Drilling Productivity Report
The Drilling Productivity Report (DPR) rig productivity metric new-well oil/natural gas production per rig can become unstable during periods of rapid decreases or increases in the number of active rigs Continue Reading
Behind the Energy Crisis: Fossil Fuel Investment Drops and Renewables Aren’t Ready
An energy price shock is serving as a reminder of the world’s continued dependency on fossil fuels—even amid efforts to shift to renewable sources of energy. Demand for oil, coal and Continue Reading
Column: Global oil market is tight, despite what producers say
Global petroleum inventories have fallen to their lowest seasonal level for seven years as producers have failed to raise output to match the rapid rebound in consumption since last year’s Continue Reading
U.S. drillers add oil and gas rigs for sixth week in a row -Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a sixth week in a row as oil prices soared to their highest since 2014, prompting drillers to Continue Reading
Rising U.S. Oil Production Unlikely To Spoil OPEC’s Party
Permian oil production could reach pre-pandemic levels soon Control over the market’s marginal oil supply and oil prices is firmly in the hands of OPEC+ Overall, America’s production growth next Continue Reading
As Western Oil Giants Cut Production, State-Owned Companies Step Up
After years of pumping more oil and gas, Western energy giants like BP, Royal Dutch Shell, Exxon Mobil and Chevron are slowing down production as they switch to renewable energy Continue Reading
Halliburton Strikes Electric Frac Deal
The multi-year contract is with Aethon Energy. Halliburton Company (NYSE: HAL) has announced that it and VoltaGrid LLC have entered into a multi-year contract with Aethon Energy to deploy an Continue Reading
The U.S. Shale Industry Desperately Needs To Drill
Drilled but uncompleted wells in the U.S. shale patch hit November 2017 levels in July of this year, suggesting the industry desperately needs to start drilling While U.S. shale companies Continue Reading
First Fully Automated Land Rig Drills First Well
The well was drilled to a total measured depth of 19,917 feet. Nabors Industries Ltd. (NYSE: NBR) has announced that the world’s first fully automated land drilling rig has reached Continue Reading
Methane Plume Above New Mexico Gas Wells Spotted From Space
A large cloud of planet-warming methane was detected in the natural gas-rich San Juan Basin in New Mexico by geoanalytics company Kayrros SAS. A large number of gas companies operate Continue Reading
U.S. oil and gas M&A activity in third quarter pulls back from 2-yr peak
Dealmaking in the U.S. oil and gas industry in the third quarter of 2021 fell from a two-year high in the previous quarter, according to data analytics firm Enverus on Continue Reading
Shale Drillers May Spend More. But Don’t Expect a Bonanza, Even at $80 Oil
Shale companies are on track to spend a little more money pumping oil next year, but most aren’t opening up the spigots, even as prices top $80 a barrel. Capital investments Continue Reading
Permian Shale Oil Is Booming Again
Increased access to financing and strong oil demand has created an opening for closely held producers. Oil prices around $80 a barrel are once again spurring a revival of shale Continue Reading
U.S. drillers add oil and gas rigs for fifth week in a row -Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a fifth week in a row as oil prices soared to their highest since 2014 prompting some drillers Continue Reading
Oil Market Needs $500B+ Injection to Ensure Supply
Oil explorers need to raise drilling budgets by 54 percent to more than half a trillion dollars to forestall a significant supply deficit in the next few years, according to Continue Reading
Shell flags $400 mln hurricane hit, but boost from soaring prices
Royal Dutch Shell (RDSa.L) warned on Thursday of a $400 million hit to third-quarter earnings from the damage caused by August’s Hurricane Ida. However, in an update ahead of quarterly Continue Reading
U.S. energy secretary: Tapping oil reserve a possible tool to calm prices-FT
U.S. Energy Secretary Jennifer Granholm said on Wednesday that tapping the country’s emergency oil stash is being mulled by the administration to cool gasoline prices that have hit seven-year highs Continue Reading
