Small Crude Draw Fails To Boost Oil Prices
The American Petroleum Institute (API) reported an inventory draw in crude oil. This week, the API estimated the inventory draw for crude oil to be 747,000 barrels. U.S. crude inventories Continue Reading
Oil firms face workforce crunch as renewables beckon -survey
The oil and gas industry risks a huge workforce shortage as more than half of workers in the sector seek to move into the renewable energy industry, a survey published Continue Reading
Shale Oil’s Newfound Production Discipline Begins to Pay Off
Shale drillers’ newfound commitment to production discipline appears to be paying off as crude plunges toward a bear market. While West Texas Intermediate crude is poised for the biggest monthly Continue Reading
Oil firms face workforce crunch as renewables beckon -survey
The oil and gas industry risks a huge workforce shortage as more than half of workers in the sector seek to move into the renewable energy industry, a survey published Continue Reading
Shale Drillers Aren’t Heeding Biden’s Call for More Oil Supply
Shale explorers in the U.S. are showing no sign of accelerating the pace of deployment for drilling rigs, despite criticism from the Biden administration that they’re holding back on production Continue Reading
Baker Hughes: US rig count up 6 to 569
The US drilling rig count increased by 6 units to reach 569 rigs working for the week ended Nov. 24, according to Baker Hughes data. The count is up 249 Continue Reading
U.S. to sell 32 mln bbls from 4 sites as part of strategic sale
The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) Continue Reading
Shale oil’s slower investment sparks new tension with White House
As the Biden administration and allies scramble to deliver more oil to market through stockpile releases, shale producers are tapping the brakes on reinvestment, according to new data, a sign Continue Reading
U.S. energy secretary: companies making huge profits, should increase oil supply
U.S. Energy Secretary Jennifer Granholm on Tuesday urged U.S. energy companies to increase oil supply amid “enormous profits” as President Joe Biden seeks to bring down the price of gasoline Continue Reading
Shale Patch Sees Limited Impact from Biden’s Unusual Oil Release
The Biden administration’s unprecedented , coordinated attempt to tame oil prices by authorizing one of the biggest ever draw-downs of U.S. crude reserves has elicited a collective shrug from the Continue Reading
U.S. Shale Is Refusing To Reinvest Despite Record High Cash Flow
U.S. shale producers saw reinvestment rates hit an all-time low in the third quarter and saw record levels of free cash flow A group of 21 public U.S. shale companies Continue Reading
How Much of the Worsening Energy Crisis is Due to Depletion?
Coal and natural gas spot prices have recently soared to record levels internationally, while oil is trading at over $80 a barrel—the highest price in seven years. Newspaper columnists are Continue Reading
Top USA Rig Owner Tumbles on Profit Squeezing Inflation
Helmerich’s warning follows similar commentary by America’s No. 2 provider of frack pumps. Helmerich & Payne Inc. suffered its worst decline since early in the pandemic as the biggest U.S. Continue Reading
Destruction So Vast and Deep It Challenges the Existence of Land and People
Oil and gas companies like ExxonMobil and the Canadian giant Suncor have transformed Alberta’s tar sands—also called oil sands—into one of the world’s largest industrial developments, replacing Indigenous people’s traditional Continue Reading
When Will Oil Supply Overtake Demand?
1. When Will Crude Oversupply Finally Come? – The ongoing US-OPEC public spat continues to revolve around the oil market’s immediate prospects, namely its moving into oversupply following several months Continue Reading
U.S. discussing joint reserves release with China, others in aim at OPEC
Governments from some of the world’s biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for Continue Reading
U.S. drillers add oil and gas rigs for fourth week in a row -Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as crude prices rose to a seven-year high last week, prompting some Continue Reading
SCOOP-STACK drilling activity hits 20-month high in bullish outlook for 2022
Highlights Rig count hits 41, highest since pre-pandemic: Enverus Production tops 3.8 Bcf/d, matching March 2020 level Devon sees larger capex share for Okla. acreage in 2022 Gas production from Continue Reading
U.S. discussing joint reserves release with China, others in aim at OPEC
Governments from some of the world’s biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for Continue Reading
An Oil Company Went Up in Flames, Burning Lenders and the Planet
Mark Siffin’s foray into the Permian Basin leaves behind financial and environmental wreckage that outlasts his presence in West Texas. Mark Siffin’s love affair with the Permian era started when Continue Reading
The Real Reason Big Oil Is Refusing To Boost Production
A stand-off between President Joe Biden and oil and gas producers in the Permian Basin is developing as prices continue to climb. President Biden has accused the oil and gas Continue Reading
Biden Gulf of Mexico Lease Sale Results Are In
A total of 33 companies participated in the lease sale, submitting $198,511,834 in total bids. The Bureau of Ocean Energy Management (BOEM) has announced that Gulf of Mexico Lease Sale Continue Reading
Oil Inches Higher After EIA Reports Surprise Crude Draw
Crude oil prices gained today after the Energy Information Administration reported a crude oil inventory draw of 2.1 million barrels for the week to November 12. At 433 million barrels, Continue Reading
Breakeven Price For New Oil Projects Drops In 2021
Rystad: Costs within the upstream sector have come down considerably in 2021 New oil becomes more competitive and significantly cheaper to produce Deepwater and oil sands producers have significantly lowered Continue Reading
U.S. Gulf of Mexico auction attracts pent up demand from oil drillers
The Biden administration’s auction of oil drilling rights in the U.S. Gulf of Mexico generated more than $190 million in high bids, bringing in more money for taxpayers than any Continue Reading
Summary of Weekly Petroleum Data for the week ending November 12, 2021
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending November 12, 2021 which was 32,000 barrels per day more than the previous week’s average. Continue Reading
ExxonMobil bids big in Texas shallow waters during US Gulf Lease Sale 257
Highlights Major made offers for nearly 100 offshore Texas blocks BP bulking up in Norphlet play but also remote Lloyd Ridge Small players active on shallow-water Continental Shelf ExxonMobil looks Continue Reading
Column: U.S. oil drilling likely to accelerate in 2022
U.S. shale producers have added extra drilling rigs much more slowly than during the recoveries that followed the last two oil price slumps, limiting output and helping push local prices Continue Reading
Is The U.S. Shale Patch Refusing To Pump For Political Reasons?
