The United States is in the midst of an energy revolution.
Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies.
Germany's coalition government agreed this week to ban fracking for shale gas indefinitely after years of fractious talks over the issue, but environmental groups said the ban did not go far enough and vowed to fight the deal. Test drilling will be allowed but only with the permission of the respective state government, officials said.
The first fracking operation in the UK since 2011 earthquake scares has been approved by North Yorkshire councilors, stirring a fresh debate on the benefits and risks of the controversial gas extraction method. Councilors granted permission to UK firm Third Energy to use hydraulic fracturing, or fracking, at an existing drilling site near the village of Kirby Misperton.
The US oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009, before finishing the day at $50.05. The price of Brent crude also fell on Monday, dipping 6% to $53 a barrel.
When it takes up to four million pounds of sand to frack a single well, it’s no wonder that demand is outpacing supply and frack sand producers are becoming the biggest behind-the-scenes beneficiaries of the American oil and gas boom.
The British government plans to make more land available for licensing for oil and natural gas exploration in the first such expansion since 2008. The move, which had been anticipated by the oil and gas industry, could prove to be a milestone in efforts by the government of Prime Minister David Cameron to encourage the extraction of natural gas and oil from shale rock.
The great hype surrounding the advent of a shale gas bonanza in California may turn out to be just that: hype. The U.S. Energy Information Administration (EIA) – the statistical arm of the Department of Energy – has downgraded its estimate of the total amount of recoverable oil in the Monterey Shale by a whopping 96%. Its previous estimate pegged the recoverable resource in California’s shale formation at 13.7 billion barrels but it now only thinks that there are 600 million barrels available.
By. Nick Cunningham of Oilprice.com - The U.S. Environmental Protection Agency published a rule on January 9, 2014 requiring oil and gas companies using hydraulic fracturing off the coast of California to disclose the chemicals they discharge into the ocean. Oil and gas companies have been fracking offshore California for perhaps as long as two decades, but they largely flew under the radar until recently.
The risks to public health from fracking for shale gas are low, according to a new official report. Any problems publicized so far - such as in the US - are the result of operational failure or poor regulation according to a study, by Public Health England, an agency of the Department of Health, reviewed the latest research.
China has knocked the US from its top spot as the world's biggest net importer of oil, US government data shows. The country's fast-growing economy, as well as the rise in car sales, has led to its new status, according to September's data. Oil consumption in China had outstripped production by 6.3 million barrels a day, said the Energy Information Administration (EIA). In the US, the figure was 6.1 million.