US shale oil production will slip to 7.632 million b/d in July, down 93,000 b/d from June and the lowest in two years, the US Energy Information Administration said June Continue Reading
Oil production from the seven most prolific U.S. shale basins will fall to 7.632 million barrels per day, the Energy Information Administration said on Monday in its latest edition of Continue Reading
Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC. For the time being, the Organization of Continue Reading
The U.S. Shale Oil Industry is in serious trouble, even without the negative impacts of the global contagion. While it’s no secret that shale oil wells suffer high decline rates, Continue Reading
We who have been suggesting that a peak in world oil production was nigh almost from the beginning of this century looked like we might be right when oil prices Continue Reading
Roughly 6.5% of crude oil production in the US Gulf of Mexico remained offline on June 12 from Tropical Storm Cristobal’s weekend saunter through the region, bringing the area’s output Continue Reading
Explorers slashed drilling in the world’s biggest shale patch for a 13th straight week as they wrangle with a global pandemic that’s crimping demand for crude and leaving many strapped Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 279, with the total oil and gas Continue Reading
North Dakota oil production averaged 1.219 million b/d in April, down about 211,000 b/d or 15% from March, the North Dakota Pipeline Authority said June 12. Receive daily email alerts, Continue Reading
Extraction Oil & Gas Inc. plans to pay 16 executives and senior managers a total of $6.7 million in return for staying with the Colorado-based driller ahead of a possible Continue Reading
Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 Continue Reading
The US oil and gas rig count fell by 12 to 299 on the week, Enverus said June 11, as upstream operators continued taking rigs out of domestic fields as Continue Reading
Many U.S. shale firms have cruised through the past couple of years by borrowing money and drilling new wells, making the United States the world’s top crude oil producer. The Continue Reading
It’s been a tough year for U.S. shale. Even before the novel coronavirus pandemic pummeled oil markets, the shale revolution had been pronounced dead, with investors shying away from the Continue Reading
The low oil price environment is causing hardship for US operators as NYMEX light, sweet crude trades around $35/b. In reaction to the sharp decline in oil prices, 38 US Continue Reading
There are very few industries in the world that have been hit as hard or are set to face as many consequences as the oil and gas industry in 2020. Continue Reading
Unless oil prices move back up to the levels before the COVID-19 pandemic, the U.S. shale industry could collapse, the Institute for Economics & Peace, an Australian think-tank, warned in Continue Reading
Highlights US crude stocks up 5.72 million barrels to 538.07 million barrels Net crude inputs 20% below normal at 13.48 million b/d Exports fall to seven-month low of 2.44 million Continue Reading
Forecast Highlights Global liquid fuels Although revisions to EIA’s forecasts in the June STEO are generally smaller than they have been in recent months, this forecast remains subject to heightened Continue Reading
The American Petroleum Institute (API) estimated on Tuesday shocked the oil markets with a large crude build of 8.42 million barrels for the week ending June 5. Analysts had predicted Continue Reading
US oil production will continue to decline until bottoming out at 10.63 million b/d March 2021, or 2.2 million b/d below the record high set in November 2019, the US Continue Reading
US Gulf of Mexico oil producers have returned about 60,000 b/d back into service after about 35% of the Gulf’s oil and gas production was temporarily taken offline as Tropical Continue Reading
The forced oil production shutdowns and the extension of the generous OPEC+ voluntary cuts into July will not only balance the Covid-19-hit global crude and condensate demand, but are deep Continue Reading
The U.S. has more than doubled its crude output over the last decade. Much of the growth is due to the Permian Basin of West Texas and New Mexico. WSJ Continue Reading
Following the publication of the energy industry’s first quarterly results since the Covid-19 outbreak, a Rystad Energy analysis reveals a surprising contrast. While the oilfield service (OFS) market has taken Continue Reading
American oil producers are reopening the spigots, complicating the crude market’s recovery. Scores of shale drilling companies turned off wells to reduce output when U.S. oil prices fell to negative territory in Continue Reading
