Production

US propane exports increasing, reaching more distant markets

US propane exports to Mexico, Caribbean, South America, doubled 2010 to 2013 from 88,000 b/d to 198,000 b/d As U.S. propane production has increased and domestic demand has remained relatively flat, the United States has transitioned from being a net propane importer to a net exporter, according to the US Energy Information Administration. Facilitated by rapid […]

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National Oilwell Varco reports Q3 net income of $155 million

National Oilwell Varco Q3 2015 revenues were $3.31 billion, down 15% from Q2 and 41% from Q3 2014 HOUSTON – National Oilwell Varco, Inc. today reported that for its third quarter ended Sept. 30 it earned net income of $155 million or $0.41 per fully diluted share, compared to second quarter ended June 30, 2015 net income of $289 million, or $0.74

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United Arab Emirates plans to increase crude oil, natural gas production

United Arab Emirates relies more on enhanced oil recovery for mature fields The United Arab Emirates was the world’s sixth-largest oil producer in 2014, and the second-largest producer of petroleum and other liquids in the Organization of the Petroleum Exporting Countries (OPEC), behind only Saudi Arabia. Because the prospects for further oil discoveries in the

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Norway oil production increases, but new investment is declining

Annual growth in total Norway oil/gas investment slowed to 1% in 2014 after being more than 15% from 2011 to 2014 Production of petroleum and other liquids is up in Norway as new fields come online, but investment is declining rapidly, which could lower future production, according to the US Energy Information Administration. Norway petroleum and other liquids production,

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Methanol production starts up at Clear Lake, Texas plant – Celanese

Celanese to complete methanol unit in 19 months, fully operational in 21 months; capital cost of less than $700 per ton Celanese Corporation, a global technology and specialty materials company, announced it has completed construction of its Clear Lake, Texas methanol unit and is now operating at full rates. This methanol unit is a joint venture

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Shale gas development in China aided by government investment

China invested heavily in joint ventures in US shale plays to gain valuable expertise The Chinese government is encouraging shale gas production with government aid, helping to significantly lower well costs, according to the US Energy Information Administration. Although reliance on natural gas imports has increased in the Chinese energy market, future shale gas production in China would help

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Low oil prices could lead to long-term drop in exploration investment – EIA

From 2003 to 2014, exploration and production investment spending increased from $56 billion to a high of $158 billion Low oil prices, if sustained, could mark the beginning of a long-term drop in upstream oil and natural gas exploration and production investment, according to the US Energy Information Administration. Oil prices reflect supply and demand

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