Venezuela Can Wreck U.S.-Chinese Relations

When the New York Times earlier this month reported that President Trump had met with Venezuelan military officers unhappy with the country’s government to discuss a coup against Nicolas Maduro, some observers of the events in the South American country probably winced. The implications of a U.S. military intervention in Venezuela would be way too severe for comfort. In fact, it might aggravate an already regionally spreading crisis. Besides aggravating the crisis, any more severe blow to Venezuela might well put Washington at further odds…

Source: Oilprice.com

Is The Bakken Close To Breaking?

While the Permian has experienced a drilling boom and has received tons of media attention, a lesser-known but still remarkable revival has been underway in the Bakken this year. At the same time, the increased rates of drilling in North Dakota are starting to reveal signs of strain on the basin, as drillers are increasingly forced into less desirable locations. The Bakken was hit harder than the Permian during the oil market downturn that began in 2014, with rigs and capital diverted away from North Dakota and rerouted to West Texas. Oil production…

Source: Oilprice.com

Canadian Shale Is Hitting The Wall

Plunging Canadian prices have been depressing oil producers’ realized prices and revenues, even though the U.S. benchmark and the international Brent Crude prices have rallied year to date. But it’s not only oil sands producers that have been coping with wide price differentials between Canadian crude oil prices and WTI this year. Canada’s shale drillers have also started to face widening differentials between the Canadian benchmark for light oil delivered at Edmonton and WTI, due to—unsurprisingly—insufficient pipeline…

Source: Oilprice.com

Sutton Plant Update: Initial tests show no harm to Cape Fear River from cooling lake water release

CHARLOTTE, N.C., Sept. 23, 2018 /PRNewswire/ — Initial water tests from Duke Energy’s L.V. Sutton Plant in Wilmington confirm that discharges from the cooling lake to the Cape Fear River are not harming water quality downstream. As the company has previously reported, coal ash basins remain stable. Water samples captured on Friday upstream and downstream of [Read More…]

Source: BOE Report

Maduro Looks To China For A Bailout

Venezuelan President cum dictator Nicolas Maduro has announced that his nation is set to increase its oil exports to China to a staggering one million barrels per day (bpd) over the next months. Returning from a trip to China, Venezuela’s greatest foreign financier, Maduro also said that each nation plans to invest "around five billion dollars" into this initiative by August of next year. Additionally, Maduro announced that he sold nearly 10 percent of shares in Sinovensa, a joint venture partly owned by state-owned China National Petroleum…

Source: Oilprice.com

The downward spiral – a stoned Canada quits its job to sit on a park bench and feed the birds

“Have you been making your mortgage payments?” “Relax dude, have you tried this stuff? It’s the bomb.” “I asked you a question.” “Yeah yeah, I made some payments.” “How?” “The money was still flowing in, so it was, like, easy.” “What about next month’s bills?” “Dude, relax, something will come up. We got all sorts [Read More…]

Source: BOE Report

How The Sahara Could Power The Entire World

Solar and wind farms, stretched across North Africa's Saharan desert and relying solely on existing technologies, could produce enough electricity to power the entire world. (That amount of electricity approximates over 21 terawatt hours.) As an added benefit these combined wind and solar arrays would also increase rain fail in the arid Sahel region thereby slowing the steady southern encroachment of the desert. This was the conclusion arrived at by academic researchers using supercomputers. Teams at the University of Maryland and University of…

Source: Oilprice.com

Why Peak Oil Demand Doesn’t Matter

In the previous article, I discussed the natural gas projections from the recent report Rivalry: The IHS Markit View of the Energy Future (2018-50). IHS Markit is a provider of global market data for a number of sectors, including energy. Although natural gas is projected to be the fastest-growing fossil fuel, the report also makes several important projections about the global oil market. Notably, it expects global oil consumption to continue growing by an annual average of 1.1 million barrels per day (BPD) through 2030. However, natural gas is…

Source: Oilprice.com

Here’s What’s Next For Russian LNG

A mere two years ago Russia had just one LNG project and one could rarely read about it in media outlets. With Yamal LNG, however, that has now changed completely, with a whole plethora of energy analysts in awe as NOVATEK’s project defies expectations. The project has achieved something that is entirely at odds with the current business climate in Russia – it delivered results ahead of schedule. With the 2nd train of Yamal LNG commissioned 6 months ahead of schedule this August and production coming along nicely, NOVATEK has tackled…

Source: Oilprice.com

Russian Oil Production Hits Post-Soviet Record

While there has been no love-loss between the U.S. and Russia in recent years, news coming out of Moscow yesterday was sure to cheer the most ardent Russian naysayers in both Washington and especially the U.S. energy patch. A Russian government official, according to a Bloomberg report, asking to not be named since the information hasn’t been made public yet, said on Thursday that the country’s oil production increased to a new post-Soviet high and is fluctuating between 1.54 million and 1.55 million tons a day, driven mostly by state-run…

