Daily Archives: March 3, 2017

Keystone XL Faces “No Obstacles” From Trump White House

The controversial Keystone XL pipeline no longer faces major administrative obstacles to its construction from the United States’ end, according to the Canadian ambassador to Washington D.C. Talks with U.S. federal authorities regarding TransCanada’s crude pipeline route are proceeding “extremely well,” according to Bloomberg, which quoted Ambassador David McNaughton on Friday. “I don’t see any big hurdles in the way of Keystone from the administration’s point of view,” he said, referring to newly…

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Exxon to Invest $5 Billion in Guyana Extraction Venture

ExxonMobil will invest $5 billion in Guyana for an oil production and extraction venture in the Liza area of the Stabroek offshore drilling block with first profits expected by 2020, according to a report by the Jamaica Observer. Exxon’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL) have applied for a license to extract fossil fuels in the South American nation, according to Jeff Simon, Exxon’s representative for the country. The affiliate has also contracted a floating production, storage and offloading (FPSO)…

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Escalating Clashes Near Es Sider Port Cause Evacuation To Ras Lanuf

Fighting near Es Sider port escalated to the point that workers had be evacuated from the Libyan oil export station, according to reports emerging from the area. The head of the oil workers’ union for the eastern portion of Libya told Bloomberg that the employees had been taken to Ras Lanuf as a precautionary measure. Khalifa Haftar and his Libyan National Army (LNA) were defending against an attack by the Benghazi Defense Brigades (BDB) from the western city of Jufra, causing the evacuation, according to Saad Dinar, the union head. The BDB…

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Opponents of Proposed Maryland Fracking Ban Make Their Voices Heard

Dozens of landowners, business owners, union members and concerned residents gathered in Annapolis earlier this week to tell the Maryland Senate Committee on Education, Health, and Environmental Affairs that they do not want a ban on hydraulic fracturing in the state. Maryland is currently under a moratorium on fracking that is set to expire in October, but two new bills — House Bill 1325 and Senate Bill 740 — if passed, would enact a permanent ban on a process that a 2014 Towson University study found could bring major benefits to the state.
A recent Goucher poll found that 40 percent

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“Ban Fracking” Activist Agenda Sidelined and Criticized, Yet Again, at Broomfield City Council Meeting

The announcement this week by the Broomfield City Council to indefinitely postpone consideration of an oil and gas moratorium in the county represented yet another loss for national “ban fracking” activist groups, which have tried and failed to peddle their agenda around the state for years now. In fact, the activists who showed up to the city council meeting on Tuesday evening were met with chilly reception and strong pushback, and even the Broomfield residents who supported the moratorium deliberately distanced themselves from the “ban fracking” agenda.
The vote came after Extraction Oil & Gas, the operator seeking to drill in

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The No.1 Gold Stock For 2017

As Trump sets out to ‘make America great again’, gold is back on everyone’s radar, gaining on widespread uncertainty and promises of high-level inflationary infrastructure spending. For our favorite precious metal, this is a euphoric time. Gold is great again, and all-American gold—even better. The world’s hottest mining belt right now is the U.S. state of Montana. With gold futures up 10 percent and spot prices up almost 7.5 percent in the first quarter, history is preparing to repeat itself with another gold rush.…

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Is A Second OPEC Cut On The Cards?

OPEC’s coordinated effort to curtail global supply has so far managed to put a floor under oil prices, which have been sitting modestly above US$50 since the deal was announced at the end of November last year. But resurging U.S. shale has been capping the upside, and Brent has not breached US$58 per barrel. Analysts and experts are now mostly predicting that oil prices will remain below US$60 this year. The supply-cut deal has so far resulted in a surprisingly high OPEC compliance of more than 90 percent, thanks to the cartel’s leader…

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U.S. Shale Production Growing At An Unprecedented Pace

