (Moscow) to build its second nuclear power plant. The news comes just weeks after the European Union's (EU) nuclear watchdog, Euratom, approved a vital and contentious fuel-supply deal between Hungary and Russia for the Paks II nuclear project. For additional information, see April 27, 2015, article - Hungary's Paks II Nuclear Project Back on Track.
MERGERS AND ACQUISITIONS
Noble Energy to Acquire Rosetta Resources - Noble Energy (NYSE:NBL) says that it will acquire shale oil producer Rosetta Resources (NASDAQ:ROSE) for about $2.1 billion in stock.
LNG
DoE Gives Export Permission to Cheniere's Corpus Christi Facility - The U.S. Department of Energy has granted permission for Cheniere Energy's (NYSE:LNG) Corpus Christi facility to export up to 2.1 billion cubic feet per day of liquefied natural gas (LNG) over the next 20 years from Cheniere Energy's planned Corpus Christi facility to countries without a free trade agreement with the U.S.
Anadarko Picks Contractor for Mozambique LNG Plant - Sources tell Bloomberg that Anadarko Petroleum Corporation (NYSE:APC) (The Woodlands, Texas) will use Chicago Bridge & Iron Company (NYSE:CBI) (The Hague, Netherlands) as its main contractor for construction of a potential $15 billion LNG plant in Mozambique.
Canada Aboriginals Vote Against LNG Plant - Canada's Lax Kw'alaams Band in northern British Columbia rejected the $960 million in compensation offered by Malaysia's Petronas to build an LNG terminal on its ancestral lands. For more information, see May 13, 2015, article - British Columbia LNG Project One Vote Away from Being Rejected.
.....
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, five offices in North America and 10 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.
