Oil market expects another year of US shale production growth | EIA expects Bakken Shale to lead in productivity next month | Colonial Pipeline to expand capacity of gasoline, diesel lines
October 20, 2017
API SmartBrief
News for the oil and natural gas industry
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Oil market expects another year of US shale production growth
Small- and medium-sized US shale producers are drilling at a faster pace than last year, likely foretelling another year of US shale production increases in 2018, according to oil executives and analysts. "Our US colleagues are hedging like mad at $56 a barrel so we will see another wave of investment in US shale, no doubt about it," Total Chairman and CEO Patrick Pouyanne said.
Reuters (10/18) 
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Industry News
EIA expects Bakken Shale to lead in productivity next month
New-well productivity in North Dakota's Bakken Shale is expected to be the highest of all major US shale plays in November, helped by enhanced completion techniques and a focus on core acreage, according to the Energy Information Administration. Separately, the first shipment of Bakken oil to China is expected next month in a sale made by Continental Resources.
Upstream (subscription required) (10/18),  Williston Daily Herald (N.D.) (10/20) 
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Colonial Pipeline to expand capacity of gasoline, diesel lines
Colonial Pipeline will increase capacity at two of its lines by 50,000 barrels per day by March 2019, the pipeline operator announced on Thursday. The expansions to one gasoline and diesel line each would be the first since 2013.
Argus Media (10/19) 
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Permian land rush running out of steam, Encana CEO says
US drillers are starting to retreat from the Permian Basin land race amid mounting investor pressure to prioritize profitability over production growth, according to Encana President and CEO Doug Suttles. Encana's cash flow is expected to grow at an annual rate of 25% through 2022, helped by efficient production techniques and lower costs.
Bloomberg (free registration) (10/18) 
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Ascent Resources explores strategic options
Appalachian oil and natural gas producer Ascent Resources is considering an initial public offering or a sale, according to sources. The shale driller hopes to earn a stock-market valuation of more than $3.5 billion if it chooses the public route.
The Wall Street Journal (tiered subscription model) (10/18) 
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Exploration & Production
Cenovus divests Palliser assets in Alberta
Canadian producer Cenovus Energy will sell oil-producing assets in Alberta's Palliser field to Schlumberger and Torxen Energy for $1.04 billion. The sale is part of Cenovus' plan to divest assets this year to repay debt from its acquisition of ConocoPhillips' Canadian operations.
Bloomberg (free registration) (10/19) 
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Policy Watch
Fracking moratorium gets initial approval from Colo. city
The City Council of Lafayette, Colo., on Tuesday voted in favor of a yearlong moratorium on new oil and natural gas drilling. The measure still needs a second vote before it can become official.
The Longmont Times-Call (Colo.) (10/17) 
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Other News
API News
Natural Gas Reliability and Resilience Forum
AGA, API and INGAA are partnering to host the Natural Gas Reliability and Resilience Forum on Nov. 28 at the Newseum in Washington, D.C. This forum is intended to provide an overview of the US natural gas industry and to address questions that have arisen as natural gas provides a greater share of our electric generation resource mix. Experts from the industry and government will provide current information to help attendees better understand the developing domestic market. We hope to create a dialogue between stakeholders to increase understanding of US natural gas resilience and reliability. Visit our website for more information.
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API Specification Q2 Fundamentals and Practitioner Training
This course addresses the quality management systems for service supply organizations for the upstream petroleum and natural gas industries. Participants will be given insight into the drivers behind Q2's importance and its value in the oil and gas industry. Using practical examples and hands-on application, this course is designed to give you introductory to advanced knowledge of Q2 requirements and interpretations. Presented by: Gestion 360, Nov. 14 to 17, Nov. 21 to 24; Aston Technical Consulting Services, Dec. 4 to 7; Mireaux Management Solutions, Dec. 5 to 8; AxiomLogics, Oct. 23 to 26, Dec. 11 to 14; Bureau of Quality Surveillance, Nov. 7 to 10, Dec. 4 to 7. To learn more about this course and to register, visit the API-U Calendar.
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