YPF’s 2018 hydrocarbon production will likely fall by 3% to 4% on the year as low natural gas demand forces it to close wells and shift its focus to Vaca Muerta shale oil.
The risk of declining Chinese demand for oil is worrying Middle East officials more than Iran’s supply curbs resulting from U.S. sanctions.
“We are not going to stop until we export US$ 30 billion in gas and oil from Vaca Muerta,” said Argentina president Mauricio Macri.
A total of 64 planned and announced crude and natural gas projects are expected to commence operations in sub-Saharan Africa between 2018 and 2025.
“Russia attaches great importance to the development of mutually beneficial cooperation with Germany in the political, economic and other areas.
Moscow is manoeuvring itself to take advantage of the rapprochement on the Korean peninsula by reviving a decades-old energy megaproject that would connect Russian gas…
The unprecedented investment programme will underpin a new downstream strategy to significantly expand ADNOC’s refining and petrochemical operations…
Venezuelan oil expert Carlos Mendoza Potellá was interviewed recently by the “Panorama” newspaper: he referred to the deterioration of the country’s petroleum industry…
PetroChina’s profit fell 78% to the lowest on record as the oil price crash punished the country’s biggest oil and gas producer for a third year. Net income dropped to 7.86 billion yuan (US$1.1 billion). While PetroChina expects its crude production to fall a second year in 2017, it sees gas sales rising 10% this year and to be its main growth driver to the end of the decade. PetroChina expects its 2017 global crude production to be 879 million barrels, down 4.5%.
The U.S. Senate has approved a wide-ranging energy bill that could “bring us one step closer to being an energy superpower” according to the Chairwoman of the Senate Energy and Natural Resources Committee. The bill would promote a variety of energy sources and speed federal approval of projects to export liquified natural gas (LNG) to Europe and Asia. The bill would also boost renewables, such as solar power and wind power, as well as natural gas, hydropower and geothermal energy. It also would update building codes to increase efficiency, strengthen electric-grid safety standards and reauthorize a half-billion dollar conservation fund that protects parks and other public lands. The bill must now be reconciled with a House-passed version that boosts fossil fuels such as oil, coal and natural gas. President Barack Obama has threatened to veto the House measure.
OEF REVIEW:On March 7, Kokam announced that it had deployed two battery energy storage systems powered by nickel manganese cobalt oxide in South Korea. The company said that the 24-MW / 9-MWh system is the largest capacity Lithium NMC ESS used for frequency regulation in the world. Kokam said that its batteries provide ultra high power technology, which is designed for high-power energy storage applications, such as frequency regulation, wind or large solar power system ramp rate control, Uninterrupted Power Supply (UPS) and voltage support.
OEF REVIEW:“Hydraulic fracturing remains a highly contentious public policy issue because of concerns about the environmental and health effects of its use. This Critical Issue Paper is written as a primer for the general public, journalists, and even resource professionals who may have difficulty finding objective, credible information about hydraulic fracturing of shales and other unconventional sources and related environmental concerns.
OEF REVIEW:A potential initial public offering is under review for Saudi Arabian Oil Co., also known as Aramco, Mohammed bin Salman, the kingdom’s deputy crown prince, said in an interview with The Economist. A decision will probably be taken in the next few months, he said, without giving further details. “Personally I’m enthusiastic about this step,” Salman said. “I believe it is in the interest of the Saudi market, and it is in the interest of Aramco” by helping to promote transparency and counter corruption, he said. “This is an epochal change in the oil industry,” said Bob McNally, founder of Washington-based consultant The Rapidan Group and a former senior White House official. “Saudi Arabia is getting ready to ride the oil-price roller-coaster, not control it.”
