Last updateThu, 20 Sep 2018 3pm


OPEC Producers Key to World Supply Through 2040

OPEC will maintain its role as a key oil supplier through to 2040, although output from non-OPEC producers will help ensure adequate supply in the years to 2030. Wood Mackenzie said it expects the U.S. lower 48 to enjoy continued growth through the medium-term, with its crude and condensate production reaching a plateau of over 11 million barrels per day in the mid to late-2020s. Once the U.S. plateaus, total non-OPEC liquids production will lose its growth momentum and begin to decline post-2030. 

China a Key Destination for Increasing U.S. Energy Exports

In recent years, as its domestic energy consumption has grown, China has become a more significant destination for U.S. energy exports. In particular, China has been among the largest importers of U.S. exports of crude oil, propane, and liquefied natural gas.

In 2017, more U.S. crude oil was sent to China than any other destination except Canada. China received more U.S. crude oil in 2017 than the third- and fourth-largest importers, the UK and Netherlands, combined. China has been the world’s largest net importer of total petroleum and other liquid fuels since 2013 and surpassed the U.S. as the world’s largest gross crude oil importer in 2017. 

U.S. Oil and Gas Revenues at Four-Year High

The 50 largest U.S. exploration and production (E&P) companies increased capital expenditures for the first time since 2014, according to the EY U.S. Oil and Gas Reserves Study 2018. Companies also reported the highest oil reserves during the five-year study period (2013–2017), while US oil production posted an average 4% annual growth, even accounting for a modest decline in output in 2016.

The survey, which analyzes U.S. E&P results based on 2017 end-of-year U.S. oil and gas reserve estimates, found that study companies reported capital expenditures of $114.5 billion — 32% higher than 2016 and 5% higher than 2015. Similarly, study companies’ revenues amounted to $135.9 billion — up 32% from 2016 and the highest since 2014 as a result of improved commodity prices. 

U.S. Sees Surge in Drilled Natural Gas Wells

The American Petroleum Institute (API) released its quarterly well completion report for the second quarter of 2018 showing a 265% increase in estimated exploratory gas well completions as compared to the second quarter of 2017.

Today’s report shows the continued growth and strength of U.S. energy production,” said API chief economist Dean Foreman. “Right now, the U.S. production is supplying substantially all the growth in oil demand throughout the world. For this growth and dominance to continue, our energy infrastructure must keep pace with production especially in areas like the Permian Basin in Texas and the Bakken in North Dakota that have experienced major growth in natural gas and oil production.” 

$550M Natural Gas Project Underway in Texas

Permico Midstream Partners' Texas NGL Project, a $550 million natural gas liquids separation project, “received eight years of tax abatements from Nueces County,” the Houston Chronicle  reports.

“The Houston company includes a natural gas liquids fractionator that can process around 300,000 barrels of liquids a day and separate them into their component parts, such as ethane, propane and butane. The facility would be connected to more than 500 miles of pipelines from the Permian Basin in West Texas to the Gulf Coast.” 

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