Last updateWed, 21 Mar 2018 8pm


ExxonMobil Plans $50B in Investments Over Next 5 Years

“At ExxonMobil, we plan to invest more than $50 billion over the next five years to expand our business in the United States. These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law,” ExxonMobil CEO Darren Woods said in a recent announcement.

“For instance, we will be investing billions of dollars to increase oil production in the Permian Basin in West Texas and New Mexico, expand existing operations, improve infrastructure and build new manufacturing sites.” 

$150 Million Natural Gas Plant Planned in ND

Hess Midstream Partners LP has formed a joint venture with Targa Resources Corp. to construct a new 200 million standard cubic feet per day gas processing plant called Little Missouri Four (LM4). The new gas plant will be located at Targa’s existing Little Missouri facility, south of the Missouri River in McKenzie County, ND.

Construction costs for LM4 are anticipated to be approximately $150 million. In addition, Hess Midstream and HIP will also invest approximately $100 million gross for new pipeline infrastructure to gather volumes to the LM4 plant. 

Oil & Gas Firms to Increase Capital Expenditure in 2018

After three tough years, confidence in oil & gas industry growth has risen globally from 32% in 2017 to 63% this year. Two thirds (66%) of respondents say their company will maintain or increase capital spending in 2018, compared to 39% last year.

DNV GL’s annual report reveals an imminent turnaround in spending on R&D and innovation after three years of cuts and freezes. More than a third (36%) of 813 senior sector players surveyed, expect to increase spending on R&D and innovation in 2018: the highest level recorded in four years. Digitalization (37%) and cyber security (36%) will form the principal areas of R&D investment focus this year. 

Construction of Cactus II Pipeline Proceeding

A subsidiary of Plains All American Pipeline, L.P. is proceeding with construction of a new pipeline system from the Permian Basin to the Corpus Christi/Ingleside area, known as the Cactus II Pipeline. Permitting, right-of-way and procurement activities are underway, and subject to receipt of necessary permits and regulatory approvals, the Cactus II Pipeline is targeted to be operational in the third quarter of 2019.

The Cactus II Pipeline includes a combination of existing pipelines and two new pipelines. The first new pipeline will extend from Wink South to McCamey, TX, and the second pipeline will extend from McCamey to the Corpus Christi/Ingleside area. 

Continued Growth for Texas Oil Output Expected This Year

Last year was an important year of growth and recovery for the upstream oil and gas industry in Texas, according to the Texas Petro Index (TPI), which marked its 13th consecutive increase in December by improving to 188.8, nearly 25% higher than then December 2016 TPI of 151.2.

Noting that predictions of future crude oil prices "are all over the map," economist Karl Ingham said, "at this point, there is every reason to believe 2018 will be another year of general growth and expansion in the Texas upstream oil and gas economy, characterized by increasing rig counts, higher numbers of wells drilled, and continued growth in industry employment.” 



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