When public oil and gas companies are doing relatively well, many are happy to adopt a pay-for-performance model to reward CEOs and executives. However, the tables are quickly turned when Continue Reading
U.S. shale drillers are bringing back shut in production three months after the onset of the current downturn. But steep decline rates will increasingly take hold, dragging down overall U.S. Continue Reading
As of June 7, workers have been evacuated from 185 production platforms in the U.S. Gulf of Mexico due to Storm Cristobol. As of June 7, workers have been evacuated Continue Reading
The oil market is set for a deficit from August onwards, even after OPEC+ eases the current cuts that are up for a tentative extension through July, Rystad Energy analysts Continue Reading
US oil production is set to shoot higher, as shale producers eyeing Opec’s move to support prices are poised to reactivate wells only a few weeks after shutting them. Output could Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 17, falling to 284, with the total oil and Continue Reading
Highlights Gulf producers shut 545,000 b/d and 601 MMcf/d ahead of Cristobal About 10% of US Gulf platforms evacuated US Gulf crude production estimated to fall to 1.6 million b/d Continue Reading
The US oil and gas rig count fell 22 in the week ended June 3 to 311, rig data provider Enervus said, as oil-focused rigs continue to be pulled from Continue Reading
Humans have lived side by side with oil development for over a century, but it’s only recently that scientists started tracking the health consequences of that proximity. A new paper published today Continue Reading
Occidental Petroleum is evacuating some of its Gulf of Mexico oil facilities ahead of the anticipated storm Cristobal, Occidental said on Wednesday. The evacuated workers so far will be limited Continue Reading
What goes up, must come down. And, this is most certainly true for the mighty North Dakota Bakken… the second-largest shale oil-producing region in the United States. Even after the Continue Reading
Pioneer Energy Services Corp. has emerged from Chapter 11 bankruptcy protection, completing its debt restructuring process and implementing the previously announced reorganization plan. In connection with the restructuring, Pioneer slashed Continue Reading
As oil and gas companies began shutting offshore production before the first tropical storm of the season in the U.S. Gulf of Mexico, experts said restarting wells and refineries will Continue Reading
Oil traders and analysts scrutinizing U.S. inventory data for signs of a market recovery are being confronted by an odd situation. (Bloomberg) — Oil traders and analysts scrutinizing U.S. inventory Continue Reading
The American Petroleum Institute (API) estimated on Tuesday a small crude oil inventory draw of 483,000 barrels for the week ending May 29. Analysts had predicted an inventory build of Continue Reading
As OPEC+ producers head toward a consensus on extending their output curbs, oil’s rally is prompting some U.S. producers to open their taps once again. With U.S. futures rising as Continue Reading
Early signs of a shale rebound are becoming evident as crude prices recover. (Bloomberg) — Early signs of a shale rebound are becoming evident as crude prices emerge from their Continue Reading
Shale drillers are bringing some shuttered oil production back online as the glut eases. The total amount of shut-in production in the Bakken stood at 475,000 bpd on May 28, Continue Reading
The oil price crash has forced producers in Colorado to slash their capital expenditure, suspend completion activities, and release rig crews, leaving just six operating rigs in the state as Continue Reading
Project cancellations, spending cuts, well shut-ins: the problems and dilemmas plaguing onshore oil producers have also spread to offshore. And while the effects of the Covid-19 pandemic on onshore drilling Continue Reading
When talking about the movement of oil prices, I often refer people to the movie “Trading Places,” and specifically to the scene where the elderly investment bankers are explaining the Continue Reading
The battle lines are already drawn in a high-stakes political contest that will ostensibly determine the fate of the American shale industry. On the blue corner is former VP Joe Continue Reading
Between low demand, soaring inventories, depressed prices, a global pandemic, and now, hurricane season, it seems a perfect storm is forming around the offshore oil industry. The world’s offshore oil Continue Reading
A detailed evaluation of the Southern Grand Banks petroleum system offshore Atlantic Canada has identified a new oil presence, Applied Petroleum Technology reported. A detailed evaluation of the Southern Grand Continue Reading