The oil markets have long expected that U.S. shale production would rebound once oil prices started to rise. But the comeback of shale could be much faster and stronger than many once anticipated. As Bloomberg Gadfly points out, the rise in U.S. oil production since output bottomed out at the end of last summer has been swift. Since September, U.S. production has climbed roughly 125,000 bpd on average each month, pushing total production above 9 million barrels per day. That is a much faster pace of growth than the original shale boom that began…

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Tensions Rise In Iraq As Kurdish Forces Seize Oil Pipeline

Production from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday, when Kurdish protestors seized a pumping station in order to protest the policies of Baghdad and Erbil, the capital of the autonomous Kurdish area in northern Iraq. The protest was allegedly inspired by Kurdish demands that Baghdad authorize the construction of a refinery in Kirkuk, and they shut down a line shipping oil to Turkey. Kirkuk fields were producing 120,000 bpd before the incident temporarily shutdown operations. The Kurdish forces allowed pumping…

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Why The U.S. Military Is Fully Backing Renewables

The renewable energy theme has had many develop a knee-jerk reaction – pro or against – simply because of the sheer attention it is being given. In the renewables narrative, the aspect of how green energy will save the planet from the harmful results of human activity seems to take priority most often. There is, however, another aspect that has been relentlessly highlighted by the U.S. army in recent years: the practicality of green energy. A decade ago, opponents of renewable energy argued that it is much more expensive than fossil…

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Where Is Telsa’s Model 3 Beta Prototype?

With Tesla’s stock price down 15 percent in the last few weeks, amid a roaring market, it appears doubts about Elon Musk’s omnipotence are creeping in once again… and rightly so. Despite the hype surrounding hundreds of thousands of pre-orders due to start production in H2 2017, buried deep within the company’s most recent 10-K filing is an admission that there is still no Model 3 beta prototype. The fanfare surrounding the pre-order-fest for the Tesla Model 3 continues to support the stock in many analyst’s (and investor’s) minds. However,…

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Regulation May Stall The Future Of Energy Storage

DNV GL, an international consultancy group based in Norway, has claimed to have found the key to implementing grid-connected energy storage networks and systems. What has been called a “multi-stakeholder” approach involves different parties utilizing battery-stored energy at different times. This research has been conducted in conjunction with Peeks, a commercial aggregator in the business of flexible energy systems, and Alfen, a manufacturing and integrator of such storage systems. The group has committed itself to authoring the framework…

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U.S. Energy Imports From Canada Now Value $53 Billion

The EIA outlined the United States’ energy trade with Canada in a note today, profiling the U.S.’s primary energy trade relationship. According to the Census Bureau, energy accounted for about 5 percent of the value of all U.S. exports to Canada and more than 19 percent of the value of all U.S. imports from Canada in 2016. For 2016, the value of U.S. energy imports from Canada was $53 billion, while the value of U.S. energy exports to Canada was $14 billion. (Click to enlarge)Source: EIA The majority of U.S. energy imports from Canada…

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Yet Another Delay For The Asia-China Gas Pipeline

The ill-fated fourth strand of the Central Asia-China gas pipeline has again been put on hold amid apparent sagging demand for the fuel from Beijing, Russian media outlets have reported. A Tashkent-datelined RIA-Novosti news agency report on March 2 cited unidentified sources as saying China National Petroleum Corporation and state-owned oil and gas company Uzbekneftegaz have agreed on an indefinite postponement on work to the Uzbek section of the route. The projected 1,000-kilometer Line D is designed to start in Turkmenistan, cross Uzbekistan,…

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Is The U.S. Becoming Overdependent On Natural Gas?

The story sounds familiar. For decades, oil and natural gas drilling have been proceeding and creating prosperity for those involved. At some point, significant earthquakes occur in areas where they were formerly very rare or nonexistent. Those quakes are linked to oil and gas drilling and production. The industry denies the link. The quakes continue, get worse and finally get strong enough to do damage. To those living in the United States, this reads like stories coming out of the fracking boom in states that include Oklahoma, Texas, Ohio, Kansas…

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