Source: Oilprice.com

New Breakthrough Could Lead To Safer Energy Storage

Columbia University School of Engineering and Applied Science engineers have observed how carbon dioxide is activated at the electrode-electrolyte interface. Using surface-enhanced Raman spectroscopy the finding shifts the catalyst design from trial-and-error paradigm to a rational approach and could lead to alternative, cheaper, and safer renewable energy storage. Scientists have long sought ways to convert abundant CO2 to useful products such as chemicals and fuel. As early as in 1869, they were able to electrocatalytically convert CO2 to formic…

Source: Oilprice.com

Sutton Plant Update: Conditions remain stable

CHARLOTTE, N.C., Sept. 22, 2018 /PRNewswire/ — Aerial and ground level inspections of Duke Energy’s L.V. Sutton Plant in Wilmington confirm that conditions at the plant are stable during ongoing historic flooding caused by Hurricane Florence. The Cape Fear River continues to overtop the northern section of a cooling lake dam and is exiting through a [Read More…]

Source: BOE Report

EPA Proposes Improvements to Oil & Natural Gas Air Quality Standards

The U.S. Environmental Protection Agency (EPA) recently unveiled new improvements for the 2016 New Source Performance Standards (NSPS) for the oil and gas industry, which seek to align regulatory requirements in keeping with President Donald Trump’s Energy Dominance Agenda. Under the proposed regulatory package, announced by the EPA on Tuesday, September 11, 2018, the agency would ease regulatory burdens on…

The post EPA Proposes Improvements to Oil & Natural Gas Air Quality Standards appeared first on OILMAN Magazine.

Saudis Expand Mining Sector As Part Of Diversification Push

Mining grew by 6.3 percent year-on-year (y-o-y) in the first quarter of 2018, according to data issued by the General Authority for Statistics on July 2. Coupled with expansion in non-oil manufacturing (4.6 percent) and government services (3.4 percent), the strong performance of the mining sector helped drive overall GDP growth to 1.2 percent over the period, breaking a run of four consecutive quarters of negative growth. The industry also helped offset slower growth in the oil industry (0.6 percent), along with contractions in retail and hospitality…

Source: Oilprice.com

Element 23 Could Disrupt $90 Billion Energy Niche

Forget everything you think you know about the energy storage market. And especially forget about lithium, last year’s “white petroleum.” It could be about to get left in the dust. A new battle is shaping up over Element 23... Vanadium... the key to the next energy revolution. That’s according to billionaire Robert Friedland, who says there’s a revolution coming in energy storage, and it’s all thanks to Vanadium. Flow batteries, running on “liquid electricity,” are about to take the energy storage…

Source: Oilprice.com

Canada Orders New Review Of Trans Mountain Pipeline In Bid To Revive ProjectCana

Canada’s federal government instructed on Friday the National Energy Board (NEB) to review the Trans Mountain Pipeline Expansion project again, this time also taking into account the impact of the expected higher oil tanker traffic off the coast of British Columbia.   Last month, a Federal Court of Appeal quashed the federal government’s approval of the Trans Mountain expansion project, saying that the NEB’s review of the project was fraught with flaws that made it unsuitable as a basis for the government’s…

Source: Oilprice.com

Canada Orders New Review Of Trans Mountain Pipeline In Bid To Revive Project

Canada’s federal government instructed on Friday the National Energy Board (NEB) to review the Trans Mountain Pipeline Expansion project again, this time also taking into account the impact of the expected higher oil tanker traffic off the coast of British Columbia.   Last month, a Federal Court of Appeal quashed the federal government’s approval of the Trans Mountain expansion project, saying that the NEB’s review of the project was fraught with flaws that made it unsuitable as a basis for the government’s…

Source: Oilprice.com

Determining The Sweet Spot For Crude Oil

U.S. November West Texas Intermediate and international-benchmark December Brent crude oil are poised to close higher for the week. Furthermore, both futures contracts are in a position to close on the bullish side of a major technical retracement zone. This will send a signal to traders that the buying is getting stronger. If you look at the longer-term charts, you’ll see that the battleground since May has been the retracement zones. This is because trading inside a 50% to 61.8% retracement zone typically indicates a balanced market. The…

Source: Oilprice.com

U.S. Oil Production Soars Despite Shale Bottlenecks

Friday September 21, 2018 In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look. (Click to enlarge) Key Takeaways - Crude inventories fell again, the fifth consecutive week of declines. Stocks are now at 394.1 million barrels, the lowest level since early 2015. - This week, gasoline inventories fell. In previous weeks, increases…

Source: Oilprice.com

Tesla Signs Lithium Supply Deal With China’s Biggest Producer

China’s largest lithium producer, Ganfeng Lithium, said on Friday that it had signed a three-year deal to supply Tesla with lithium hydroxide for batteries—another lithium supply agreement for Tesla as it tries to stay ahead in raw materials sourcing before the coming massive EV competition from legacy carmakers. The top Chinese lithium producer will supply around one-fifth of its production to Tesla under the deal between 2018 and 2020, according to a filing by Ganfeng Lithium with the Shenzhen stock exchange as carried by Bloomberg.…

Source: Oilprice.com