Will Falling Drilling Costs Fuel A U.S. Shale Rebound?
Even though the U.S. shale patch has further reduced its break-evens over the past year, the decline in drilling costs alone may not be sufficient to help producers to lift Continue Reading
Oil Major Chevron Slashes Spending Plans Following COVID Crisis
Chevron Corporation is reducing its capital and exploratory budget for the next five years by billions of U.S. dollars compared to previous guidance as it looks to save its dividend Continue Reading
The Death Of U.S. Shale Has Been Greatly Exaggerated
The current year marks the 15th anniversary of the U.S. shale boom, a period in which fracking technology across such states as Texas, Colorado, New Mexico, North Dakota, and Wyoming Continue Reading
Has peak oil been and gone?
If I had of said to most of you reading this a year ago that 2020 would see negative oil prices , the world economy collapse and record highs in Continue Reading
Summary of Weekly Petroleum Data for the week ending November 27, 2020
Summary of Weekly Petroleum Data for the week ending November 27, 2020 U.S. crude oil imports averaged 5.4 million barrels per day last week, up by 171,000 thousand barrels per Continue Reading
US refined product inventories climb as demand tests multimonth lows
US refined product inventories climbed in the week ended Nov. 27 as the pandemic blunted demand during the typically travel-heavy US Thanksgiving Day holiday weekend. Receive daily email alerts, subscriber Continue Reading
Oil Price Crash Crushes New Mexico’s Hope For Free College
New Mexico was, until recently, a lucky state. Despite being one of the states with the weakest economies—and high unemployment—New Mexico had the Permian, and oil revenues from drillers there Continue Reading
US September Oil production
A post by Ovi at peakoilbarrel All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM . After Continue Reading
Russia’s Nov oil output steady on month at 10 mil b/d
Russia produced 40.96 million mt of crude and condensate in November, equivalent to around 10 million b/d, according to preliminary data released by the central dispatching unit of the Russian Continue Reading
Oil Industry Will Never Be the Same After Covid
A year ago, if anyone in the petroleum business had suggested that the moment of Peak Oil had already passed, they would have been laughed right off the drilling rig. Continue Reading
Colorado operators to face most-stringent drilling setbacks in US
Colorado producers on Jan. 15 will face the most-stringent drilling setback rules in the US, when buffers quadruple to 2,000 feet as a backlog of 6,000 pending permits have built Continue Reading
U.S. Oil Production Is On The Rise Again
Crude oil production, including lease condensate, in the United States rose in September to 10.860 million barrels per day on average, according to the Energy Information Administration’s monthly report released Continue Reading
ANALYSIS: US crude stocks expected lower as refinery runs, exports edge higher
US crude oil inventories likely declined in the week ended Nov. 27 amid an expected uptick in refinery demand and steady exports, an S&P Global Platts analysis showed Nov. 30. Continue Reading
Will Biden Be As Bad For Oil As Critics Suggest?
There has been a lot of hand-wringing in the oil industry about the consequences of a Joe Biden win, so let’s discuss those today. Here is some context I like Continue Reading
Stronger Oil Curve Points to Cushing Glut Relief
Oil stockpiles at America’s largest storage hub are set to unwind with the market showing real signs of strength for the first time since the pandemic crushed global demand. (Bloomberg) Continue Reading
Baker Hughes Reports US Rig Rebound
The number of rotary drilling rigs operating in the United States rebounded this past week, according to Baker Hughes. The total number of rotary drilling rigs operating in the United Continue Reading
U.S. Shale Bankruptcies Accelerate Despite Pandemic Protection
The U.S. oil industry is trying to recover from the worst demand shock in the history of oil markets. Some companies launched the long-awaited consolidation in the sector, while many Continue Reading
Non-OPEC July Output up by 1.2%
Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIA’s International Energy Statistics and updated to July 2020. Continue Reading
Colorado Approves Stricter Rules For Oil & Gas Drilling
The Colorado Oil and Gas Conservation Commission (COGCC) approved this week stricter rules for oil and gas drilling, extending the setbacks for oil wells from homes and schools to 2,000 Continue Reading
G20 members pledge to ensure stable energy supply throughout pandemic
Leaders of the G20 member states have pledged to ensure “a stable and uninterrupted supply of energy” as the world recovers from the pandemic, according to a declaration published at Continue Reading
Oil Rig Count Falls For The First Time In 2 Months
Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 5 to 231, ending eight weeks of increases to oil rigs in the Continue Reading
Baker Hughes Rig Counts Show US Decline
The overall US rotary rig count fell slightly this week. The overall U.S. rotary rig count dipped by two over the past week, falling to 310 units, Baker Hughes Co. Continue Reading
Biden’s proposed oil drilling ban may not be a hit with Democrats in New Mexico – The Washington Post
It’s one of Joe Biden’s boldest campaign pledges for tackling climate change. But it’s one that would have a big impact on a Democratic stronghold. New Mexico is waiting to Continue Reading
US oil, gas rig count rises by three on week to 382: Enverus
The US oil and natural gas rig count rose by three to 382, Enverus said Nov. 19, ahead of the Thanksgiving holiday week when drilling typically slows as upstream budgets Continue Reading
Peak Oil Never Went Away
Do you remember peak oil? It was all the rage a decade ago. Now, almost no one is talking about it. The funny thing is, the problem never went away. Continue Reading
Summary of Weekly Petroleum Data for the week ending November 13, 2020
Summary of Weekly Petroleum Data for the week ending November 13, 2020 U.S. crude oil imports averaged 5.3 million barrels per day last week, down by 245,000 barrels per day Continue Reading
GoM Summary Part V: Possible Futures
This analysis concerns C&C only. Natural gas production is low and steadily declining with few deep gas-condensate discoveries and the shallow dry gas fields at end of life. I don’t Continue Reading
American Deepwater Oil Exploration Isn’t Dead
In a move that came as a surprise to some, today’s oil and gas lease round in the U.S. Gulf of Mexico generated substantial interest on Wednesday. The sum of Continue Reading
Oil Crash Continues To Claim Bankruptcy Victims In U.S. Shale Patch
After a wave of bankruptcies in the third quarter, oil producers and oilfield services companies in the U.S. shale patch continued to file for protection from creditors at the start Continue Reading
How Much Oil and Gas Has Been Found in 2020?