USA Shale Cos to See Minimal Expansion Despite Rally
U.S. shale oil production will expand at a “modest rate” over the next 18 months even as prices touch multiyear highs, according to BloombergNEF. U.S. shale oil production will expand Continue Reading
American Oil Drillers Face Sharp Rise In Costs
The latest Dallas Fed Survey found that costs in the industry have continued rising sharply for the second quarter in a row between July and September. The Dallas Fed Survey Continue Reading
USA Adds More Rigs
The United States added seven rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on October 1. The United States added seven rigs week Continue Reading
The Oil Major Primed To Profit In The Permian
European oil majors are working hard to cut their emissions by shedding assets as they attempt to become energy majors One of the highest-profile cases of this transition so far Continue Reading
July US Oil Production Growth Slows
All of the oil (C + C) production data for the US state charts comes from the EIAʼ’s Petroleum Supply monthly PSM . After the production charts, an analysis of Continue Reading
Hurricane Ida devastation lingers in Louisiana 1 month later
The land on which Audrey Trufant Salvant’s home sits in the small Louisiana town of Ironton has become an island in a sea of mud and snake-infested marsh grass. Nearby Continue Reading
Summary of Weekly Petroleum Data for the week ending September 24, 2021
Summary of Weekly Petroleum Data for the week ending September 24, 2021 U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending September 24, 2021 Continue Reading
U.S. Frackers Fear Vaccine Mandate Will Worsen Worker Crunch
American frackers, already struggling to hire enough workers, are concerned that the coming U.S. vaccine mandate will worsen the situation at a time of rising oil and gas prices. Many Continue Reading
TotalEnergies Expects Peak Oil Demand Before 2030
French supermajor presents two scenarios for global energy and oil demand to 2050. According to TotalEnergies’ Momentum scenario, natural gas will be key to the energy transition, while oil consumption Continue Reading
Total Sees Oil Demand Peaking Before 2030 in Power Switch
French energy giant TotalEnergies SE expects global oil demand to peak before the end of this decade, as more nations crack down on fossil fuels and promote cleaner power in Continue Reading
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
The oil industry is “massively underinvesting” in supply to meet growing demand, which is set to return to pre-COVID levels as soon as the end of 2021 or early 2022, Continue Reading
Famed Gas Trader Arnold Says Europe Crisis Is Warning for U.S.
Europe’s Energy Crunch Goes Global John Arnold, the billionaire philanthropist who made his fortune betting on natural gas prices, says the energy crisis in Europe should serve as a cautionary Continue Reading
APPEC-Global oil demand seen reaching pre-pandemic levels by early 2022
Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy shrugs off pandemic woes, but spare refining capacity is likely to weigh on the Continue Reading
U.S. Oil Rig Count Jumps As Crude Prices Near 3-Year High
The number of oil and gas rigs in the United States rose by 9 again this week, according to Baker Hughes The total rig count is now 521, up 260 Continue Reading
U.S. Shale Is Finally Ready To Drill
U.S. shale producers have behaved in an exemplary way in the past year. It wasn’t something the industry wanted to do. It was something it was forced to do by Continue Reading
Baker Hughes’ CEO Warns Of Three Hard Truths About The Energy Transition
Fossil fuels are here to stay. This is the message one oilfield major CEO had for those watching the surge of gas prices in Europe, some with trepidation, others with Continue Reading
A Force Majeure in Canada’s Oil Sands Adds to Crude Supply Woes
Syncrude Canada Ltd. , a light crude producer majority-owned by Suncor Energy Inc. , cut September supplies due to a mechanical disruption at its oil sands site, according to a Continue Reading
U.S. oil refiners use Iraqi, Canadian crudes to replace storm losses -traders
