Last updateWed, 21 Mar 2018 8pm


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. 

TransCanada Turns Attention to Natural Gas System

TransCanada Corp. will move forward with a $1.9 billion expansion of its NGTL System to connect incremental supply and expand basin export capacity by one billion cubic feet of natural gas per day at the interconnection with its Canadian Mainline. NGTL expects to begin construction in 2019.

The incremental receipt and export delivery contracts will drive a $1.9 billion expansion program that will include approximately 233 miles of large diameter pipeline, compression facilities, meter stations and other associated facilities. The $1.9 billion program supplements NGTL’s current ongoing substantial capital expansion program, bringing the total near-term NGTL growth commitment to approximately $5.8 billion. 

U.S. Oil Output Surge Reminiscent of Run-Up to 2014 Dive

According to the International Energy Agency (IEA), fast rising production in non-OPEC countries, led by the U.S., is likely to grow by more than demand in 2018. For now, the upward momentum that drove the price of Brent crude oil to $70/bbl has stalled; partly due to investors taking profits, but also as part of the corrections we have seen recently in many markets. Most importantly, the underlying oil market fundamentals in the early part of 2018 look less supportive for prices.

The components of the oil market balance are dynamic, and a lot can change in the next few months: the deteriorating situation in Venezuela is one obvious candidate, and the apparent buoyancy of the global economy could deliver higher demand growth than we currently anticipate. As a result, prices could be maintained at recent levels even as U.S. production rises. If so, most producers will be happy, but if not, history might be repeating itself. 



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