02222018Thu
Last updateThu, 22 Feb 2018 2pm

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U.S. Refiners Increasingly Turning to Export Markets

“U.S. gasoline consumption has leveled off as the stimulus provided by low and falling oil prices between 2014 and 2016 has faded, so refiners are increasingly turning to diesel and customers in emerging markets,” Reuters  reports.

“In geographical terms, the fastest growth in consumption will come from outside the United States and the other advanced industrial economies. Developing economies accounted for most of the growth in oil consumption between 2004 and 2014 but were hit hard by the slump in commodity prices during 2015 and 2016.” 


$900M Power Plant Planned for Indiana

Vectren Energy Delivery of Indiana is proposing to install an additional 50 megawatts (MW) of universal solar and build an 800 to 900-MW natural gas-fired generation facility in addition to other critical investments that will significantly change the way the company generates power for the region.

The estimated $900-million natural gas facility, the cost for which includes the natural gas pipeline needed to serve it, would be constructed at the current site of the A.B. Brown power plant in Posey County, IN. The solar array will be located in Vectren’s electric service area in southwestern Indiana and will consist of more than 150,000 solar panels on nearly 300 acres. 

Energy Producers Surprised They Can Reduce Emissions

A new report published by the Energy Institute sheds light on the attitudes of global oil and gas professionals towards reducing the climate change impacts of natural gas. In the survey, 90% of oil and gas professionals see a role for industry in developing and implementing carbon capture and storage (CCS), but two-thirds express surprise at the scope for reducing potent fugitive methane emissions in their own operations.

The International Energy Agenda (IEA) has assessed that it is possible to avoid 75% of current methane emissions in the natural gas supply chain, and that 40–50% of these emissions could be avoided at no net cost. 

Date Set for Largest Oil & Gas Lease Sale in U.S. History

Deputy Secretary of the Interior David Bernhardt announced that the Department will offer 77.3 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development. The region-wide lease sale, which is the largest in U.S. history, is scheduled for March 21, 2018, and will include all available unleased areas in federal waters of the Gulf of Mexico. In 2017, offshore leases helped the Department raise a billion dollars more in revenue for the year than was made off energy revenues in 2016.

Lease Sale 250, scheduled to be livestreamed from New Orleans, will be the second offshore sale under the National Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022. 

Strong Momentum for M&A Activity in the Chemical Industry

Global chemical mergers and acquisitions (M&A) activity in 2018 is expected to remain strong, as higher valuations continue to be mitigated by improving global economic conditions, continued inexpensive financing, and an appetite amongst industry participants for growth and transformative M&A transactions, according to Deloitte Global’s 2018 chemical industry mergers and acquisitions outlook.

A multitude of mega-deals which resulted in record levels of deal value in 2015 and 2016 were not seen in 2017 (46.4 $ billion). Deal volumes on the other hand were just as strong in 2017 with 637 transactions. 

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