The next bottleneck to hit the shale sector could form at the Port of Corpus Christi in Texas unless port officials expedite plans to deepen and widen the channel to accommodate larger ships, according to Sandy Fielden, Morningstar director of research for commodities and energy. Crude oil flows to Corpus Christi are expected to rise by over 1.5 million barrels per day in the second half of 2019 as new pipelines come online, Fielden said.
The Commerce Department has received over 500 requests for steel tariff exemptions for pipe and related materials from companies including Plains All American Pipeline, Kinder Morgan and Hess since the levies were announced earlier this year. Since imports make up about 77% of steel used in US pipelines, the industry is concerned that steel tariffs will raise project costs, cause delays and affect the price of oil.
Cox Oil has agreed to buy troubled offshore driller Energy XXI Gulf Coast in a $322 million deal that is expected to close in the third quarter. Energy XXI emerged from bankruptcy protection over a year ago but has not fully recovered financially.
US federal lands and waters produced an average of about 2.22 million barrels of crude per day in fiscal 2017, marking the highest level since at least 2007 and representing a 7% increase from 2016, according to the Interior Department's Office of Natural Resources Revenue. Meanwhile, federal natural gas production slipped 5% to 4.36 billion mcf.
Canadian oil and natural gas producer Baytex Energy has agreed to acquire rival Raging River Exploration in a $2.1 billion all-stock deal that is seen as boosting Baytex's Canadian shale operations. The combined entity is expected to produce 100,000 to 105,000 barrels of oil equivalent per day next year.
The time has arrived for the US to cast off outdated energy sources, such as coal and nuclear, and embrace new clean energy options that are good for the environment and enjoy the broad support of states, businesses and educational institutions, write Bruce Speight and Kim Rice. "The organizations and governments that are setting goals for a clean-energy future are acknowledging a crucial truth: The future we dream of is only possible if we get our energy systems out of the past," they write.
The creation of an interstate Western power grid would help California and its neighbors accelerate their clean energy transition in a cost-effective and efficient way, writes V. John White, executive director of the Center for Energy Efficiency and Renewable Technologies. "By participating with the Western power grid, we can create sustainable jobs and lower rate payers' electricity bills while helping the state reach its ambitious climate goals," he writes.
The Public Service Company of Oklahoma is working with the city of Bixby, Okla., to resolve concerns about PSO's proposed Wind Catcher Energy Project, says PSO spokesperson Stan Whiteford. Despite a Bixby City Council decision Monday to advance the city's opposition to the project, Whiteford says the project has broad support in Oklahoma and would deliver huge tax benefits to Bixby and other cities.
Vestas has won a contract to supply Spanish construction firm Elecnor with 20 V117 3.3-megawatt turbines for its 66-MW Toabre project in Panama, said the companies. "Vestas continues to build its footprint in Latin America through its market-leading wind energy solutions and hereby support the many Latin American countries that are accelerating the transition to renewables," noted Vestas LatAm Senior Director of Sales Enric Catala.
Dutch firms GustoMSC and Barge Master are working on a new Jones Act-compliant, motion-compensated feeder tool that they say will make it easier to install offshore wind turbines in the US. "By offering this steady top feeder barge, GustoMSC and Barge Master offer the capability to overcome current hurdles and make the successful development of the first US offshore wind projects possible within time and budget constraints," said GustoMSC.
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