Last updateThu, 29 Jul 2021 9pm

Oil, Gas Production Reach New Highs in New Mexico

New Mexico had record-high production of crude oil and natural gas in March 2021, according to the U.S. Energy Information Administration, averaging 1.16 million barrels per day of crude oil and 6.19 billion cubic feet per day of natural gas. The March 2021 increases in crude oil and natural gas production were the largest monthly increases on record for New Mexico. The increased production occurred after a month when production fell in response to the extreme winter weather in the U.S. South Central region. New Mexico's increased production in March was a result of both new wells coming online for the first time and existing wells coming back online after being shut in during the cold snap. 

TC Energy Officially Ends Keystone XL Pipeline Project

TC Energy Corporation confirmed that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the $9 billion Keystone XL Pipeline Project. Construction activities to advance the project were suspended following the revocation of its Presidential Permit on January 20, 2021. 

Global Energy Investments Set to Recover in 2021

Global investment in energy is set to rebound by nearly 10% in 2021 to $1.9 trillion, reversing most of last year’s drop caused the COVID-19 pandemic, but spending on clean energy transitions needs to accelerate much more rapidly to meet climate goals, according to a new report from the International Energy Agency.

With energy investment returning to pre-crisis levels, its composition is continuing to shift towards electricity: 2021 is on course to be the sixth year in a row that investment in the power sector exceeds that in traditional oil and gas supply, according to the World Energy Investment 2021 report. 

U.S. Energy Consumption in 2020 Only Increased for Renewables

The U.S. Energy Information Administration recently updated its U.S. energy consumption by source and sector chart with 2020 data. All sources for U.S. energy consumption totaled 92.9 quadrillion British thermal units in 2020, a record 7% decrease from 2019. Consumption decreased for all fuels compared with 2019 except renewable energy, which increased by 2%. Petroleum consumption decreased 13%, natural gas decreased 2%, coal decreased 19%, and nuclear electric power decreased 2%. 

U.S. Petroleum Demand Returning to Normal

According to the American Petroleum Institute, April 2021 evidenced momentum for the broader U.S. economic recovery, as petroleum demand and refining activity rose, supply remained solid and leading economic indicators pointed higher.

Total U.S. petroleum demand of 19.6 million barrels per day (b/d) rose by 2.5% from March and to within 3.5% of its level in April 2019, which was its highest for the month in 11 years. With increased demand but steady supply, the U.S. remained a petroleum net importer in April for a second consecutive month. 

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