IEA Says Oil Surplus Returns
Supplies are rebounding around the world. Global oil markets have returned to surplus and face an even bigger oversupply early next year as the omicron variant impedes international travel, the Continue Reading
Is Fracking Really Putting America’s Water Supply At Risk?
The shale boom has been criticized for years due to its water-intensive fracturing technique. The risk of aquifer contamination may be overblown, but fracking’s water usage, especially in arid environments, Continue Reading
A Shale Comeback Could Be On The Cards In 2022
High decline rates, and a falling number of DUCs could incentivize drillers to ramp up drilling in the first half of 2022 Land drillers have lagged the rest of the Continue Reading
The Biden administration said its drilling-lease spree in the Gulf was court-ordered. It wasn’t.
Last month, the Biden administration held the largest-ever auction of oil and gas drilling leases in the Gulf of Mexico’s history, claiming it was obligated to hold the sale due Continue Reading
Oil Surplus Returns as Supplies Climb and Omicron Hits, IEA Says
Global oil markets have returned to surplus and face an even bigger oversupply early next year as the omicron variant impedes international travel, the International Energy Agency said. Supplies are Continue Reading
Where Will The Oil Industry Spend Its Money In 2022?
Oil and gas companies have well and truly recovered from what was a crisis year in 2020, with some companies now posting record cash flow In 2022, the main focus Continue Reading
Omicron Will Slow Oil Demand Recovery but Not Destroy It, IEA Says
The Omicron variant’s emergence will allow the supply of oil to overtake the rate at which the world is consuming it, easing the supply tightness of recent months, the International Continue Reading
S&P Global Platts: Energy Supply Will Catch Up With Demand In 2022
Oil and gas supply will grow faster in 2022 than it did in 2021 to the point of catching up and even surpassing energy demand growth, S&P Global Platts Analytics Continue Reading
U.S. Expects Permian Oil Output to Rise to Record in December
Crude production in the Permian Basin is expected to surpass a pre-pandemic high this month as a rebound in the U.S. shale industry fuels activity in its most prolific patch. Continue Reading
Drilling Productivity Report
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US unconventional oil output seen rising 96,000 b/d in January to 8.44 million b/d: EIA
Permian makes up 74% of increase Eagle Ford is 14% of climb, Bakken 8% Mounting output due to rising rig counts US unconventional oil output is poised to rise by Continue Reading
USA Expects Permian Oil Output to Hit Record in December
The current record of 4.91 million barrels a day was set in March 2020. Crude production in the Permian Basin is expected to surpass a pre-pandemic high this month as Continue Reading
Biden orders U.S. to stop financing carbon-intense fossil fuel projects abroad
The Biden administration has ordered U.S. government agencies to immediately stop financing carbon-intensive fossil fuel projects overseas and prioritize international collaborations to deploy clean energy technology, according to U.S. diplomatic Continue Reading
U.S. drillers add oil and gas rigs for sixth time in seven weeks -Baker Hughes
U.S. drillers this week added oil and natural gas rigs for the sixth time in seven weeks as demand for energy keeps growing after last year’s coronavirus demand destruction. That Continue Reading
Biden team begins carrying out curbs on overseas fossil fuel project support
Highlights Would limit government involvement in carbon-intensive projects Stakeholders await details on how exemptions will apply Following through on President Biden’s January executive order calling for the US to develop Continue Reading
Biden not considering a ban on U.S. oil exports to lower gas prices -source
The Biden administration is not considering reinstating a ban on U.S. oil exports as a tool to control gasoline prices, according to a person familiar with the administration’s thinking. Subscribe Continue Reading
US oil, gas rig count jumps 12 to 700, at highest level in 20 months: Enverus
Highlights Eagle Ford has biggest change: up 3 rigs to 53 Few to no moves in most basins Platts Analytics sees rig count rise into 2023 The US oil and Continue Reading
