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The oil and gas pumps market is projected to experience strong growth, reaching $18.3 billion by 2028 with a CAGR of 8.0%.

Oil and gas pumps market to reach $18.3B by 2028

The oil and gas pumps market has substantial growth in recent years. It is increasing from $12.55 billion in 2023 to $13.45 billion in 2024. It has a compound annual growth rate (CAGR) of 7.2%. This growth during the historic period is driven by factors such as rising global demand for oil and gas products. There is an expansion in upstream exploration and production activities. Moreover, there is growth in the refining and petrochemical industries. The need for improved efficiency and reliability in pumping systems, and a focus on offshore oil and gas development.

How Big Is the Global Oil And Gas Pumps Market Expected to Grow, and What Is Its Annual Growth Rate?

The oil and gas pumps market is will experience strong growth. It will be reaching $18.3 billion by 2028 with a compound annual growth rate (CAGR) of 8.0%. This growth is by the integration of IoT and automation into pumping systems. It is increasing demand for eco-friendly and low-emission pumping solutions, advancements in high-pressure and high-temperature pumping technologies, the expansion of natural gas processing and LNG facilities, and a growing focus on pumping solutions for carbon capture and storage (CCS). Key trends influencing the market include the adoption of digital twin technology and predictive maintenance, the development of high-pressure and high-temperature pumps, subsea pumping innovations, progressing cavity pumps for heavy crude oil, hydraulic fracturing equipment, and pumping solutions designed for enhanced oil recovery (EOR).

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Source: EIN News

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Lost oil and Gas Wells - AI helps researchers dig through old maps

Lost oil and Gas Wells – AI helps researchers dig through old maps

Scattered across the United States are remnants from almost 170 years of commercial drilling. There are hundreds of thousands of lost oil and gas wells. These wells (UOWs) are not listed in formal records, and they have no known (or financially solvent) operators. They are often out of sight and out of mind – a hazardous combination.

If the wells aren’t properly plugged, they can potentially leak oil and chemicals into nearby water sources. Moreover, it could send toxic substances like benzene and hydrogen sulfide into the air. They can also contribute to climate change by emitting the greenhouse gas methane, which is about 28 times as potent as carbon dioxide at trapping heat in our atmosphere on a hundred-year timescale (with even higher global warming potential over shorter periods).

To find UOWs and measure methane emissions in the field, researchers are using modern tools, including drones, laser imaging, and suites of sensors. But the contiguous United States covers more than 3 million square miles. To better predict where the undocumented wells might be, researchers first pair the new with the old: modern artificial intelligence (AI) and historical topographic maps.

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Source: BERKELEY LAB

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According to HTF Market Intelligence, the Global Oil & Gas Infrastructure market is expected to grow from $650B in 2024 to $1,000B by 2032, with a 6% CAGR.

Oil and gas infrastructure market expects significant growth per report

HTF MI recently introduced Global Oil and Gas Infrastructure Market study with 143+ pages in-depth overview. It describes the Product / Industry Scope and elaborates market outlook and status (2024-2032). The market Study is by key regions which is accelerating the marketization. At present, the market is developing its presence. Some key players from the complete study are Schlumberger, Halliburton, Baker Hughes, TechnipFMC, Saipem, Bechtel, Worley, Wood, Aker Solutions, KBR, etc..

Download Sample Report PDF (Including Full TOC, Table & Figures) 👉 https://www.htfmarketreport.com/sample-report/2164591-global-oil-and-gas-infrastructure-market?utm_source=Altab_OpenPR&utm_id=Altab

According to HTF Market Intelligence, the Global Oil and Gas Infrastructure market is expected to grow from 650 Billion USD in 2024 to 1,000 Billion USD by 2032, with a CAGR of 6% from 2024 to 2032.

The Oil and Gas Infrastructure market is segmented by Types (Drilling, Production, Refining, Transport), Application (Exploration, Offshore, Onshore, Refining) and by Geography (North America, LATAM, West Europe, Central & Eastern Europe, Northern Europe, Southern Europe, East Asia, Southeast Asia, South Asia, Central Asia, Oceania, MEA).

