The Energy Information Administration expects US oil production to climb by 780,000 barrels per day to a record 10.02 million barrels per day in 2018 -- outpacing the agency's previous prediction for a 720,000-barrel-per-day increase. Additionally, the EIA sees US oil prices averaging $57 per barrel in 2018, up from the $55-per-barrel forecast last month.
Enacting an offshore wind plan that helps New Jersey build a stronger economy, protect the environment and combat climate change is a top priority for Gov.-elect Phil Murphy, writes Jeanne Fox, co-chair of Murphy's Energy and Environment Transition Team. "Offshore wind, with zero carbon emissions, will help the state reduce greenhouse gases resulting from the reliance on fossil fuels, and will set New Jersey on a new path toward a clean energy future," she writes.
Two years after the Paris climate accord, major investors -- managing $26.3 trillion in assets -- are putting pressure on the world's biggest polluters. They're encouraging greenhouse gas reductions throughout supply chains and better disclosure among other systematic changes.
Kalnin Ventures will buy $105 million worth of Marcellus Shale assets in Pennsylvania from Warren Resources. The acquisition in Wyoming County includes 35 producing wells and 23 proven and undeveloped well sites.
Carrizo Oil & Gas has reached an agreement to sell about 24,500 net acres in the Eagle Ford Shale to an unidentified buyer, with proceeds going toward debt repayment. The transaction, expected to be completed at the end of January, will leave Carrizo with a 78,500-net-acre position in the South Texas shale play.
US onshore drilling permit issuances could hit 5,000 in December -- the highest monthly level of this year -- if oil prices maintain their gains, according to investment bank Evercore ISI. The number of drilling permits issued in the first eight days of December reached 2,460, with New Mexico leading the gains.
Rep. Bill Johnson, R-Ohio, has introduced two bills that aim to encourage more US liquefied natural gas exports. The first measure would allow companies to export LNG after receiving approval from the Federal Energy Regulatory Commission without also having to wait for the Energy Department's permission, while the second bill would codify the Energy Department's push for small-scale LNG exports.
At a hearing in Nebraska on Tuesday, opponents of TransCanada's Keystone XL pipeline argued that the Nebraska Public Service Commission overstepped its authority when it approved an alternate route for the project and called for the decision to be reversed. TransCanada is asking the PSC to allow it to amend its initial application to avoid legal challenges.
Environmental Protection Agency Administrator Scott Pruitt is trying to stall the US' transition to a clean energy economy, and his agenda could have dire consequences for Oklahoma where the wind industry employs tens of thousands of individuals, writes Mike Carr, executive director of New Energy America. "[T]he fastest growing source of energy in America is wind, and it's powering the fastest growing career in the country," he writes.
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