U.S. Oil Rig Count Falls As Gas Rig Count Soars
Baker Hughes reported another 3-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 984, which is Continue Reading
Permian Investments Represent $2 Of Every $10 In Global OFS Spend
Investments in the Permian Basin represent $2 of every $10 spent on oilfield services and equipment worldwide, according to analysis by an Oklahoma-based consulting firm. Spears & Associates said spending Continue Reading
With higher oil prices holding, producers stick to restraint
The fourth quarter upstream earnings season raised multiple issues in the oil patch. But the biggest theme was really a single, solid dilemma: can E&P operators hit their production growth Continue Reading
API releases new estimates of OCS oil and gas benefits by region
The American Petroleum Institute released new studies showing potential economic benefits to states and communities along the Atlantic, Pacific, Alaskan, and eastern Gulf of Mexico portions of the US Outer Continue Reading
BP Reports Surprise Production Jump At Mature Fields
BP reported a surprise increase in oil production from aging fields that, according to chief executive Robert Dudley, he hadn’t seen in his close to four-decade career in the industry. Continue Reading
Aging Oil Fields Defy Gravity to Pump More Crude
Bob Dudley, in his 38 years in the oil industry, has never seen anything like what happened with BP Plc’s old fields last year: They gushed more crude. “I cannot Continue Reading
Saudi Arabia Plans Its Own Shale Revolution
Saudi Arabia has big gas plans, with Aramco eyeing a twofold increase in its natural gas production over the next ten years as it seeks to switch local power plants Continue Reading
BHP says will consider asset swaps as part of shale exit
Global miner BHP will consider swapping certain onshore oil and gas assets with competitors’ offshore assets, as part of its effort to exit U.S. shale formations, Steve Pastor, BHP’s president Continue Reading
Offshore drilling plan may put 2.6M jobs in jeopardy, conservation group says
President Donald Trump ‘s plan to open most of the coastal U.S. to offshore drilling jeopardizes at least 2.6 million jobs and almost $180 billion in the gross domestic product, Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global Liquid Fuels North Sea Brent crude oil spot prices averaged $65 per barrel (b) in February, a decrease of $4/b from the January level and the first Continue Reading