Definition:
Oil and Gas Infrastructure involves the systems and facilities necessary for the exploration, extraction, processing, and transportation of oil and gas. This includes drilling rigs, pipelines, refineries, and storage facilities. It requires substantial investments, technological innovations, and expertise in project management. The sector faces increasing demands for sustainable energy solutions and cleaner technologies. This is also managing the challenges of fluctuating commodity prices and global regulations. Energy infrastructure is a key driver in meeting global energy needs. Moreover ensuring economic stability, and promoting industrial growth.

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Source: Open PR

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OAPEC said global exports of liquefied natural gas (LNG) reached a record high of 106.4 million tons in the first quarter of 2024.

Global LNG Exports Hit A Record High in Q1

Global exports of liquefied natural gas (LNG) reached a record high of 106.4 million tons in the first quarter of 2024, the Organization of Arab Petroleum Exporting Countries (OAPEC) said.

In the second quarter of the year, LNG exports dropped compared to the first quarter, to 98.6 million tons, according to an analysis of the organization cited by Shafaq News. The second-quarter global LNG exports were down by 0.4% compared to the same period of last year.

In the third quarter, LNG exports rebounded to 100.9 million tons, up by 2.5% compared to the third quarter of 2023, according to the analysis by OAPEC.

LNG exports globally rose by 1.9% between January and September from a year ago, to 305.9 million tons, the organization said.

Per the OAPEC estimates, the United States remained the world’s top LNG exporter in the first nine months of the year, ahead of Australia and Qatar.

The expansion of the LNG export infrastructure over the past five years and the flexibility in cargo destination of U.S. LNG have made America the world’s biggest exporter of liquefied natural gas.

Soaring sales in Europe, which has scrambled to replace Russian pipeline gas, and more LNG projects coming online this decade boosted U.S. exports by 12% in 2023 from a year earlier. At 11.9 billion cubic feet per day (Bcf/d) of LNG exports, the United States easily beat its closest rivals – Qatar and Australia – to become the biggest LNG exporter last year, EIA data showed.

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Source: Oil Price

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Fracking, shorthand for hydraulic fracturing, is set to become a cornerstone of President-elect Donald Trump's energy agenda.

Domestic oil, gas production will be big part of Trump agenda

Fracking, shorthand for hydraulic fracturing, is set to become a cornerstone of President-elect Donald Trump’s energy agenda. Let’s talk more about this domestic oil issue.

While it is worth noting that the U.S. is producing more oil and gas than ever before, Trump has repeatedly championed fracking production, promising a boom that will lower energy costs and bolster America’s energy independence.

But what exactly does that mean?

Domestic Oil Fracking

The process is central to Trump’s pledge to expand America’s energy dominance. “We will end Kamala’s war on American energy, and we will drill, baby, drill,” Trump said during a press conference in August.

A push for increased drilling

A key player in Trump’s second-term energy strategy is Chris Wright, founder of Liberty Energy and a pioneer of the American shale revolution, whom Trump has nominated to lead the Department of Energy. Known as a climate change skeptic, Wright’s nomination signals a strong push for increased drilling on federal lands.

Currently, only 24% of fracking occurs on federally leased land. Wright and Trump have indicated plans to increase this share, streamline permitting processes and reduce regulatory hurdles.

Wright will join Trump’s new Council of National Energy? Which Interior Secretary nominee Doug Burgum will lead according to the president-elect?

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Source: USA Today

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Oil futures rose on Friday, with U.S. crude up 6% for the week, as traders watched escalating Ukraine-Russia tensions.

US oil prices score a more than 6% weekly gain on supply risks tied to the Russia-Ukraine war

Oil futures settled higher on Friday, with the U.S. crude benchmark up by more than 6% for the week as traders continued to monitor escalating tensions between Ukraine and Russia, which is among the world’s biggest oil producers. Let’s talk more about oil prices score.

