Last updateFri, 28 Oct 2016 6pm


Offshore Production Nearly 30% of Global Crude Oil Output

Global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 to 2013. Production from onshore tight oil plays has increased faster over the past several years and accounts for an increasing amount of total oil production, according to the U.S. Energy Information Administration.

More than 27 million barrels of oil were produced offshore in 2015 in more than 50 different countries. Global oil production is expected to remain high in 2016, as many oil-producing nations continue to increase production. A significant amount of global offshore production is concentrated in a few countries. In 2015, five countries provided 43% of total offshore oil production: Saudi Arabia, Brazil, Mexico, Norway and the U.S. 

New 2017 Construction Starts Increasing 5% to $713 Billion

The 2017 Dodge Construction Outlook predicts that total U.S. construction starts for 2017 will advance 5% to $713 billion, following gains of 11% in 2015 and an estimated 1% in 2016.

Manufacturing plant construction will increase 6%, beginning to recover after steep declines in 2015 and 2016 that reflected the pullback for large petrochemical plant starts.

Electric utilities and gas plants will fall another 29% after the 26% decline in 2016. The lift that had been present in 2015 from new liquefied natural gas export terminals continues to dissipate. Power plant construction, which was supported in 2016 by the extension of investment tax credits, will ease back as new generating capacity comes on line. 

U.S. Natural Gas Production Gives Back August Gains in September

U.S. natural gas production levels in the lower 48 states declined by nearly 1.2% in September 2016 compared to August 2016 levels, according to analysis from IHS Markit. September’s decline drops year-to-date production levels 1% compared to the same period in 2015.

Overall, lower 48 U.S. dry gas production averaged 71.8 Bcf/d (billion cubic feet of gas/day), IHS Markit said, which represents a 0.9 Bcf/d (1.2%) decrease from production levels in August 2016.

In addition to month-to-month comparisons, annual production figures also declined year-over-year, with September 2016 production levels down by nearly 1.8 Bcf/d, or by 2.4% compared to September 2015 levels. IHS Markit said this production decline is directly attributable to sustained low prices for the commodity, which have persisted since the end of winter. 

Duke Energy Carolinas to Provide More Renewable Energy Projects

Duke Energy Carolinas (DEC) recently issued a request for 750,000 MW hours of energy located in its territory. Results from the request for proposals (RFP) will help DEC meet North Carolina's 2007 Renewable Energy and Energy Efficiency Portfolio Standard (REPS) that mandates the company generate 12.5% of its retail sales in the state by renewable energy or energy efficiency programs by 2021.

The RFP is open to solar, wind, biomass, landfill gas and other facilities that qualify as a renewable energy resource under REPS requirements – excluding swine and poultry waste. 

First New U.S. Nuclear Reactor in 20 Years Starts Operation

The nation’s first new nuclear generation in 20 years has officially entered commercial operation after the Tennessee Valley Authority’s (TVA) Watts Bar Unit 2 successfully completed an extensive series of power ascension tests and reliably operated at full power for more than three weeks.

The $4.7 billion capital construction project was completed on budget. The unit now moves to working asset status.

Watts Bar Unit 2 now joins six other operating TVA nuclear units to supply more than one third of the region’s generating capacity, and meeting the electric needs of more than 4.5 million homes. 


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