Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels & Petrochemicals.
Saudi tensions, bleak demand outlook lift oil prices
Brent crude was up 80 cents at $81.23 per barrel in early trading today after reaching a high of $81.92 per barrel, while West Texas Intermediate rose to $71.94 per barrel, a 60-cent increase. Oil prices were propped up by supply worries stemming from tensions between the US and Saudi Arabia over the disappearance of a Saudi journalist coupled with the International Energy Agency's expectations for lower global oil demand in 2018 and 2019
Gulf of Mexico oil, gas operations mostly resuming after Michael
All oil and natural gas drillers are back to their offshore platforms in the US Gulf of Mexico and are starting to bring production back online following Hurricane Michael. About 15.8% of oil production and less than a tenth of natural gas production was still shut in, according to the Bureau of Safety and Environmental Enforcement.
IEA: Global production of oil, liquids hits record
The world produced a record 100.3 million barrels of oil and petroleum liquids per day in the third quarter, an increase of 2.3 million barrels from a year ago and up 1.3 million barrels per day from the second quarter, the International Energy Agency reported. Non-OPEC oil production is expected to surge by another 1.7 million barrels per day in 2019.
EPA to study oil, gas wastewater management
The Environmental Protection Agency has launched an oil and natural gas wastewater management study to help determine whether it needs to implement new regulations in light of new approaches to wastewater management. "Dealing with wastewater from oil and gas extraction and turning it into useable water is not an easy matter, but it's a critical issue we need to work through," said Lee Forsgren, deputy assistant administrator at the EPA's Office of Water.
BP CEO discusses impact of technology, climate change on oil industry
The oil industry is going through a restructuring period, with technology playing a critical role in making decisions, streamlining operations and creating more efficient and enjoyable work environments, said BP CEO Bob Dudley in an interview. Dudley said natural gas is part of the solution to the threat of climate change, and he noted that the efficiency and flexibility of US shale production motivated BP's $10.5 billion acquisition of BHP Billiton's US shale assets.
EPA to take comments on proposed methane emissions rule changes
A comment period ending Dec. 17 begins today on a proposal to roll back Obama-era rules curbing methane leaks from oil and natural gas operations. The Environmental Protection Agency published the proposed changes in the Federal Register.
ExxonMobil backs carbon tax initiative
ExxonMobil has donated $1 million to Americans for Carbon Dividends, a group promoting a $43-per-metric-ton tax on carbon dioxide emissions, with proceeds from the tax to be redistributed to taxpayers.
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