01182021Mon
Last updateFri, 15 Jan 2021 5pm

U.S. Oil and Natural Gas Production to Fall in 2021

In its January 2020 Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) forecasts that annual U.S. crude oil production will average 11.1 million b/d in 2021, down 0.2 million b/d from 2020 as result of a decline in drilling activity related to low oil prices. A production decline in 2021 would mark the second consecutive year of production declines. Responses to the COVID-19 pandemic led to supply and demand disruptions. EIA expects crude oil production to increase in 2022 by 0.4 million b/d because of increased drilling as prices remain at or near $50 per barrel.


FERC Clears Double E Pipeline to Start Construction

Summit Midstream Partners, LP announced today that the Double E Pipeline received its Notice to Proceed with construction, as well as approval of its Implementation Plan, from the Federal Energy Regulatory Commission (FERC). Double E has also been granted the necessary rights-of-way on federal lands from the Department of the Interior's Bureau of Land Management and has entered into Memorandums of Agreement regarding treatment and mitigation measures at certain cultural resource sites with the FERC and the State Historic Preservation Officers of New Mexico and Texas.

Enverus: U.S. Energy M&A Improved in Fourth Quarter

After an anemic start, 2020 upstream M&A accelerated dramatically in the second half of the year as a challenging economic backdrop spurred a wave of industry consolidation. Activity crested in the fourth quarter with three multi-billion-dollar mergers centered on the oil-rich Permian Basin driving the quarter’s total value to $27 billion, the third most active quarter by value since oil prices lost their footing in late 2014.

Renewables to Account for Most New U.S. Electricity Generation

According to the U.S. Energy Information Administration’s latestinventory of electricity generators, developers and power plant owners plan for 39.7 gigawatts of new electricity generating capacity to start commercial operation in 2021. Solar will account for the largest share of new capacity at 39%, followed by wind at 31%. About 3% of the new capacity will come from the new nuclear reactor at the Vogtle power plant in Georgia.

LNG Set for Major Comeback in 2021

“Liquefied natural gas traders anticipate a swift demand recovery in 2021 after a year in which the coronavirus pandemic prompted dramatic price swings,” Bloomberg reports.

“Demand for the fuel used in heating and power generation is growing faster than for any other fossil fuel as nations look for a cheap, reliable and cleaner alternative to coal. The pandemic derailed that growth for 2020, but China and India are emerging as major sources of demand.”

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