US oil, gas rig count climbs 8 to 538, gas rigs hit 1-year high: Enverus
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
Oil-rich Bakken Shale shows promise of natural gas growth despite fewer rigs
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
Texas Upstream Adds 4,300 Jobs
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
Schlumberger names new executives to energy transition business – memo
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
U.S. Oil Inventories Rise Beyond Expectations
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
Cautious Hedging Costs U.S. Drillers Billions
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
Number of wells drilled in Permian, Eagle Ford make substantial recovery
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
April’s EIA Oil Growth Projections
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
New Use for Orphaned Oil Wells and More
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
Schlumberger sees drilling, construction activity ramp worldwide in 2021
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
California governor seeks ban on new fracking by 2024
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
U.S. Oil Producers Issue The Most Debt And Equity Since August
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
U.S. Oil Rig Count Declines For The First Time In Six Weeks
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
How Accurate Are Peak Oil Demand Projections?
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
US oil, gas rig count drops for first time this year, losing 11 rigs
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
Rystad Energy Sees Oil Demand Peaking In 2026
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
Energy Giants Ditch Oil and Coal Projects. Smaller Rivals Want Them.
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
Why Is Most Oil Found In Deserts And The Arctic?
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
Fuel for Thought: Energy security omens returning to haunt oil market
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
Oilfield Services Giants Optimistic About Drilling Recovery
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
Diesel Frac Glut Hinders Lower-Carbon Fleet Adoption
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
Oilfield Services Company Turn To Tech To Boost Profitability
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
Is This The End Of The Covid Oil Glut?
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
First Venezuela, Now Ecuador: US Refiners Need A New Source Of Heavy Crude
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
Gulf Of Mexico Oil & Gas Pipelines Need Better Safety Regulations
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
OPEC Update, April 2021
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
Historic Oil Glut Amassed During the Pandemic Has Almost Gone
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
It’s problem of plenty for China independents as crude stocks swell
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
Landmen Who Once Staked Claims for Oil and Gas Now Hunt Wind and Sun
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
Oil And Gas Bankruptcies Jump Despite Rise In Crude Prices
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
U.S. Rig Count Increases As Oil Prices Hold Above $60
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
U.S. Oil Bankruptcies Shoot Up In Q1 2021
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
Bakken gas production, rig count slower to recover than other US basins
Bakken natural gas production continues to show slight declines, allowing for additional Canadian exports to the US Midwest as Watford City hub prices fall to nearly $2/MMBtu. Receive daily email Continue Reading
Decade of efficiency gains deliver the most commercial wells in US shale’s history
An overwhelming amount of attention has been paid to the US tight oil industry’s financial wellbeing following the unprecedented Covid-19-induced downturn of 2020, while the aspect of operational efficiency gains Continue Reading
The Permian Faces An Empty Pipeline Crisis
Just a few short years ago, the United States was producing more shale oil than ever , pumping as much and as quickly as they could to keep up with Continue Reading
US oil drillers ‘dying on the vine’ as PE flight prompts funding drought
A vital source of funding for the US oil sector is drying up as private investors retreat, prompting stricken operators to make “last gasp” efforts to boost production and cash Continue Reading
US oil, gas rig count leaps 13 to 541 as private E&Ps add rigs: Enverus
Highlights Oil drilling accounts for nationwide gain Permian teeter-totters, adding 1 rig for 236 Private E&Ps pick up 7 rigs in week The US oil and gas rig count leaped Continue Reading
The World Still Needs Hundreds Of Billions Of Barrels Of Oil
Has peak oil demand already come and gone? That’s an exceptionally hard question to answer. There are some experts that say unequivocally, yes. They claim that peak oil is already Continue Reading
Pioneer Chief Warns of OPEC+ Price War Risk
U.S. shale producers risk another oil-price war with OPEC and its allies if they resume the breakneck production growth of the last decade, according to Pioneer Natural Resources Co. Shale, Continue Reading
The Permian Will Never Face A Pipeline Shortage Again
Just three years ago, the Permian shale oil boom was under threat: production was growing fast, but pipeline capacity wasn’t. At one point , over one two-week period, eight of Continue Reading
The Permian Basin Is Poised For A Production Boom
As the U.S. and global economy recover, production in the Permian Basin is finally returning to pre-pandemic production levels as the American oil industry gets back on track. By May, Continue Reading
The King Of Oilfield Services Is Back In A Big Way
It is no secret that the reflation in oil prices, WTI and Brent, above $50.00/bbl in the last six months has been a boon to the companies that service oil Continue Reading
Big Oil’s Dwindling Reserves Are A Major Problem
In the coming years, the power structure of global oil markets is set for a major shakeup if the reserve life of International Oil Companies (IOCs) continues to decline. The Continue Reading
Offshore Oil Is Much Greener Than You May Think
Offshore oil has built some well-deserved bad rap over the decades because of oil spills, and it has frequently been the specific target of protest action from environmentalists. But if Continue Reading
Drilling Productivity Report
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Texas oil pipelines face dry months as production languishes
Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, analysts and executives said. Pipeline Continue Reading
U.S. Oil Production Still 2 Million Bpd Under Pre-Pandemic Levels
The EIA might be forecasting that the Permian Basin’s oil production will be rebounding soon, but overall, today’s U.S. oil production is still 2 million barrels per day below the Continue Reading
Will U.S. Shale Trigger Another Oil Price Crash?
A year after the pandemic and the disagreement within OPEC+ over supply management crushed oil prices, the industry finds itself at an all-too-familiar crossroads: Will OPEC’s bet that U.S. shale’s Continue Reading
North American Fracking Activity Soars To Near Pre-Pandemic Levels
Fracking in North America has almost recovered to pre-pandemic levels, with the count of started frac jobs reaching a 12-month high in March 2021, a Rystad Energy report shows. The Continue Reading
This Is What Shale Growth Will Hinge On
The next few years of oil and gas production growth in the U.S. will hinge on this, according to GlobalData. The next few years of oil and gas production growth Continue Reading