U.S. oil refiners hunting to replace storm-lost U.S. Gulf of Mexico crude have been turning to Iraqi and Canadian oil, while Asian buyers have been pursuing Middle Eastern and Russian Continue Reading
16 Percent Of Crude Oil Production In Gulf Of Mexico Still Offline: BSEE
The aftermath of Hurricane Ida is still curtailing U.S. crude oil production, with 16% of crude oil production in the Gulf of Mexico still offline as of Thursday, according to Continue Reading
Texas adds 2,800 oil exploration and production jobs in August
Oil exploration and production companies in Texas added 2,800 jobs in August as the industry continues to recover from the pandemic-driven oil bust. The state’s upstream sector has recovered 19,700 Continue Reading
World’s Top Shale Oil Field Is Still Spewing Methane by the Ton
When researchers flew over an Energy Transfer LP facility in the Permian Basin of West Texas two months ago, a NASA-designed sensor on their airplane detected a colossal plume of Continue Reading
The Commodities Driving The $173 Trillion Global Energy Transition
The energy transition is in full swing, with electric vehicles supplanting gas guzzlers and solar panels and wind turbines replacing coal and oil as the world’s leading energy sources. The Continue Reading
Methane Crackdown Could Threaten U.S. Driller Profits, Citi Says
Natural gas drillers’ earnings would take a hit from a potential U.S. crackdown on methane leaks, according to Citigroup Inc. — but the magnitude of the impact depends on how Continue Reading
US oil output to climb again despite restraint of big shale drillers
US oil production is set to pick up steam again — this time led by little-known privately owned companies impervious to the demands of the stock market. Forecasters project that Continue Reading
State refiners, private chemical giants to bid in China reserve auction – sources
Top state refiners Sinopec Corp, PetroChina and leading private chemical giants like Hengli Petrochemical (600346.SS) and Zhejiang Petrochemical Corp are set to join the country’s first state oil reserve auction Continue Reading
ConocoPhillips Becomes Permian’s No. 2 Producer After Shell Deal
ConocoPhillips ’s purchase of Royal Dutch Shell Plc ’s Permian assets will make it the second-largest producer in the world’s top shale basin, according to data from Enverus. The Houston-based Continue Reading
Crude Stocks At Cushing Have Dropped By 42% So Far This Year
Rising U.S. oil consumption this year has led to crude oil inventories in Cushing, Oklahoma, dropping by as much as 42 percent so far this year, the Energy Information Administration Continue Reading
ConocoPhillips Says Shell Deal Lowers Emissions Intensity
ConocoPhillips ’s $9.5 billion deal to buy shale assets from Royal Dutch Shell Plc will boost the amount of carbon the company pumps into the atmosphere. Yet the company says Continue Reading
Ida Storm Damage Expected to Cost Insurers at Least $31 Billion
Ida is poised to join Katrina, Sandy, Harvey and Irma on the list of the top five costliest hurricanes as measured by insured losses. Estimates of Ida’s damage have continued to Continue Reading
Pemex Fire, Hurricane Ida Dent OPEC Supply Forecast as Oil Demand Gathers Momentum
Two events in the Gulf of Mexico have dented the latest 2021 supply forecast by the Organization of the Petroleum Exporting Countries (OPEC). In the cartel’s latest Monthly Oil Market Continue Reading
U.S. hurricane damage to cut Shell oil output through year-end
Royal Dutch Shell (RDSa.L) , the largest U.S. Gulf of Mexico oil producer, said damage to offshore transfer facilities from Hurricane Ida will cut production into early next year, slashing Continue Reading
Shell Near Deal to Sell Permian Assets to ConocoPhillips for About $9.5 Billion – WSJ
Royal Dutch Shell RDS.A -2.16% PLC has agreed to sell all of its assets in the Permian basin, the most active U.S. oil field, to ConocoPhillips COP -3.14% for around $9.5 billion in cash. The deal, disclosed Continue Reading
Is Gulf of Mexico Production Still Shut In?
Rigzone looks at the Bureau of Safety and Environmental Enforcement’s latest production status data for the Gulf of Mexico. Yes, according to the Bureau of Safety and Environmental Enforcement’s (BSEE) Continue Reading