U.S. Oil Production Growth, TotalEnergies: Your Daily Energy News

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

PRODUCTION
EIA: U.S. Crude Oil Production Growth to Slow Sharply in 2024 - The U.S. Energy Information Administration (EIA) on Tuesday cut its forecast for domestic oil growth in 2024 by 120,000 barrels per day (BBL/d) to 170,000 BBL/d, sharply lower than last year's output increase of 1.02 million BBL/d. U.S. crude oil production will rise to 13.21 million BBL/d this year, the EIA said in its most recent Short Term Energy Outlook. The agency had previously projected that crude production would rise this year by 290,000 BBL/d. (Reuters)

TotalEnergies to Exit Nigeria Onshore Oil Production - TotalEnergies SE (NYSE:TTE) (Courbevoie, France) is seeking to sell its minority share in a major Nigerian onshore oil joint venture, following Shell plc's (NYSE:SHEL) (London, England) divestment last month, TotalEnergies Chief Executive Patrick Pouyanne said. The Shell Petroleum Development Company of Nigeria Limited (SPDC), in which TotalEnergies holds a 10% stake, has struggled with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits over the years. "We want to divest our share of SPDC, and we are looking to reshape the portfolio," Pouyanne said at TotalEnergies' annual results presentation on Wednesday. (Reuters)

POWER
Spain's Wind Power Output Swells - Spain's electricity system hit a new green milestone in 2023 as electricity generated from wind exceeded electricity output from fossil fuel sources for the first time. Wind power generated 61.09 terawatt hours (TWh) of electricity in 2023, according to energy think tank Ember, exceeding the 61.04 TWh generated from all fossil fuel sources in Spain last year. Wind's cumulative generation tally was Spain's highest from all sources in 2023, surpassing totals generated from natural gas (54.4 TWh), nuclear (54.4 TWh) and hydropower (24.25 TWh). (Reuters) .....

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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 commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).