Which peak are we talking about? Some recent headlines and quotes from the press: “Peak Oil is Suddenly Upon Us” (Bloomberg 12/1/20); “Even Exxon Mobil is Capitulating to Peak Oil Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 8 this week, bringing the total rig count to 448. In Continue Reading
Oil rigs up 10; gas drop 3 Permian rigs back at one-year high Operators maintain capital discipline despite rising cash flows The US oil and gas rig count climbed seven Continue Reading
The U.S. oil supermajors are leading by example what shale drilling discipline should look like. Neither ExxonMobil nor Chevron are rushing to boost production in the biggest American shale play, Continue Reading
The US shale industry is set to achieve a significant milestone in 2021: If WTI futures continue their strong run and average at $60 per barrel this year and natural Continue Reading
New Mexico raked in its highest ever royalty amount from oil and gas leases in April, according to the NM’s State Land Office. The previous record high royalty payments from Continue Reading
US crude oil inventories moved sharply lower in the week ended April 30, US Energy Information Administration data showed May 5, amid stronger refinery demand and a surge in exports. Continue Reading
The American Petroleum Institute (API) on Tuesday reported a massive draw in crude oil inventories of 7.688 million barrels for the week ending April 30. Analysts had predicted a more Continue Reading
Crude oil and refined petroleum product exports from the United States hit a record high last year, turning the country into a net exporter. This year, as more economies are Continue Reading
Investment in new oil and gas projects last year sank to the lowest in 15 years at $350 billion. As the world continues its battle against Covid-19 and as the Continue Reading
Russia increased its oil production in April thanks to a more generous OPEC+ quota. The nation pumped 42.81 million tons of crude and condensate last month, according to preliminary data from Continue Reading
An Arctic cold blast that swept through the U.S. South in February caused a much bigger loss in oil supply than previously estimated, with output falling to a three-year low, Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 2 this week, bringing the total rig count to 440. In Continue Reading
Mergers and acquisitions in U.S. oil and gas fell by 1.49 percent below the 12-month average last month, according to GlobalData . The biggest deal by far for the month Continue Reading
Commodity trading major Vitol is reportedly negotiating a deal to acquire the oil wells of Hunt Oil Co. in the Permian Basin. According to Bloomberg , which cited unnamed sources, Continue Reading
Upstream assets producing around 40,000 boe/d Associated gas ties in to North American interests Vitol, the world’s largest independent oil trader, has agreed to acquire producing acreage in the Permian’s Continue Reading
America’s shale producers will keep output in check even as global crude oil prices near $70 a barrel, Ovintiv Inc. Chief Executive Officer Doug Suttles said in an interview with Bloomberg Continue Reading
US land drillers’ rig counts are continuing to inch forward, and exploration and production companies are enjoying lower costs as they reap the benefits of efficiency improvements, with increasing activity Continue Reading
The US oil and gas rig count climbed eight to 538 in the week ended April 28, rig data provider Enverus said, as the number of active gas rigs hit Continue Reading
Although oil production in most US shale basins is not expected to reach pre-coronavirus levels until at least late 2023, additional processing and higher gas-to-oil ratios might still lead to Continue Reading
TXOGA reports the Lone Star State added 4,300 jobs in March. The Texas Oil and Gas Association (TXOGA) reported Tuesday that the state’s upstream sector added 4,300 jobs in March. Continue Reading
The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson Top oilfield services firm Schlumberger NV (SLB.N) on Monday named new executives to Continue Reading
The American Petroleum Institute (API) on Tuesday reported an extensive build in crude oil inventories of 4.319 million barrels for the week ending April 23. Analysts had predicted a much Continue Reading
A month ago, ConocoPhillips warned it would book a $600-million impairment to its first-quarter profits from its acquisition of Concho Resources and, as Reuters reported at the time, related oil Continue Reading
After the number of drilled but uncompleted wells demonstrated a dramatic drop across multiple US basins in the past year, heightened drilling activity and stable commodity prices are starting to Continue Reading