Still, downbeat economic data from Europe fed concerns over a potential slowdown in energy demand, as European business activity sank to a 10-month low, helping to limit gains for oil and keep WTI and Brent prices down year to date.

Oil prices score

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Source: Market Watch

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US breaks dependence

US breaks dependence on gasoline imports

– The United States is the world’s single largest gasoline market, however, due to regional discrepancies continues to import gasoline from other regions, mostly Europe. Why does US breaks dependence?

The current trend in gasoline imports to the United States is showing signs of moderation, with recent data revealing that average imports have fallen to just 320,000 barrels per day in October. This figure marks the lowest monthly import level observed in more than a decade, as reported by Kpler. While this decline may seem concerning at first glance, it presents an opportunity for reflection and growth within the energy sector. The decrease in imports signifies a shift towards greater self-sufficiency and resilience in the face of changing market dynamics. As the nation navigates through these transitions, it is essential to recognize the potential for innovation and adaptation, paving the way for a more sustainable energy future.

U.S Refiners’ Determination and Capability

In the face of evolving energy landscapes, U.S. refiners have demonstrated remarkable determination and capability by ramping up gasoline production following maintenance periods. With only 333 unplanned outages recorded across the country in the third quarter, marking the lowest number in three years, these refiners exemplify the spirit of perseverance and efficiency. Furthermore, despite the gradual encroachment of hybrid and electric vehicles into the marketplace, U.S. gasoline demand has remained robust. The Energy Information Administration (EIA) reports that consumption has stabilized at around 9 million barrels per day, unchanged from the previous year. This resilience showcases the enduring reliance on traditional fuels while highlighting the potential for coexistence between conventional and alternative energy sources. As we stand at the crossroads of energy evolution, let us embrace the opportunities ahead, recognizing that every challenge is a stepping stone towards a brighter, more sustainable future.

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Source: Oil Price

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trump picks oil

Trump picks oil and gas executive as new energy secretary

President-elect Donald Trump announced that Chris Wright, the CEO and founder of Denver, Colorado-based Liberty Energy, will lead the Department of Energy (DOE) in the new administration. So how does Trump picks oil and gas executive?

“I am thrilled to announce that Chris Wright will be joining my Administration as both United States Secretary of Energy and a Member of the newly formed Council of National Energy,” Trump wrote in a statement released on November 16. This pivotal announcement marks a significant step forward in our nation’s commitment to harnessing the full potential of our energy resources. Wright, a visionary leader, embodies the spirit of innovation and determination that drives progress in the energy sector. His remarkable journey as a leading technologist and entrepreneur underscores the importance of embracing new ideas and approaches in an ever-evolving industry.

Wright’s impressive background

Wright’s impressive background includes the founding of Liberty Energy in 2011, as well as his role as executive chairman of Liberty Resources, a company dedicated to maximizing the potential of the Bakken shale play in North Dakota. His extensive experience spans critical areas such as Nuclear, Solar, Geothermal, and Oil and Gas. “Most significantly, Chris was one of the pioneers who helped launch the American Shale Revolution, which not only propelled our nation towards energy independence but also reshaped global energy markets and geopolitics,” Trump’s statement continued. As we look to the future, let us draw inspiration from leaders like Wright, who exemplify the entrepreneurial spirit and innovative thinking necessary to overcome challenges and create a sustainable energy landscape for generations to come. Together, we can pave the way for a brighter, energy-secure future that empowers our nation and enhances our global standing.

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Source: POWER

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Natural gas production has tripled in the Permian, Eagle Ford, and Bakken, shifting the balance more toward gas over the past decade.

Greater Natural Gas Production is Boost to US at Home and Abroad

When it comes to the U.S. energy economy, it’s a fracking world and we’re just living in it. Increasingly, fracking is supporting not just epic quantities of crude oil. Moreover natural gas, according to a new report by the U.S. Energy Information Administration. Let’s talk more about the greater natural gas production.

