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Oil & Gas Industry Update

EIA: Refineries unable to deal with increasing proportion of light crudes

Production of U.S. light crude oil and condensates is likely to continue dominating the domestic oil market, accounting for the majority of extra oil extracted over the next two years.
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IHS: Lifting export restrictions on US crude oil would be smart move

Lifting the restrictions on U.S. crude oil exports would be a wise move, says market and economic information provider IHS.
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US companies led the world in fracking technology patents in 2013

U.S. oil and gas services companies were the most active filers of patents for fracking technology last year.
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Gazprom signs 30-year gas delivery contract with China

Russia and China have signed a historic 30-year gas delivery deal that is estimated to be worth more than $400 billion.
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MarkWest to expand processing capacity in Marcellus Shale

The company said it will add two new new cryogenic processing plants at its Sherwood complex in Doddridge County, West Virginia and its Mobley Complex in Wetzel County, West Virginia.
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Increased oil and gas exports would benefit US, economists say

A new poll gauged the opinion of 30 U.S. economists regarding oil and gas exports and revealed that their view was almost unanimous.
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US Northeast in need of new pipeline capacity

Pipeline construction in the U.S. Northeast is lagging behind natural gas production, according to the U.S. Energy Information Administration.
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Oil & gas industry contributes £35 billion annually to UK economy

Although oil prices are persistently high and production is declining in the UK, the outlook for the oilfield services industry is very positive.
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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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