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eia projects

EIA Projects That Oil and Gas Will Remain Dominant in the US Through 2050

WASHINGTON, DC – In its Annual Energy Outlook 2022 (AEO2022) Reference case. The US Energy Information Administration (EIA) projects that US energy consumption will grow through 2050. This is primarily through the population and economic growth.

In this case, the EIA says that renewable energy will be the fastest-growing energy source through 2050. Firstly, petroleum will have the largest share of energy consumption throughout that period. Secondly is natural gas.

The EIA projects that transportation and industrial processes will be the primary consumers of petroleum. Other liquids in the United States. It also projects that the consumption from the US industrial sector will grow more than twice as fast as any other end-use sector from 2021 to 2050. In the industrial sector, the greatest growth in demand for petroleum is for hydrocarbon gas liquids used as feedstock. Petroleum remains a major fuel for nonmanufacturing industries such as agriculture, construction, and mining, as well as for refining processes.

The EIA also projects that US consumption of natural gas will keep growing, primarily driven by expectations that natural gas prices will remain low compared with historical levels. The US industrial sector will be the largest consumer of natural gas, primarily by the chemical industries that use natural gas as a feedstock and by increased heat-and-power consumption across multiple industries. The bulk chemicals industry will be the largest industrial energy user throughout the projection period, and it contributes the most to the growth in energy consumption in the industrial sector as a whole.

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Source: Offshore

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U.S. Energy

U.S. Energy Secretary Granholm Calls on Oil and Gas Companies to Raise Output

With oil prices recently hitting the highest level since 2008, U.S Energy Secretary Jennifer Granholm took to the stage in front of a room full of energy executives with a simple message: raise output

“We are in an emergency, and we have to responsibly increase short-term supply where we can right now to stabilize the market and minimize harm to American families,” she said Wednesday at CERAWeek by S&P Global.

The U.S. has tapped the Strategic Petroleum Reserve twice in recent months — last week and in November — and Granholm said a third release is not off the table.

But she also called on the private sector — and Wall Street — to play a role at this pivotal time.

“I hope your investors are saying these words to you as well: In this moment of crisis, we need more supply … right now, we need oil and gas production to rise to meet current demand,” she said.

Oil and gas companies have fundamentally shifted their business models in the wake of the pandemic. While once it was about growth at all costs, a capital discipline now reigns supreme. Companies are paying down debt, announcing share buybacks, and hiking dividends. Along with those measures, they’ve pledged to keep a supply in check.

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Source: CNBC

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gas and oil production

Gas and Oil Production That is Domestically Expanded is What U.S Can ‘Counter to Russia’s Influence’ : American Petroleum Institute

Mike Sommers argued on Wednesday that American energy producers “are patriots”. He is the American Petroleum Institute (API) president and CEO.  Above all, the energy producers are supplying the world with natural gas and oil “during this time of crisis”. Therefore, how will the domestic gas and oil production of the U.S counter Russia’s influence?

In a statement released by API on Wednesday U.S will ban imports of Russian crude. This includes natural gas and coal. It is in response to the country’s invasion of Ukraine. The national trade association said, “We share the goal of reducing reliance on foreign energy sources and urge policymakers to advance American energy leadership and expand domestic production to counter Russia’s influence in global energy markets”.

For instance, the statement also noted that prior to Biden’s announcement, the industry has already taken significant and meaningful steps to unwind relationships. This is both with respect to assets in Russia as well as imports of Russian crude oil and refined products.”

Speaking with “Mornings with Maria” on Wednesday, Sommers stressed that the American oil and gas industry is stepping up amid a “crisis moment for the world.”

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Source: Fox Business

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Largest Oil and Natural Gas

Largest Oil and Natural Gas Producer | U.S. is World’s Top Despite Biden’s Energy-Constraining Policies

American energy producers have been punching above their weight. It is now making the U.S. the largest producer of oil and natural gas in the world. This is in less than a decade—with one major caveat.

But the good news first.