Natural gas production has more than tripled in the Permian, Eagle Ford and Bakken. Oil plays over the past decade, and the balance of oil and natural gas has shifted more toward natural gas.

“More crude oil is being produced from these wells, more natural gas will come to the surface over time,” said Trinity Manning-Pickett, an economist with the Energy Information Administration.

The Greater Natural Gas Production in the Permian, Eagle Ford

Over the past decade, there have been changes in the natural gas production in the Permian, Eagle Ford, and Bakke. The oil industry experienced a remarkable increase. It is more than tripling in volume. This surge in natural gas output can be attributed to advancements in extraction technologies.

Examples are hydraulic fracturing and horizontal drilling, which have enabled producers to tap into previously inaccessible reserves.  These methodologies continue to evolve. They not only enhance the efficiency of oil extraction, but also inadvertently lead to a significant uptick in natural gas production. Consequently, the energy landscape within these prolific regions has undergone a transformation, resulting in a shifting balance where natural gas now constitutes a larger portion of the overall hydrocarbon output than in the past.

The Trinity Manning-Pickett

Trinity Manning-Pickett, an economist with the Energy Information Administration, offers valuable insights into this phenomenon. It is noted that “as more crude oil is being produced from these wells, more natural gas will come to the surface over time.” This reflects a fundamental characteristic of the geological formations in these regions, where oil and gas resources often coexist.

As operators focus on maximizing oil yields, they inevitably generate substantial volumes of associated natural gas, which must be managed effectively to prevent flaring and ensure economic viability. As the market dynamics evolve, stakeholders in the energy sector must adapt to the growing presence of natural gas, exploring new avenues for its utilization, distribution, and integration into the broader energy portfolio. This shift not only has implications for energy producers but also influences energy policy, environmental considerations, and the global energy transition toward more sustainable sources.

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Source: MARKETPLACE

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Exxon outperforms oil majors, rising 15% despite falling crude prices, with higher production growth and lower costs than rivals.

Exxon Mobil Corp. Beats Estimates on Higher Permian Basin Oil Production

Exxon Mobil Corp. has surpassed analysts’ expectations for the third quarter, driven by a notable increase in oil production from the U.S. Permian Basin, which effectively mitigated the impact of declining crude prices and tighter refining margins. The company reported earnings of $1.92 per share, exceeding the median analyst estimate of $1.87 as compiled by Bloomberg. This performance aligns with a broader trend among major oil companies, as both Chevron Corp. and Shell Plc also delivered results that exceeded market predictions, highlighting a resilient sector amid fluctuating commodity prices.

In a year marked by volatility in the global oil market, Exxon has emerged as the leading performer among major oil producers, with its stock rising over 15% despite a general downturn in international crude prices. This remarkable achievement underscores Exxon’s strategic focus on enhancing oil and natural gas production while reducing operational costs.

Exxon The Largest Energy Explorer

As North America’s largest energy explorer, the company has showcased an impressive capacity for not only expanding its production capabilities but also optimizing operational efficiencies that outpace those of its competitors. This strategic advantage is further underscored by a commitment to leveraging cutting-edge technologies and innovative practices that enhance resource extraction and management. By investing in advanced exploration techniques, the company has been able to identify and tap into previously untapped reserves, thereby significantly increasing its output. This proactive approach not only strengthens its market position but also ensures a sustainable and reliable supply of energy, which is crucial in meeting the growing demands of an ever-evolving energy landscape.

Moreover, the company’s ability to navigate the complexities of the current energy environment—characterized by fluctuating prices, regulatory challenges, and an increasing shift toward renewable energy sources—demonstrates its resilience and adaptability. In aligning its growth strategies with environmental sustainability goals, the company is also positioning itself as a forward-thinking leader in the industry.

By prioritizing investments in renewable energy initiatives and carbon reduction technologies, it not only meets regulatory requirements but also addresses the growing consumer demand for cleaner energy alternatives. This dual focus on traditional energy production and sustainable practices not only enhances the company’s reputation but also secures its future as a key player in the transitional energy economy.

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Source: Energy Connects

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