President Biden’s calls on OPEC to increase production were received rather negatively by the U.S. shale patch which believes it can take care of the supply problem While some observers Continue Reading
Biden Gulf of Mexico Lease Sale Results Are In
A total of 33 companies participated in the lease sale, submitting $198,511,834 in total bids. The Bureau of Ocean Energy Management (BOEM) has announced that Gulf of Mexico Lease Sale Continue Reading
IEA: Global Oil Inventories Rose In October
After hitting a six-year low in September, commercial oil stocks in OECD countries showed a marginal build in October, suggesting that the months of hefty inventory draws globally may be Continue Reading
Coming off climate talks, US to hold huge crude sale in Gulf
The U.S. Interior Department on Wednesday will auction vast oil and gas reserves in the Gulf of Mexico estimated to hold up to 1.1 billion barrels of crude, the first Continue Reading
Tapping U.S. Oil Reserve Would Have ‘Short-Lived’ Impact, EIA Says
U.S. SPR Release Won’t Fix Tight Oil Market: IHS Markit’s Yergin Releasing oil from the U.S. government’s strategic reserve would have a “short-lived” impact on soaring fuel prices, according to Continue Reading
Yergin: Underinvestment May Lead To Series of Energy Crunches
The oil industry is not investing enough to meet growing energy demand, including for crude, which could lead to a series of energy crunches down the road, oil expert Daniel Continue Reading
World oil supply to rise 1.5 million b/d in Nov-Dec fueled by US bounce-back: IEA
The International Energy Agency on Nov. 16 signaled a likely easing of oil market tightness, forecasting world supply to rise by 1.5 million b/d in November-December on the back of Continue Reading
As energy prices soar, supply chain snags threaten U.S. oil output gains
U.S. oil producers are struggling to find enough crews, vehicles and equipment to take advantage of rising global demand and a seven-year high in crude prices, say executives at oilfield Continue Reading
Biden moves to ban oil, gas development outside Native American park
U.S. President Joe Biden on Monday announced a step toward prohibiting oil and gas development outside the boundaries of the Chaco Culture National Historical Park as part of a Native Continue Reading
Drilling Productivity Report
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3D Printing Could Transform The Oil And Gas Industry
The oil and gas industry is finally getting in on the 3D printing revolution, using the technology to solve supply chain problems, lower costs, and reduce emissions The tech could Continue Reading
Birthplace of US oil boom a decade ago shows signs of decline
The Bakken oilfield in North Dakota, the birthplace of America’s oil boom a decade ago, is struggling to recover from last year’s market crash even as crude prices have surged Continue Reading
The U.S. Shale Patch Is Back In Growth Mode
U.S. shale production is finally ready to grow again, with output set to climb next year due to increased spending in the Permian The rise in output will be lower Continue Reading
Russia And Saudi Arabia See Oil Oversupply In 2022
“Everybody is predicting a surplus of supply starting from the first or second quarter,” next year, Russian Deputy Energy Minister Pavel Sorokin told Bloomberg on the sidelines of this week’s Continue Reading
Trafigura CEO Weir sees ‘very, very tight’ oil market
Global oil markets remain very tight and heavily backwardated as demand returns to pre-pandemic levels, the chief executive officer of global trading firm Trafigura said on Tuesday. “We are seeing Continue Reading
Biden’s Baffling Oil Policy Faces Backlash From All Sides
President Biden is in a tight spot when it comes to energy The White House continues to face critique from both environmentalists and the oil and gas industry If energy Continue Reading
The 800 Million Barrel Oilfield Getting Boris Johnson In Trouble
Having just hosted COP26 in Glasgow, Boris Johnson is now coming under pressure to cancel plans to explore the Cambo oilfield – a project that is thought to hold 800 Continue Reading
U.S. Oil Rig Count Rises As Drilling Activity Picks Up
The U.S. oil rig count rose this week to 454—a 4-rig increase since last week The number of gas rigs increased by 2 to 102 Drilling activity in the United Continue Reading
US shale basin merger and acquisition activity surpasses seven-year high
Merger and acquisition activity among US oil and gas operators surpassed a seven-year high this month as companies consolidate acreage in prolific southern basins. Not registered? Receive daily email alerts, Continue Reading
FUJAIRAH DATA: Oil product stockpiles see record jump, rise 27% on week
All categories show gains for week to Nov. 8 Total inventories down 1.9% in past year Heavy distillates total rises to 10.501 mil barrels Oil product inventories at the UAE’s Continue Reading
Summary of Weekly Petroleum Data for the week ending November 5, 2021
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending November 5, 2021 which was 343,000 barrels per day more than the previous week’s average. Continue Reading
Can U.S Shale Drillers Help Prevent An Energy Crunch?
The EU and Asia have seen gas prices spike amid strong demand and low inventories That the United States is one of the world’s top producers of natural gas is Continue Reading