04262018Thu
Last updateThu, 26 Apr 2018 2pm

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U.S. Will Be Net Energy Exporter by 2022

The U.S. has been a net energy importer since 1953, but the Energy Information Administration’s (EIA) new Annual Energy Outlook 2018 (AEO2018) projects the U.S. will become a net energy exporter by 2022. In the AEO2018 sensitivity cases that incorporate assumptions supporting larger growth in oil and natural gas production or that have higher oil prices, this transition is projected to occur earlier. In the high oil and gas resource and technology case, favorable geology and technological developments produce oil and natural gas at lower prices, supporting exports that increase over time. 


Houston-Area Petrochemical Producers Look Beyond the U.S.

On January 31, 2018 at the "ICIS Outlook Seminar in Houston, analysts said that the region's largest plastics manufacturers are searching overseas for new export markets amid a mounting domestic glut,” the Houston Chronicle  reports.

“ICIS anticipates that through 2019, the U.S. will increase its polyethlyene production by 6.5 million tons a year. Through 2022, production could balloon by 12.1 million tons a year, increasing current production levels by nearly 75%.” 

Interior Dept. Speeds Up Process to Lease Federal Land

In an attempt to “simplify and streamline” the process, “the U.S. Department of the Interior this week quietly removed Obama-era reforms to the leasing of federal land for oil and gas drilling,” Reuters  reports.

This just-released memo removes any reforms “aimed at including input from environmentalists and local tourist industry groups in the process of leasing federal land for drilling, which the oil and gas industry said was time-consuming and redundant.” 

Oil & Gas Lease Sales Generated $360 Million in 2017

The Bureau of Land Management (BLM) state offices in 2017 generated nearly $360 million from oil and gas lease sales, an 86% increase over the previous year's results of $192.5 million. Among these sales, which together were the highest in nearly a decade, rights to a total of 949 parcels, covering 792,823 acres, were sold.

BLM New Mexico had the largest sale of the year, generating approximately $130.9 million in bonus bids on Sept. 7, while a BLM Wyoming sale on Feb. 7, generated $128.9 in total bonus bids. In 2017, the BLM conducted 28 lease sales around the nation. 

North Texas Water Reservoir Receives Permit

A permit has been issued for the long-awaited Lower Bois d’Arc Reservoir (LBCR). The permit was required under the federal Clean Water Act. The North Texas Municipal Water District has been working for over 15 years with federal, state and local officials on planning for the new lake.

Construction, estimated to cost more than $1.2 billion, is planned to begin this spring with completion in 2022. The Texas Water Development Board has already approved the money in low-interest funding for the project through the State Water Implementation Fund for Texas (SWIFT) program, which is anticipated to save North Texas Municipal Water District and ratepayers nearly $200 million in financing costs. 

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