Take liquid natural gas for starters. In October 2021, LNG exporters in the U.S. were operating beyond capacity. And the U.S. Energy Information Administration expects the U.S. will export 16% more natural gas in 2022. This is compared to last year as American companies bring on more production and export capacity.

By the end of 2022, the U.S. will have the largest LNG export capacity in the world with the completion of the Sabine Pass and Calcasieu Pass facilities in Louisiana as well as upgrades to increase production at several existing facilities.

An eighth export facility in Texas is expected to come online by 2024, and the Federal Energy Regulatory Commission has approved several other projects that are not yet under construction.

Now, take a look at oil. In 2020—and even through the worst of the pandemic into 2021—U.S. producers of crude oil and petroleum products made the U.S. a net exporter for the first time since 1949.

The U.S. is the world’s single largest producer of crude oil, even as global demand has outpaced supply over the last year and has strained global markets. The Energy Information Administration cautiously projects crude oil production in the U.S. to continue growing to meet that demand over the next few years.

It’s hard to overstate how revolutionary the American

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Source: The Heritage Foundation

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Oil and Gas price

Oil and Gas Price Increase Could Benefit to Texas, New Mexico Economies

For more than a week, oil and gas price across the country and the Borderland have seen noticeable increases.

Dr. Christopher Erickson, Garrey E., and Katherine T. Carruthers, Chair for Economic Development, said numerous factors contribute to the rise in gasoline. Currently, the war between Ukraine and Russia is one of the biggest.

“The disruption of the pandemic is coupled with the problem with Russia. The sanctions being imposed on Russia associated with the invasion of Ukraine is an issue. To use a hackneyed phrase, it’s a perfect storm. And so we’re getting these record-high oil, gasoline prices nationally and locally,” said Erickson.

” I do drive to and from work every day, so obviously, working for a minimum wage it does affect me,” said Ethan Estrada, El Pasoan.

“I’m like an average income person, so it really does affect my life like a lot,” said Daniel Valdez, El Pasoan.

” I door dash, it’s less of a profit than it normally would be if the gas prices were $1.98,” said Brandon Duarte, El Pasoan.

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Source: KFOX14

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energy sources

Oil and Gas will Be the Most Consumed Energy Sources in the US

The most likely scenario brings about a slowdown in consumption growth and energy sources savings. Oil and natural gas will remain the most consumed source of energy.  It is a projection in the United States by 2050 by The Department of Energy (DOE, its abbreviation in English).

Energy in the country will grow in this interval in the most diverse scenarios. , since population and economic growth must outweigh the gains in energy efficiency.

The findings are in the Annual Energy Outlook 2022 (AEO2022) report. The scenario considered by the DOE brings about a slowdown in consumption growth and an increasingly energy-efficient economy, which contrasts with the increasing supply of energy due to technological advances in renewable sources and the development of oil and gas sources. Natural.

Even if oil and natural gas remain the most consumed sources of energy in the US by 2050, renewable energy is the one that will grow the most, Doe says.

Natural gas consumption should also increase during this period, given the expectation that its prices will be below historical levels. The share of energy coming from coal and nuclear power will decrease in the country’s energy mix, he also projects.

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Source: Sprout Wired

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colorado oil and gas

Colorado Has Capacity to Produce More Oil and Gas in Response to Russian war, but Some Argue for Pivot

Russia’s invasion of Ukraine set off the latest shock to international energy markets. It is renewing a call among politicians at the state and national levels. Mostly Republicans so far, they are requesting to reduce the heavy U.S. reliance on imports. It is by ramping up oil and gas production in places like Colorado.

Republican gubernatorial candidate Heidi Ganahl argues it’s the quickest way to make a dent in U.S. imports from Russia. It is the world’s second-highest oil producer behind the United States. U.S. Rep. Ken Buck of Windsor suggests increased Colorado natural gas production could help European utilities offset their heavy reliance on Russian gas.

And at President Joe Biden’s State of the Union address to Congress this week, U.S. Rep. Lauren Boebert wore a black shawl with a simple message on the back: “Drill Baby Drill.”

