12142017Thu
Last updateThu, 14 Dec 2017 4pm

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Texas Ranked No. 1 for Oil, Gas Investment

The Fraser Institute recently conducted its 11th annual survey of petroleum industry executives and managers. Of the 15 jurisdictions with the largest petroleum reserves, the five that rank as most attractive or least likely to deter investment are Texas, United Arab Emirates, Alberta, Kuwait and Egypt. Analysis of the 2017 petroleum survey results indicates that the extent of negative sentiment regarding key factors driving petroleum investment decisions has increased in many of the world’s regions. The U.S. continues to remain as the most attractive region for investment, followed by Europe. 


Exxon Mobil Making Big Changes to Refining

Exxon Mobil Corporation will combine its refining and marketing operations into a single company, ExxonMobil Fuels & Lubricants Company, in the first quarter of 2018. Bryan Milton, currently president of ExxonMobil Fuels, Lubricants & Specialties Marketing Company, has been appointed president of the combined division.

ExxonMobil Fuels & Lubricants Company, along with ExxonMobil affiliates, will manage crude purchasing and logistics, refining, supply, trading, midstream, marketing and sales of refined products. 

Appalachia Drives Growth in Natural Gas Production Since 2012

Shale gas production in the Appalachia region has increased rapidly since 2012, driving an overall increase in U.S. natural gas production. According to EIA’s Drilling Productivity Report, natural gas production in the Appalachia region—namely the Marcellus and Utica shale plays—has increased by more than 14 billion cubic feet per day (Bcf/d) since 2012. Overall Appalachian natural gas production grew from 7.8 Bcf/d in 2012 to 22.1 Bcf/d in 2016 and was 23.8 Bcf/d in 2017, based on EIA data through October 2017.

Drilling wells in the Appalachia region has become very productive. The average monthly natural gas production per rig for new wells in the Appalachia region increased by 10.8 million cubic feet per day since January 2012. EIA attributes this increase to efficiency improvements in horizontal drilling and hydraulic fracturing in the region, which include faster drilling, longer laterals, advancements in technology, and better targeting of wells. 

U.S. Ethanol Producers Looking for New Markets

“U.S. ethanol producers, looking to relieve a growing domestic glut, are hunting for new international fuel markets to replace China and Brazil after trade disputes slashed exports to those top buyers,” Reuters reports.

“Without new markets, U.S. producers may have to pare output after spending hundreds of millions of dollars on biofuel production plants in recent years. Currently, the most promising potential destinations for U.S. fuel exports appear to be Mexico and India, industry executives said.” 

Dow Planning $109 Million Expansion in Texas

“Dow Chemical has announced plans to expand a facility in Nederland, Texas. The complex is located on Twin City Highway — an area that local officials say was hit hard by Hurricane Harvey,” Chem.Info reports.

"Dow is looking at the possibility of modernizing its Beaumont works site, which would include a new control room and office building and new operating equipment associated with the production process," the company said in a statement. 

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