Oil

API President and CEO Jack Gerard delivered the following speech at today’s 2018 State of American Energy event. Below are Gerard’s remarks as prepared for delivery.

The price of OPEC basket of fourteen crudes stood at $65.85 a barrel on Monday, compared with $65.86 the previous Friday, according to OPEC Secretariat calculations.

These seismic works have involved technologies and equipment designed or modified for use in the Arctic, and were undertaken by modern research vessels of the highest ice class — ICE-1A.

The Haynesville shale's dominance as a natural gas supply source could rise in 2018 amid unobstructed pipeline access to the northeast and close proximity to the US Gulf coast, a key industrial demand region

The oil recovery factor (ORF) at the pilot licence block reached 67 percent, of which 15 percent is attributable to the use of ASP technology. The company will producing oil under this pilot project until its completion in Q1 2018.

. The company’s investment in this project currently stands at more than RUB3 billion.

A delegation of professionals from OOO LUKOIL-Engineering, which included specialists in the management of well construction design and monitoring, scientific work in the area of crude oil production, etc., paid a working visit to a TATNEFT Company.

Messoyakhaneftegaz completes construction of a highly complex production well at its Vostochno-Messoyakhskoye field. 

Moscow hosted a rating results presentation ceremony within the Common Sense project.

The decision by Opec and its non-Opec partners to extend their output cut deal by another nine months to the end of 2018 will attract more US crude to Asia-Pacific in the coming year, especially medium sour US grades.

A working meeting of the group for scientific and technical cooperation between Gazprom and South Korea’s KOGAS took place from December 13 to 15 at the Gazprom Transgaz Ukhta premises.

The exception was bright stock, which ended the year lower than at the start of the year.

Policy challenges contributed to a significant slowdown in Asia-Pacific bitumen markets in 2017 despite strengthening regional economies, with little sign of an immediate pick-up in the early part of 2018