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Oil and Gas Roundup — March 22

March 22, 2013
TOPICS: In the news
A roundup of oil and natural gas news from around the state, nation and world:

Writer: U.S. won't gain by keeping natural gas boom to itself

St. Louis Post-Dispatch business columnist David Nicklaus writes that the U.S. should begin exporting natural gas to the wider world market.
Nicklaus lays out the argument of the petrochemical industry, among others, that the advantages of keeping energy costs low in the manufacturing sector outweigh the national benefits of gas exports. But the U.S. is likely to maintain a price advantage for years even if all the LNG export projects are approved, Nicklaus writes, as it is cheaper to consume natural gas close to home than to process it and ship it overseas.
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Progress in U.S. on emissions may be tied to increased natural gas production

Somewhat hidden among the alarming data about global warming is a significant piece of good news that seems to have slipped by with little attention. International and American agencies charged with keeping track of carbon pollution each report that while global air pollution is on the rise, U.S. emissions have reduced significantly in recent years.
The International Energy Agency in 2012 reported that U.S. carbon emissions declined from the previous year and also were down an astounding 7.7 percent since 2006. That's the largest reduction from any country on the planet. A similar finding from the U.S. Department of Energy concluded that carbon emissions in the first quarter of 2012 were at their lowest point in two decades.
A significant reason for the reduction may also explain why this hasn't been widely noted.
"It's underreported because it's not wind and solar; it's natural gas and that's still a fossil fuel," the Heritage Foundation's Nick Loris said.

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Shell’s CEO says gas will lead way

Peter Voser, chief executive of the global energy company Royal Dutch Shell, said Thursday that the United States and the world need to increase the use of solar panels, wind turbines and other renewable energy-generating sources to meet the growing demand for power, but abundant natural gas supplies present the most straightforward way to a cleaner future.
Natural gas has had a major resurgence in the United States, where hydraulic fracturing has allowed companies like Shell to extract huge volumes of the fuel from shale rock deposits.
“The world needs to follow America’s lead and take full advantage of the cleanest-burning fossil fuel, and that’s natural gas,” Voser said during his 30-minute speech at a luncheon held by the Boston College Chief Executive’s Club of Boston.
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Cyprus is sitting on a natural gas gold mine

Noble Energy made a discovery off the coast of Cyprus that could have far-reaching impact for the cash-strapped Mediterranean nation: A giant natural gas field off the island’s southern coast.
The field is modest by international standards. Noble estimates it could yield between 5 trillion and 8 trillion cubic feet of gas. For comparison, fields being developed off the Israeli coast have four times as much gas. Qatar, one of the world's largest gas holders, has nearly 900 trillion cubic feet.
But for a country roughly as large as Connecticut, with about the same population as Manhattan, that's a lot of gas.
"It was the third largest conventional discovery in 2011," said Michael Stoppard, chief strategist for global gas at the consultancy IHS. "It dwarfs local demand for the next 50 years."
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