Last updateTue, 26 Mar 2019 2pm


Renewables, Natural Gas Make Up Most New Power Generation in 2019

According to EIA’s latest inventory of electric generators, 23.7 gigawatts (GW) of new capacity additions and 8.3 GW of capacity retirements are expected for the U.S. electric power sector in 2019. The utility-scale capacity additions consist primarily of wind (46%), natural gas (34%), and solar photovoltaics (18%), with the remaining 2% consisting primarily of other renewables and battery storage capacity. 

BP Discovers One Billion New Barrels of Oil in Gulf of Mexico

BP has approved a major expansion at the Atlantis field in the U.S. Gulf of Mexico and has also identified significant additional oil resources that could create further development opportunities around the production hubs it operates in the region.

The approval for this latest development comes after recent BP breakthroughs in advanced seismic imaging and reservoir characterization revealed an additional 400 million barrels of oil in place at the Atlantis field. Application of this technology and reservoir characterization has now identified a further 1 billion barrels of oil in place at the Thunder Horse field. 

Global Chemicals Production Remained at Slow Pace in Fourth Quarter

Data collected and tabulated by the American Chemistry Council (ACC) shows that global chemicals production rose slightly (by 0.1%) in November 2018 after a similar gain in October and weak activity in August and September. With softness earlier in the year, the Global Chemical Production Regional Index (CPRI) was off 0.1% year-over-year (Y/Y) on a three-month moving average (3MMA) basis and stood at 115.9% of its average 2012 levels.

During November, capacity utilization in the global chemical industry eased 0.1 points to 83.1%. This is down from 86.0% last November and below the long-term (1987-2017) average of 86.5%. 

Texas Oil and Gas Sector Growth Stalls

Growth in energy sector activity slowed significantly in fourth quarter 2018, according to oil and gas executives responding to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of conditions facing Eleventh District energy firms—remained positive, but barely so, plunging from 43.3 in the third quarter to 2.3 in the fourth. Readings near zero indicate activity was largely unchanged from the prior quarter, a break from the 10-quarter-long trend of rising activity. The decrease in the fourth-quarter index was driven by both exploration and production (E&P) and oilfield services firms. 

Eagle Ford Oil Growth to Stall in 2019 Amid Weak Prices

According to consulting firm Rystad Energy AS “drillers in the Eagle Ford, Texas’s other shale oil patch, will likely scale back activity in 2019 as lower crude prices eat into cash flows,” Bloomberg reports.

“Production has already started slowing. Supplies this month are expected to average below 1.3 MMbod for the first time since May.” 

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