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U.S. oil and natural gas reserves and production set records for 2018

The U.S. Energy Information Administration’s (EIA)  U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2018 report, informs that U.S. oil and natural gas proved reserves had another record-breaking year. Specifically, in 2018, U.S. crude oil and lease condensate production increased 583 million barrels (17%) from 2017’s production level, and imports of crude oil decreased 73 million barrels (-3%) from 2017’s import level. U.S. natural gas production increased 12% (3.7 Tcf) in 2018, and natural gas imports decreased 5% (144 Bcf) from the 2017 level.

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ADNOC on track to boost oil production to 4 million bpd

UAE’s oil and gas company ADNOC is on track to increase its crude oil production capacity to 4 million barrels per day by the end of this year. In fact, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO highlighted the impact of global economic trends on energy demand and outlined the UAE and ADNOC’s response to the fast-evolving energy landscape, saying that "This economic outlook means both the short and long-term demand for energy remains robust. Over the next two decades, we will see growth of at least 25% in energy demand. This is a rate of increase that no single source can satisfy and presents the key challenge of how to produce more energy with fewer emissions."

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