01222019Tue
Last updateTue, 22 Jan 2019 8pm

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IEA: U.S. May Become Single Largest Oil, Gas Producer

Analysis from the International Energy Agency’s World Energy Outlook 2018 shows oil consumption growing in coming decades, due to rising petrochemicals, trucking and aviation demand. But meeting this growth in the near term means that approvals of conventional oil projects need to double from their current low levels. Without such a pick-up in investment, U.S. shale production, which has already been expanding at record pace, would have to add more than 10 million barrels a day from today to 2025, the equivalent of adding another Russia to global supply in seven years – which would be an historically unprecedented feat


Poland Makes Deal with Cheniere for LNG

Poland has signed a landmark 24-year deal for liquefied natural gas (LNG) with U.S. supplier Cheniere Energy.

Poland, like much of Europe, relies on Russian imports for two-thirds of its gas needs but it is actively seeking alternatives with the U.S., Norway and Qatar. Cheniere will be providing an average of 1.45 million tons of LNG per year.

The companies did not reveal the value of the deal, but PGNiG's Piotr Woźniak, president of the management board, said that the price would be 20% to 30% less than the price Poland pays for Russian gas from state-owned Gazprom. 

China Boosting Shale Oil, Gas Production

“China’s biggest energy producers are tapping more tight oil and gas wells, aiming to increase domestic oil and natural gas production at the world’s largest crude oil importer and what will soon be the world’s top natural gas importer,” Oilprice.com  reports.

“As part of a government push to boost domestic energy supply, China National Petroleum Corporation (CNPC) and Sinopec are raising investments to increase local oil and gas production and are accelerating drilling at tight oil and gas formations in western China, the companies have recently announced.” 

Ethanol Producers Reeling from Trade War

“U.S. ethanol producers drew a bleak picture of their industry in quarterly filings and analyst calls this week, detailing how the critical farm belt business has been devastated by President Donald Trump's trade war with China and biofuels management policies that they say have tilted toward oil refiners,” Reuters  reports.

“The ethanol business had grown for years at breakneck speed but its outlook has dimmed due to Washington's aggressive protectionist stance and the administration's unpredictable management of its renewable fuel program.” 

API Urges Drillers to Use Automatic Shutoff Valves

The American Petroleum Institute (API) recently released its newest valve standard. The latest edition includes new automatic closure requirements, to ensure additional protection for workers and the environment in loss of power and emergency situations.

“The safety of our operations is of paramount importance to our industry. Each day more than 1.6 million barrels of oil are pumped from hundreds of deepwater wells in the Gulf of Mexico. Ensuring the immediate closure of valves connecting underwater production systems to surface facilities will help keep workers safe and adds an additional layer of environmental protection where they operate,” said Debra Phillips, vice president of API Global Industry Services. 

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