More domestic production is one route toward energy independence over Russia, Saudi Arabia, and others that have come under international scrutiny for their policies, military actions, and human-rights records. Moreover, there’s no question about Colorado’s industry. It currently ranks fifth in the nation for crude oil production and seventh for natural gas. They have the capability to produce more in the state’s expansive reserves, at least in theory.

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Source: Denver Post

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Oil and gas industry

Oil and Gas Industry in Oklahoma Recovering From COVID-19

ENID — A broad-based recovery is underway regarding the state of the oil and gas industry in Oklahoma.

Operators of all sizes are making investments right now, said Brook Simmons. He is the president of Petroleum Alliance of Oklahoma. The industry recovery receives support by higher commodity prices. It is after a “challenging, multi-year readjustment of the shale business model and depressed prices.

Simmons said the demand for oil and natural gas is exceeding supply. This drives the higher price and provides Oklahoma the opportunity to participate in that recovery.

“That is a good thing for the state of Oklahoma, from both an employment standpoint and an economic activity standpoint,” Simmons said.

This results in higher prices at the pump, though, Simmons said, adding the only way to work through that is continued investment in producing crude oil and natural gas.

“Over time, we will find that the market will come into balance,” he said. “When that is I don’t know, but that’s generally the path that it’s taken. That’s the nature of the cycle.”

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Source: The Norman Transcript

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Oil and gas surge

Oil and gas surge driven by Permian Basin Operations in New Mexico, Texas

More oil and gas pipelines are coming to southeast New Mexico. This is as operators in the Permian Basin seek to up fossil fuel production in response to growing demand. More people are now expecting an oil and gas surge.

Odessa, Texas-based Saulsbury Industries announced Feb. 16 it received multiple contracts to build about 16.5 miles of pipelines in the region, in the western Delaware sub-basin of the Permian which also spans east into West Texas.

The work will be on the New Mexico side of the border, likely be directed out of the company’s field office in Carlsbad.

Saulsbury also provides engineering, procurement, and fabrication services to oilfield operators.

Travis Zatopek, Saulsbury director of operations for field services said the project will allow the company to capitalize on growth in the oil and gas industry in 2022.

“We are excited to see the continued growth of the Field Services operating group,” Zatopek said. “This is an excellent start to attaining our goals for 2022 and showcasing Saulsbury’s broad capabilities within the industry.”

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Source: Carlsbad Current-Argus

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oil price recovery

Oil Price Recovery Drives Oil and Gas Industry Surge in High-Value Deals in 2021

A total of 74 billion-dollar deals were undertaken in the oil and gas industry last year. This is in comparison to only 40 in 2020 says GlobalData. The leading data and analytics company notes that oil price recovery encouraged companies to undertake more high-value deals. This is to push forward their growth plans. The largest deal in terms of value for 2021 is towards the end of the year. It is when prices were at multi-year highs. It involved the proposed US$13.9 billion acquisition of North Sea operator Lundin Energy by Aker BP.

GlobalData’s latest report, ‘Global M&A Deals in 2021 – Top Themes by Sector’, reveals that global mergers and acquisitions (M&A) activity in the oil and gas industry grew annually by 16% to reach US$335 billion in 2021, considering M&As with known deal value. All regions reported an increase in deal value in 2021. They did not include China, the Middle East, and Africa with the comparison to the previous year. However, in terms of deal volume, M&A activity was largely flat at around 1800 oil and gas deals in 2021.

The upstream sector contributed to the highest M&A transaction value of US$120 billion in 2021. It also recorded the highest growth of 48% compared to 2020.

Ravindra Puranik, Oil & Gas Analyst at GlobalData, comments: “This growth in deal-making was largely driven by the shale and subsea themes. The US shale plays, particularly the Permian Basin, remained the most attractive target for oil and gas M&As in 2021. The oil and gas assets in the North Sea also witnessed several deals in the last year.” This includes the one involving Lundin Energy.

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Source: World Pipelines

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