Brace For A Slowdown In These Key Shale Basins
U.S. oil production in some of the most prolific shale basins is set to slow next month, according to new data from the Energy Information Administration (EIA) released on Monday. Continue Reading
The Best And Worst Oil Predictions Of 2019
There’s nothing like wild volatility to destroy the integrity of those high-end bankers and analysts who are brave enough to make oil price predictions year in and year out. But Continue Reading
Explaining Peak Oil the Easy Way
A reader has written to me to say that she does not completely understand if we have a serious problem with oil or not, and I have written her a Continue Reading
Emissions Soar As Permian Flaring Frenzy Breaks New Records
The flaring and venting of natural gas in the U.S. continues to soar, reaching new record highs in recent months. The volume of gas that was burned or simply released Continue Reading
Shale Slowdown Takes Economic Toll
“It affects everybody’s bottom lines,” Mr. Daniels said. Fracking has made the U.S. the world’s top oil producer, buoyed the national economy and helped the country become a net exporter Continue Reading
Oil Rig Count Rises After String Of Losses
The US oil and gas rig count was unchanged this week, according to Baker Hughes, staying at 799 rigs for the week, according to Baker Hughes, but the number of Continue Reading
U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2018
Another year of stronger oil and natural gas prices increased 2018 oil and natural gas proved reserves in the United States to another all-time record level. Crude oil and lease Continue Reading
US Adds Four Oil Rigs
The U.S. adds four oil rigs and drops four gas rigs to flatten the rig count for the week. The U.S. added four oil rigs this week, according to data Continue Reading
North Dakota oil output growth to improve moderately on OPEC+ cuts: state regulator
Without cuts, Bakken crude would have flat-lined North Dakota oil output was at record 1.52 million b/d in October State claims Bakken breakevens are $12/b, analysts disagree Washington — The Continue Reading
Permian Drillers Are Struggling To Keep Output Flat
Newer wells in the Permian see their oil and gas production declining much faster than older wells, and operators will need to drill a large number of wells just to Continue Reading
“Base Decline” Rate of Oil and Gas Output in Permian Basin has Increased Dramatically Because of Recent Growth; Operators Must Drill More Wells to Maintain Production Levels, IHS Markit Says
Oil and gas operators in the Permian Basin, the most prolific hydrocarbon resource basin in North America, will have to drill substantially more wells just to maintain current production levels Continue Reading
Chevron sanctions high-pressure Anchor project for deepwater US Gulf of Mexico
First high-pressure project for the US Gulf of Mexico Facility design capacity of 75,000 b/d of crude and 28 MMcf/d of natural gas First oil expected in 2024 New York Continue Reading
IHI Wins Study for Texas Gas-to-Gasoline Plant
Primus and an undisclosed petchems JV partner commissioned the FEED study. IHI E&C International Corp. has won a front-end engineering and design (FEED) study for a first-of-its-kind natural gas-to-gasoline plant Continue Reading
Oil Inventories to Rise Despite OPEC Cuts, IEA Says
In its closely watched oil-market report, the IEA said it was trimming its 2020 non-OPEC oil supply growth forecast by 200,000 barrels a day to 2.1 million barrels. However, it Continue Reading
Big Oil’s Wishlist: The Hottest Oil Auctions In 2020
As the new year promises to ring in what most suspect will be lackluster oil demand and moderate oil prices despite OPEC’s beefier production cuts, oil auctions for the upcoming Continue Reading
Can Argentina Replicate The U.S. Shale Boom?
Drillers in Argentina have sought for years to replicate the success of the U.S. shale boom in its huge oil and gas deposits in the Vaca Muerta shale play. The Continue Reading
Chevron’s $10bn writedown highlights shale stress
When Chevron snapped up Atlas Energy in 2011to join the natural gas land rush in the Appalachian shale region of the US, its then vice-chairman lauded the $4.3bn deal as Continue Reading
Chevron Eyes $11B Writedown Amid Weak Gas Prices
More than half of it is from its Appalachia natural gas assets after a slump in prices. (Bloomberg) — Chevron Corp. expects to write down as much as $11 billion Continue Reading
Chevron’s $11 Billion Write Down Is A Warning For The Oil Industry
Chevron said that it would write down $11 billion in assets in the fourth quarter, much of which is tied to natural gas in Appalachia. The impairment is a sign Continue Reading
Surprise Crude Build Threatens Oil Rally
The American Petroleum Institute (API) has estimated a crude oil inventory build of 1.41 million barrels for the week ending December 4, compared to analyst expectations of a 2.763-million-barrel draw Continue Reading
This Exploration Blind Spot Offers Great Promise
Based on currently available geophysical data, the Lebanese government estimates that the offshore oil and gas frontier areas in the East Mediterranean may hold around 25 trillion cubic feet of Continue Reading
Argentina’s Shale Boom Hits New Milestone
YPF, the Argentine state energy company, has drilled the longest horizontal oil well lateral, at 3,890 meters, or more than 12,700 feet, in the Vaca Muerta shale play, S&P Global Continue Reading
Short-Term Energy Outlook
Global liquid fuels Brent crude oil spot prices averaged $63 per barrel (b) in November, up $3/b from October. EIA forecasts Brent spot prices will average $61/b in 2020, down Continue Reading
Argentina’s YPF drills Vaca Muerta’s longest horizontal well
Argentina’s YPF has drilled the longest horizontal well to date in the oil window of Vaca Muerta, where the state-backed energy company is focusing its investment for oil and natural Continue Reading
US Loses Thousands of Upstream Jobs in November
The U.S. saw a sharp decline in support activities for mining in November, according to data released Friday from the U.S. Bureau of Labor Statistics (BLS). The BLS, which categorizes Continue Reading
