02192019Tue
Last updateTue, 19 Feb 2019 5pm

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BP Energy Outlook Predicts Rapid Growth

The 2019 edition of BP’s Energy Outlook explores the key uncertainties that could impact the shape of global energy markets out to 2040. The greatest uncertainties over this period involve the need for more energy to support continued global economic growth and rising prosperity, together with the need for a more rapid transition to a lower-carbon future. These scenarios highlight the dual challenge that the world is facing.

In the ‘Evolving Transition’ scenario, which assumes that government policies, technologies and societal preferences evolve in a manner and speed similar to the recent past: Global energy demand increases by around a third by 2040, driven by improvements in living standards, particularly in India, China and across Asia. 


Meridian Planning New Permian Basin Refinery

Meridian Energy Group, Inc. is investing in a new full-conversion refinery that will process local Permian (Delaware Basin) crude oil into a full slate of refined products for local and regional markets. The Meridian facility in the Permian Basin will have a throughput capacity of approximately 60,000 bpd and will otherwise be modeled on the company’s Billings County (ND) Davis Refinery, which is currently in construction. 

China Growing More Sophisticated in Use of Cyber-Attacks

If you ask the U.S. intelligence community what remains the top threat to the nation in 2019, they’ll tell you that it’s cyber-attacks from foreign countries; particularly China and Russia.

"China presents a persistent cyber espionage threat and a growing attack threat to our core military and critical infrastructure systems," Director of National Intelligence Dan Coats said in his Jan. 29 prepared statement to the Senate Intelligence Committee. "China remains the most active strategic competitor responsible for cyber espionage against the U.S. government, corporations, and allies. It is improving its cyber-attack capabilities and altering information online, shaping Chinese views and potentially the views of U.S. citizens." 

Texas Crude Oil Production Sets New High in 2018

The Texas Independent Producers & Royalty Owners Association (TIPRO) released the fourth edition of its State of Energy Report, offering a detailed analysis of national and state trends in oil and natural gas employment, wages and other key economic factors for 2018.

Oil production in Texas totaled a record 1.54 billion barrels (bbl) in 2018, surpassing a previous record of 1.28 billion bbl set in 1973. The second largest producer of oil in 2018 was North Dakota (443 million bbl), followed by New Mexico (226 million bbl), Oklahoma (187 million bbl), and Alaska (175 million bbl). 

Global Chemicals Output Ends 2018 with Solid Growth

Data collected and tabulated by the American Chemistry Council (ACC) reveal that global chemicals production rose 0.3% in December. This follows stable activity in November, a 0.1% gain in October, and weak activity in August and September. During December, production gained in North America, Latin America, the former Soviet Union (FSU), Africa and the Middle East, and Asia-Pacific, but fell in Europe. With softness earlier in the year, the Global Chemical Producing Regional Index (Global CPRI) was off 0.3% year-over-year on a three-month moving average basis and stood at 116.1% of its average 2012 levels. For 2018 as a whole, global production rose just 0.9%. 

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