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Oil & Gas Industry Update

Japan launches first fracking operations

Commercial production of shale oil in the northern prefecture of Akita will start at a much smaller scale than in the United States.
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Global refining industry outlook predicts growth in 2014, 2015

Chinese refiners are predicted to add the largest proportion of new refining capacity planned globally in 2014/2015, with the launch of a further 1.2 million bpd.
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Bakken Shale oil production to hit 1.7 million Bpd in 2020

Oil reserves worth approximately $118 billion are still lying under the Bakken/Three Forks Shale play system in Montana and North Dakota, according to a new estimate by research and consultancy group Wood Mackenzie.
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TransCanada wins firm natural gas transportation commitments for ANR

Calgary-based pipeline operator TransCanada Corp. has secured long-term commitments for the transportation of nearly 2 billion cubic feet of natural gas per day via its ANR pipeline system.
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US accounts for 10% of global oil production

The nation's average daily output of tight oil between October and December last year stood at 3.22 million barrels per day.
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EPA ends new contract ban on BP operations

Oil giant BP and the U.S. Environmental Protection Agency (EPA) have signed an agreement regarding legal procedures following the Deepwater Horizon oil spill in the Gulf of Mexico in 2010.
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Oil & gas industry missing opportunities to cut methane emissions, consulting firm says

ICF International estimates that methane emissions in the industry could be reduced by up to 40% for a total cost of less than a penny per thousand cubic feet.
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US refiners boost capacity of existing facilities

Although the U.S. has not built a large refinery for decades, existing processing facilities are constantly expanding their capacity in a bid to meet demand for increasing fuel production.
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Marcellus Shale to account for quarter of US natural gas production by 2015

The Marcellus Shale, which spans from New York to West Virginia, is among the most prolific sources of natural gas, but its importance as a driver for gas production is set to increase even further over the next couple of years
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Devon Energy buys Eagle Ford assets to secure oil production growth

Oklahoma City-based energy company Devon Energy Corporation has announced the purchase of 82,000 net acres in the Eagle Ford Shale from GeoSouthern Energy.
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