Giant Argos Platform Arrives To GOM Offshore Home (VIDEO)
BP’s massive Argos platform has arrived at its final location in the U.S. Gulf of Mexico following a journey from a yard in Texas. BP’s massive Argos platform has arrived Continue Reading
Energy Reality for the USA
As global leaders struggle to tackle the climate crisis, and as ordinary people worldwide are increasingly whiplashed by high fuel costs, the US government is promising policymakers, industrialists, and investors Continue Reading
Shell Makes Another Discovery In GOM Perdido Corridor
Shell has made a material discovery at the Blacktip North prospect in the deepwater of the U.S. Gulf of Mexico. Oil supermajor Shell has made a material discovery at the Continue Reading
Oil and Gas Investments Must Rise to $523B a Year
The IEF said spending on oil and gas projects slumped 30 percent to $309 billion in 2020. The Riyadh-based International Energy Forum has called on companies to raise investment in Continue Reading
World Leaders Have To Face The Truth About Oil Demand
Across the world, politicians are grappling with the reality of expensive energy Price shocks, scarcity and energy poverty are on the cards after two consecutive years of underinvestment in the Continue Reading
Top Executive In U.S. Shale Is Worried Oil Prices Could Go To $100
Pioneer Natural Resource CEO Scott Sheffield voiced his concerns about structurally low investment in upstream Sheffield: “I’m worried that it may get too high, above $100 (per barrel),” After half Continue Reading
Oil Investment Must Rise To $525 Billion Per Year To Avoid Supply Crunch
Investments in oil and gas exploration and production continue to be depressed Moody’s: Global annual upstream spending needs to increase by as much as 54 percent to $542 billion if Continue Reading
Has The EIA Massively Overestimated The Potential Of U.S. Shale?
A new report from Earth Scientist David Hughes seriously undermines rosy long-term forecasts made by the U.S. Energy Information Administration (EIA) for U.S. oil and natural gas from shale deposits Continue Reading
Are Worker Bonuses Coming Back To The U.S. Oil Industry?
The price of WTI has recovered 60% to $72.60 from just $45.52 a year ago. And such gains in oil prices could spark a resurgence in oil worker bonuses just Continue Reading
Need for investment is critical for oil, gas industry: World Petroleum Congress panelists
Highlights 2021 investment down 23% from 2019 Next 2 years ‘critical’ to restore output: study Permian remains ‘growth engine’ for US More investment is needed in the upstream oil and Continue Reading
Baker Hughes CEO Sees Ample Oil Supply in Rebuke to Halliburton
A day after Halliburton Co. warned of an imminent oil shortage, larger oilfield rival Baker Hughes Co. offered a sunnier outlook. “We don’t see a shortage at the moment,” Lorenzo Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The December Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty related to the ongoing recovery from the COVID-19 pandemic. Notably, the emergence of the SARS-CoV-2 Continue Reading
Omicron threatens Asia oil demand just as pricing favours Atlantic crude
Recent shifts in the relative price of different crude grades have dealt oil exporters from the vast Atlantic Ocean basin the best chance in months to sell to top consuming Continue Reading
Global oil CEOs stress need for fossil fuels despite push for cleaner energy
A global energy conference devoted to future technologies and low-carbon strategies kicked off in Houston on Monday with top executives from energy companies affirming the need for more oil for Continue Reading
Halliburton says the world is entering a period of oil scarcity
Oilfield services firm Halliburton (HAL.N) on Monday said the world was headed for a period of oil scarcity following years of underinvestment in fossil fuel development. “I think that for Continue Reading
Halliburton Sees World Headed for Oil Scarcity Amid Spending Cut
Halliburton Co. , the biggest provider of fracking, warned that the world is headed into a period of scarcity for oil after seven years of underinvestment following crude’s plummet from Continue Reading
Biden Official Heckled by Oil Group After Urging Shale Boost
