12142017Thu
Last updateThu, 14 Dec 2017 8pm

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ExxonMobil Adds 22,000 Acres in Permian Basin

ExxonMobil has added 22,000 acres to its Permian Basin portfolio since May through a series of acquisitions and acreage trades. Located in the highly prolific, stacked oil pay zones of the Delaware and Midland Basins, the new acreage adds to the company’s existing 6 billion barrels of oil equivalent Permian Basin resource base.

The recent transactions represent important additions to ExxonMobil’s established core positions in the Delaware and Midland Basins. In February, ExxonMobil acquired 250,000 acres in the Delaware Basin from companies owned by the Bass family of Fort Worth. In the Midland Basin, the company has doubled its core operated acreage to more than 130,000 acres through multiple transactions over the last few years. 


Petroleum Demand in August Highest in a Decade

Total petroleum deliveries in August moved up by 1.3% from August 2016 to average 20.5 million barrels per day. These were the highest August deliveries in 10 years, since 2007. Compared with July, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased 0.6%. For year-to-date, total domestic petroleum deliveries moved up 1.3% compared to the same period last year.

“Strong economic growth is boosting petroleum demand,” said API director of statistics Hazem Arafa. “Meanwhile domestic production remains high allowing consumers and businesses to continue to enjoy relatively low fuel costs. This is a winning combination.”

Gasoline deliveries in August were down from the prior month, the prior year, and the prior year to date. Total motor gasoline deliveries, a measure of consumer gasoline demand, decreased 1.5% from August 2016, to average 9.5 million barrels per day–but remained the fourth highest deliveries to date. 

China Leads in Wind and Solar Generation Capacity

China is the world’s largest consumer of coal, but it also has more wind and solar generation capacity than any other country in the world. This is just one insight drawn from the new and updated edition of Key World Energy Statistics released by the International Energy Agency (IEA).

Also added is more information on energy use, including that industrial energy use in China and transport use in the U.S. are both by themselves larger than all final energy use in the next largest consumer, India. 

BSEE Director Charts Path for Robust Offshore Energy Production

Bureau of Safety and Environmental Enforcement (BSEE) director Scott Angelle discussed the work underway at BSEE with industry members at the Louisiana Oil & Gas Association Fall Meeting Tuesday in Lafayette, LA.

“We are in a time of change,” explained Angelle. “Now is the time to move beyond the goal of energy independence to energy dominance.”

Discussing the steps that BSEE is taking to move forward, Angelle said that regulatory reform, integrating a risk-based protocol into the inspection program, and reviewing permit processes to increase efficiency are all efforts underway at BSEE. 

What's Affecting Crude Oil Price Differentials, Refining Decisions

Growth in global liquid fuels supply since March 2017 has been driven by increases in the production of historically higher-priced light crude oils. This growth has more than offset recent declines in the production of medium and heavy crude oils. As these production trends continue, price differences between certain crude oils are narrowing, and refinery operation decisions are changing.

Global production of light crude oil has increased, the U.S. Energy Information Administration (EIA) reports. Libya and Nigeria, which are not participating in OPEC’s production cuts, have increased production of their light-sweet crude oil in recent months. In addition, much of the increase in U.S. crude oil production has come from shale formations in the lower 48 states, which contain primarily light-density crude oil. 

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