News Roll

Nov 11, 2013

Oct 15 (Reuters) - The United States has overtaken Saudi Arabia to become the world's biggest oil producer as the jump in output from shale plays has led to the second biggest oil boom in history, according to leading U.S. energy consultancy PIRA.

U.S. output, which includes natural gas liquids and biofuels, has swelled 3.2 million barrels per day (bpd) since 2009, the fastest expansion in production over a four-year period since a surge in Saudi Arabia's output from 1970-1974, PIRA said in a release on Tuesday.

Jun 10, 2013

Domestic oil production outpaced imports last month for the first time since January 1997. The rapid turnaround has spooked OPEC, which has formed a committee to study how growing U.S. oil production will affect the cartel. The United States took another big step toward energy independence last week. For the week ending May 31, the country produced 32,000 more barrels of oil a day than it imported, marking the first time since January 1997 that domestic production outpaced imports. The report from the U.S. Energy Information Administration showed that producers in the United States recovered 7.3 million barrels of oil per day last week, up 8,000 barrels per day. At the same time, oil imports dropped 549,000 barrels per day to 7.27 million.

May 9, 2013

Call this bit of news a “blast from the past” that will make people in Colorado’s oil and gas industry smile—and could leave environmentalists and members of the clean energy industry shaking their heads. Rigzone, an online industry news and analysis publication based in Houston, has named Denver the best oil and gas city in the U.S. and third-best oil and gas city in the world. The only cities to beat out Denver were second-ranked Calgary, Alberta, which is the center of Canada’s energy industry, and top-ranked Dubai, the booming United Arab Emirates city that is the hub for the oil and gas industry in the Persian Gulf.

Apr 24, 2013

The news in early March that a Japanese company had finally successfully extracted natural gas from methane hydrate deposits under the seabed offshore Japan was hailed as a breakthrough for the energy industry around the world. There are large deposits of methane hydrate, or "ice gas", in several locations around the planet which means, if successfully exploited, they could bring to many regions around the world the low gas prices currently seen in North America as a result of the shale gas boom.

Mar 12, 2013

Japan Oil, Gas and Metals National Corporation (JOGMEC) reported Tuesday that it has successfully extracted natural gas from methane hydrate deposits from under the seabed offshore Japan. The successful extraction of gas from this source promises a new energy source for the world. Methane hydrate is a compound in which a large amount of methane is trapped within a crystal structure made up of water, so forming a solid that is similar to ice.