The Biden administration’s No. 2 energy official was heckled at an international oil conference after admonishing U.S. drillers to step up production in the industry’s de facto hometown. Deputy Energy Continue Reading
Banks Continue To Fund Fossil Fuels Despite Climate Pledges
Despite investor and societal pressure, banks worldwide continue to lend money and underwrite bonds issued by oil, gas, and coal companies, with bond deals in fossil fuels arranged by banks Continue Reading
Oil companies must step up in energy transition or fail financially: US deputy energy secretary
Highlights US sees more potential in nuclear Biden administration aims to invest more in carbon capture The world’s top oil and gas companies must embrace the ongoing energy transition and Continue Reading
West Texas freeze brings Permian Basin winterization push into focus
Highlights Midland, TX temps forecast to hit mid-20s F, Dec. 12 Critical operators ineligible for winterization exemption Wintry weather, forecast across West Texas over the next several days and this Continue Reading
Permian Drillers Told by Lawmakers to Disclose Methane Leaks
Oil producers in the Permian Basin must do more to disclose and stop the leak of methane, a powerful greenhouse gas, a House committee wrote in a letter to 10 Continue Reading
The Oil Price Crash Has Taught U.S. Shale A Valuable Lesson
The U.S. shale industry has learned some valuable lessons from the last two major oil price crashes U.S. shale drillers are expected to keep 2022 spending plans in check The Continue Reading
U.S. Rig Count Unchanged After Crazy Week In Oil Markets
There has been no net change to the number of active drilling rigs in the United States this week, according to Baker Hughes . The total rig count remains at Continue Reading
Big Oil Is Fighting For Clean Fossil Fuels
It may seem counterintuitive, but a majority of oil majors believe a successful energy transition will require an increase in fossil fuel production While each oil major differs in its Continue Reading
Democrats want to prevent new oil and gas drilling in most U.S. waters. Their plan might work. – The Washington Post
A slew of climate provisions in Democrats’ roughly $2 trillion social spending bill face an uncertain future in the Senate. But there’s one big exception: limits on offshore oil and gas drilling. Continue Reading
U.S. crude stocks down, fuel inventories higher – EIA
U.S. crude stocks fell while gasoline and distillate inventories rose as demand weakened in the most recent week, the Energy Information Administration (EIA) said on Wednesday. Oil and fuel inventories Continue Reading
Shale Drillers to Lift U.S. Spending 19% Next Year, Rystad Says
U.S. shale oil producers will increase capital spending by nearly a fifth next year as they deploy more rigs and inflation bites, according to Rystad Energy AS. Expenditures will rise Continue Reading
U.S. Shale Industry To Spend $83 Billion In 2022
US shale expenditure is projected to surge 19.4% next year Eagle Ford, Niobrara and Anadarko regions are anticipated to beat nationwide average spending growth Service price inflation alone is set Continue Reading
Timing of US SPR release will factor in oil market volatility, price at pump: US DOE official
Highlights SPR release plans could change if prices drop: Turk China, other countries may also base releases on oil prices GOP senators introduce bill putting limits on ability to tap Continue Reading
Rystad: US shale spending to jump 19% in 2022, topping $83 billion
Rystad Shale Capex US shale expenditure is projected to surge 19.4% next year, up from an expected $69.8 billion in 2021 to $83.4 billion, the highest level since the onset Continue Reading
EIA: US crude inventories down 900,000 bbl
US crude oil inventories for the week ended Nov. 26, excluding the Strategic Petroleum Reserve, decreased by 900,000 million bbl from the previous week, according to data from the US Continue Reading
Chesapeake eyeing Eagle Ford growth
The leaders of Chesapeake Energy Corp. plan to ramp up activity in Texas’ Eagle Ford basin in 2022 as part of an investment plan they expect will contribute to forecasted Continue Reading
Drilling Is Picking Up In The U.S. Shale Patch
Drillers have focused on completing DUCs during the last couple of months Completion of DUCs has largely helped the record cash flows of the shale patch this year Shale drillers Continue Reading