Halliburton Confirms More Layoffs in Oklahoma
Halliburton has confirmed job cuts in Duncan, Oklahoma, just days after closing a facility in El Reno, Oklahoma. Halliburton has confirmed job cuts in Duncan, Oklahoma, just days after closing Continue Reading
Shale Has Delinked US Oil and Gas Prices
These two sources of energy are intrinsically linked, and together supply over 60 percent of U.S. and global energy. The relationship between crude oil (WTI) and natural gas (Henry Hub) Continue Reading
US Drops Five Oil Rigs
The U.S. idled five oil rigs and added two gas rigs for a net loss of three rigs this week. The U.S. idled five oil rigs and added two gas Continue Reading
N. American Shale Primed for Growth Despite Possible Oil Price Declines
If OPEC and Russia don’t decide on deeper cuts in oil production for 2020, it could cause oil prices to drop. But the production outlook for North American shale will Continue Reading
Shale Frac Spread Rebound Hopes Fade
A seasonal increase in the number of US shale basin-based frac spreads has not materialized. Back in September, Rigzone reported that a firm that gauges the U.S. upstream industry’s health Continue Reading
U.S. Shale Will Grow Regardless Of Oil Prices
U.S. shale oil production will continue growing even if international prices fall, says Rystad Energy. The Norwegian energy consultancy said in a new report that despite a decline in the Continue Reading
Analysis: US oil, gas rig count falls by 4 to 691, Permian totals slide
The number of active US oil and gas rigs tumbled by four to 691 this week, the lowest count since March 2017, with a slowdown in the prolific Permian Basin Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending November 29, 2019, U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending November 29, 2019, Continue Reading
Shale’s Debt-Fueled Drilling Boom Is Coming To An End
The financial struggles of the U.S. shale industry are becoming increasingly hard to ignore, but drillers in Appalachia are in particularly bad shape. The Permian has recently seen job losses Continue Reading
The One Sweet Spot That Continues To Drive Permian Growth
The Bone Spring formation has been one of the most prolific shale plays in the Permian in recent years and continues to drive production growth The Bone Spring formation has Continue Reading
Syncrude Cuts Oil Output By More Than 1.5 Million Barrels
Canadian oilsands operation Syncrude has reduced its December crude oil production by 1.6 million barrels according to Reuters, citing three market sources. The production cutback was due to a operational Continue Reading
Halliburton Slashes 800 Oklahoma Jobs As Shale Slowdown Bites
Oilfield services provider Halliburton has notified the Oklahoma Office of Workforce Development that it would dismiss 800 employees, the Oklahoma agency’s spokesman David Crow tells The Associated Press , as Continue Reading
US shale ‘magic’ stalling; investments shrinking: Standard Chartered’s Horsnell
Shale largest area of oil market uncertainty $65/b WTI needed to lift sentiment Majors’ shale expansion brings no quick fix London — The US shale boom is stalling as productivity Continue Reading
U.S. oil output growth slows: just how much is anyone’s guess
U.S. oil producers could expand daily output by 1 million barrels next year, or by as little as 100,000 barrels, with the wide gap creating huge uncertainty as OPEC officials Continue Reading
Even Shale Veterans Don’t Buy The Bullish Production Forecasts
While acknowledging that U.S. shale growth is slowing down, analysts and experts continue to predict that total American crude oil production will rise by around 1 million barrels per day Continue Reading
US oil output breaks record, but growth is stalling: EIA
Output growing at less than half the year-ago pace ‘Peak growth’ may be near Output growth in Texas, North Dakota at lowest rate in two years Year-on-year growth in US Continue Reading
Meet The Biggest Losers Of The U.S. Shale Bust
After a decade of unprecedented growth and seemingly endless investments, the writing is now on the wall: the Great American Shale Boom is slowing down and this could have some Continue Reading
Visualizing The US Shale Slowdown
All of the oil production data for the states comes from the EIA?s Petroleum Supply Monthly . The charts below are updated to September 2019 for the largest US oil Continue Reading
Why Oil Demand Won’t Follow Coal’s Death Spiral
After a steady rise that lasted nearly 50 years, U.S. coal consumption peaked about a decade ago. Since the peak in 2007, coal consumption in the U.S. has fallen an Continue Reading
Is US Oil Production Growth Slowing???
All of the oil production data for the states comes from the EIAʼs Petroleum Supply Monthly . The charts below are updated to September 2019 for the largest US oil Continue Reading
Russia’s Nov crude, condensate output above OPEC+ target at 11.24 mil b/d
Russia’s crude and condensate output was again above its target level under the OPEC+ agreement in November, totaling 46 million mt, equivalent to around 11.24 million b/d, according to preliminary Continue Reading
Republican Fervor Ebbs for Offshore Drilling
The wake from Chip Campsen’s fishing boat has rippled all the way from the South Carolina coast to the White House. Mr. Campsen is a Republican state senator and dedicated Continue Reading
Shale Slowdown Continues As Oil Rig Count Falls Again
The US oil and gas rig count continued to fall this week, according to Baker Hughes, falling by 1 rig for the week. For oil rigs, this week marks the Continue Reading
US Rig Count Dips Slightly
The U.S. saw a net decrease of one rig this week. The U.S. idled three oil rigs this week and added two gas rigs for a net loss of one Continue Reading
Why OPEC Should Worry About Russia’s Latest Oilfield
Russia’s largest oil company, Rosneft, has started domestic crude oil deliveries from one of the country’s biggest oilfields, the Russkoye field in the Arctic, just days before Russia and OPEC Continue Reading