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Rystad Energy: Venezuela production could fall below 700,000 b/d by 2020

Venezuelas oil industry has been in a tailspin in recent years, with the countrys crude oil production falling to just 1.34 million b/d at yearend 2018 from 2.4 million b/d in 2015. This freefall is poised to carry over into 2019, according to energy research and consulting firm Rystad Energy.

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Industry groups warned of further damage to Canadian oil and gas investment after federal Environment Minister Catherine McKenna rejected most amendments made in the Senate to a bill overhauling environmental review of energy projects.

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US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased 1.9 million bbl during the week ended Sept. 23 from the previous weeks total to 502.7 million bbl, according to the US Energy Information Administrations Petroleum Status Report.

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BLM seeks comments on EA for February Southeastern Utah lease sale

The US Bureau of Land Managements Utah Canyon Country District is seeking public comments on an environmental assessment it prepared for its conceive to offer 6,741 acres of southeastern Utah land it administers at a February 2017 oil and gas lease sale.

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Gazprom Neft and Royal Dutch Shell PLC have agreed to form a joint venture for development of oil and gas fields in the Yamalo-Nenets Autonomous Okrug of northwestern Russia.

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API: US petroleum demand in March at highest level since 2008

Total petroleum deliveries in March increased 0.2% from March 2016 to
average nearly 19.7 million b/dthe highest March deliveries in 9
years, according to data from the American Petroleum Institute.

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A.P. Moller-Maersk AS, Copenhagen, is separating its transportation and oil businesses and starting a 2-year strategic review of the latter.

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Michigan draft analyzes alternatives to Enbridges Line 5 system

A new crude oil pipeline across the Mackinac Straits between Lakes
Michigan and Huron would be more efficient and have fewer potential
environmental impacts than pipeline or rail route alternatives, a draft analysis commissioned by Michigans Petroleum Pipelines Task Force suggested.

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CERAWeek: Technology expected to counter productivity declines of low-permeability formations

Shale and other low-permeability formations have reversed a 40-year decay in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston.

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BOEM denies G&G sanction applications for South and Mid-Atlantic OCS

The US Bureau of Ocean Energy Management has denied six pending applications to conduct offshore oil and gas geological and geophysical (G&G) surveys on the US South and Mid-Atlantic Outer Continental Shelf. The Jan. 6 move came more than 4 years after BOEM set the stage for what would have been the first seismic evaluation of potential oil and gas resources there in more than 30 years.

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