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U.S. on pace to break 40-year oil production record
by Daniel J. Graeber
Washington (UPI) Jul 9, 2013

Suncor, GE team to reduce emissions from oil sands
Calgary, Alberta (UPI) Jul 9, 2013 - U.S. company GE and Canadian oil producer Suncor Energy announced plans to find ways to reduce emissions and lower water use from oil sands production.

Suncor said it signed two agreements with GE that open the door to as much as $18 million in environmental investments. Agreements signed under the so-called Canada's Oil Sands Innovation Alliance call for the development of new technologies meant to reduce greenhouse gas emissions and water usage from the production of oil sands in Alberta.

"We have a world-class resource in Canada's oil sands that will supply energy for decades to come," Steve Williams, Suncor president and chief executive officer, said in a statement Tuesday. "And, responsible development of this resource is as important to everyone in the industry as it is to our stakeholders."

The provincial government in Alberta says about 0.15 percent of the total greenhouse gas emissions in the world comes from oil sands development. Extraction is water-intensive, though the government says operators recycle as much as 80 percent of the water they use whenever possible.

Expectations about total U.S. crude oil production for next year are the highest they've been in more than 40 years, the U.S. Energy Department said.

The U.S. Energy Information Administration, the statistical arm of the Energy Department, said in its short-term market report, published Tuesday, total U.S. crude oil production averaged 7.4 million barrels per day last year and should level out at 8.4 million bpd for 2014.

EIA said it expects that level to increase to 9.3 million bpd by next year.

"The 2015 forecast represents the highest annual average level of oil production since 1972," it said in its report.

In a weekly petroleum report, EIA said the United States produced 8.4 million bpd for the week ending June 27, a 16 percent increase year-on-year.

EIA said much of the recent growth in U.S. crude oil production has come from so-called tight resource formations, a reference to shale oil deposits. This, in turn, led to a "significant" decline in petroleum imports, EIA said.

"The share of total U.S. liquid fuels consumption met by net imports fell from 60 percent in 2005 to an average of 33 percent in 2013," it said. "EIA expects the net import share to decline to 22 percent in 2015, which would be the lowest level since 1970."


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Chevron leaves Lithuanian shale venture behind
Vilnius, Lithuania (UPI) Jul 9, 2013
U.S. supermajor Chevron announced it has shut down its offices in Lithuania and sold off half of its interests in the country. "Chevron closed its office in Vilnius, Lithuania," a statement posted Tuesday on its website said. "The company has divested its 50 percent equity interest in [joint venture] LL Investicijos." In a separate statement, Swedish energy company Tethys Oil sai ... read more

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