Shale explorers are searching for oil at rates not seen since the early weeks of the pandemic as high crude prices incentivize drilling. Oil rigs operating in US fields increased Continue Reading
In a first for Chinese offshore shale, state-run oil giant CNOOC has announced what it claims to be a commercial discovery in the Beibu Gulf in the South China Sea Continue Reading
Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory draw of 4.5 million barrels for the week to July 22. This compared with a Continue Reading
Oil companies are reaping the benefits of high energy prices. Indebted American oil and gas companies, armed with improved balance sheets, are finally drilling again. Oilfield services companies are among Continue Reading
The American Petroleum Institute (API) reported a large draw this week for crude oil of 4.037 million barrels, while analysts predicted a draw of 1.121 million barrels. The build comes Continue Reading
The Biden administration on Tuesday said it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve as part of a previous plan to tap the Continue Reading
What do you think is going to happen when we get to a point where the world simply cannot produce any more oil than it is already producing? It is Continue Reading
The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
In the coming years, upstream capex in Latin America will shift into deeper and deeper water with Brazil, Guyana, and Mexico likely to lead the charge for new spending. In Continue Reading
After years of divestment, oilfield equipment supply is running especially low. Halliburton’s CEO Jeff Miller is warning that oilfield equipment market is so tight that oil explorers are already discussing Continue Reading