Global conventional oil and gas discoveries already exceed eight billion barrels of oil equivalent, according to a new Rystad Energy analysis. Global conventional oil and gas discoveries already exceed eight Continue Reading
EIA Sees Flat U.S. Crude Oil Production Through 2021
U.S. crude oil production is set to remain close to its current levels of around 11 million barrels per day (bpd) through the end of 2021, as new drilling activity Continue Reading
Drilling Productivity Report
NOTE: 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 and well completions. Continue Reading
Wyoming Becomes A Haven For The Super Rich As Its Oil Industry Crumbles
The great outdoors and the super tax-friendly policies in Wyoming are attracting a growing number of the ultra-wealthy to the Cowboy State in search of quiet scenic retreats from the Continue Reading
ANALYSIS: Cloudy outlook seen for US Gulf lease sale due to low oil prices, budgets
Uncertainties on both the timing of oil demand recovery from the coronavirus pandemic and the future actions of the incoming Joe Biden administration over permitting on federal lands present a Continue Reading
Why The Oil Industry Is Set To Thrive For Decades To Come
Modern innovation is helping the oil industry to keep up with the competition by cutting costs , addressing safety concerns, and incorporating better data analytics to continually improve upon existing Continue Reading
Oil Majors Aren’t Worried About A Biden Presidency
The U.S. oil and gas industry has been fretting about the implications of a Biden Presidency on the sector in view of Joe Biden’s energy plan to favor renewables development Continue Reading
U.S. Oil Rig Count Rises For The Eighth Week In A Row
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 236—the eighth week of oil rig additions. The total number of Continue Reading
The Oilfield Services Sector Is Showing Signs Of Recovery
The U.S. oilfield services sector added more than 6,400 new jobs last month. in the latest sign that things are beginning to look up for the embattled industry. There has Continue Reading
Baker Hughes Counts Show 15 More Rigs
The rotary rig counts for the US and Canada rose this past week. The rotary rig counts for the United States and Canada increased by a total of 15 this Continue Reading
Renting a Slice of U.S. Oil’s Hot Spot Is 70% Cheaper After Rout
The price to drill an acre of land in the biggest U.S. shale basin has tumbled amid the oil rout, creating conditions ripe for more mergers and acquisitions. Drilling rights Continue Reading
Summary of Weekly Petroleum Data for the week ending November 6, 2020
Summary of Weekly Petroleum Data for the week ending November 6, 2020 U.S. crude oil imports averaged 5.5 million barrels per day last week, up by 470,000 barrels per day Continue Reading
Record-Breaking Hurricane Season Took Major Toll On Gulf Of Mexico Production
On Thursday morning, Tropical Storm Eta made landfall over North Florida and has become the 12th named storm to make landfall out of a record-breaking year of 29 named storms. Continue Reading
US crude supply expands amid unseasonal downturn in refinery demand
US crude oil inventories moved higher in the week ended Nov. 6 amid an unseasonable pullback in refinery demand, US Energy Information Administration data showed Nov. 12. Receive daily email Continue Reading
Record Hurricane Season Wipes Out Most Offshore Oil in a Decade
It’s the year of the unprecedented and the hurricane season has been no exception. A record-breaking hurricane season shut in an OPEC-nation amount of oil during a global pandemic that Continue Reading
World’s Top Oil Trader Weighs U.S. Shale Acquisitions
The world’s largest independent oil trader, Vitol Group, is considering potential acquisitions in the U.S. shale patch, chief executive Russell Hardy said on the Reuters Commodity Trading Summit on Tuesday. Continue Reading
The Road To Recovery Is Long For Oilfield Services
“This has probably been the most challenging quarter in past decades,” Schlumberger’s chief executive Olivier Le Peuch said in the second-quarter results release of the world’s largest oilfield services provider. Continue Reading
Texas Takes Action to Reduce Gas Flaring
Texas’s oil regulator took action to reduce routine natural gas flaring but its efforts fall short of more aggressive measures requested by some investors and major producers. (Bloomberg) — Texas’s Continue Reading
Energy Is the Economy; Shrinkage in Energy Supply Leads to Conflict
It takes energy to accomplish any of the activities that we associate with GDP. It takes energy to grow food: human energy, solar energy, and–in today’s world–the many types of Continue Reading
World Oil Production Outlook
Peak oil was supposed to have arrived a decade ago, but then the US tight oil boom spoiled the party. Can looking into the rear vision mirror now help us Continue Reading
U.S. Oil Rig Count Rises During Election Week
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 226. The total number of active oil and gas rigs increased Continue Reading