Normally near the end of the month an update on world oil output is posted here. However this month the EIA’s world oil report will appear too close to the Continue Reading
A New Use for Orphaned Oil and Gas Wells? Petrolern LLC, an Atlanta-based service and technology firm specializing in subsurface engineering and downhole tools, is looking to repurpose some orphaned Continue Reading
Highlights North America sees activity growth going forward International activity likely strengthens in H2 Offshore presents unique opportunities for industry Houston — Drilling, well construction and reservoir activity around the Continue Reading
Gov. Gavin Newsom on Friday said California will stop issuing fracking permits by 2024 and halt all oil drilling by 2045, using his authority to take on the state’s powerful Continue Reading
Higher oil prices and low interest rates have prompted listed independent U.S. oil producers to raise in March the most financing via debt and equity issues since August last year, Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States decreased by 1 this week, bringing the total rig count to 438. In Continue Reading
Jet fuel and petrochemicals are expected to fuel crude demand this decade, while oil demand in the transport sector is set to peak by 2026, one year earlier than originally Continue Reading
The US oil and gas rig count took a step back, falling 11 to 530 on the week, rig data provider Enverus said April 22 – the first rig count Continue Reading
The accelerating adoption of electric vehicles (EVs) and electrification in other oil-consuming sectors is set to bring peak oil demand as early as 2026 at 101.6 million barrels per day Continue Reading
For all the talk of a transition away from fossil fuels, players in the energy sector are still willing to bet there is more money to be made in oil Continue Reading
The short-term energy outlook has improved considerably over the past few months, thanks mainly to the ongoing Covid-19 vaccine rollout. A cross-section of analysts now expects oil demand to bounce Continue Reading
Energy security concerns are bubbling beneath the surface as the global oil market seems to be entering into the early stages of recovery from the pandemic. While OPEC+ can provide Continue Reading
Two of the world’s largest oilfield services providers, Baker Hughes and Halliburton, reported on Wednesday profits beating expectations and expressed optimism that oil demand and oil drilling activity will grow Continue Reading
Billionaire Alejandro Bulgheroni’s dream of making fracking more environmentally friendly is running up against the reality of shale-patch economics. The Argentine oil tycoon has pumped about $250 million into developing Continue Reading
Artificial intelligence, the cloud, robots – these are concepts and products we associate with the IT industry. But there is one notoriously traditional, slow to innovate industry that is now Continue Reading
Recovering economies and increased fuel demand have helped the enormous oil glut from this time last year to shrink to levels that could be further reduced with global oil demand Continue Reading
U.S. refiners were forced to source their heavy crude from somewhere else after the United States sanctioned Venezuelan crude oil. Now, U.S. refiners may again be forced to resource crude Continue Reading
The U.S. Department of the Interior lacks a robust oversight process to monitor and ensure the safety and integrity of some 8,600 miles of active offshore oil and gas pipelines Continue Reading
The OPEC Monthly Oil Market Report for April 2021 was published this past week. The last month reported in each of the charts that follow is March 2021 and output reported for Continue Reading
The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers. Barely a fifth of the surplus that Continue Reading
Highlights Stocks likely to remain high until June: Platts Analytics Traders holding plentiful volumes in storage tanks Upcoming maintenance will slow clearance of stocks Singapore — The appetite for near-term Continue Reading
Carter Collum used to spend mornings shoulder to shoulder with competitors in the record rooms of East Texas courthouses, hunting for the owners of underground natural-gas deposits. At night, he Continue Reading
The oil and gas sector is currently enjoying a mini-boom cycle as economies gradually re-open and oil demand begins to return to a semblance of normalcy. The oil markets are Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 7 this week, bringing the total rig count to 439. Last Continue Reading
The number of North American producers that filed for bankruptcy protection in the first quarter of 2021 reached the highest number for a first quarter since 2016, yet the wave Continue Reading
