Shale Boom Boosts Gas Flaring In 2018: World Bank
Rising shale oil production in the United States that drove gas flaring up 48 percent in 2018 also pushed up the global total by 3 percent to 145 billion cubic Continue Reading
The $200 Billion Push In Offshore Oil & Gas
As the oil and gas industry comes out of the recent downturn, E&P companies are tempted to chase the rewards of higher oil prices by accelerating the sanctioning of new Continue Reading
U.S. crude stockpiles rise unexpectedly for second week: EIA
U.S. crude oil stockpiles rose unexpectedly for a second straight week, despite the highest refining rates in six months and lower imports and production, the Energy Information Administration said on Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending June 7, 2019 U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending June 7, 2019, Continue Reading
EIA: Oil price forecast lower for 2019 on demand concerns
Brent crude oil spot prices are expected to average $67/bbl this year, which is $3/bbl lower than forecast last month in the US Energy Information Administration’s Short-Term Energy Outlook. In this Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels Brent crude oil spot prices averaged $71 per barrel (b) in May, largely unchanged from April 2019 and almost $6/b lower than the price in Continue Reading
U.S. oil output to rise less in 2019 than previously expected: EIA
U.S. crude oil production will rise 1.36 million barrels per day to 12.32 million bpd in 2019, 140,000 bpd less than previously forecast, according to a monthly Energy Department report Continue Reading
U.S. Oil, Gas Hit Record Production Levels in 2018
The shale revolution powered U.S. oil and gas production in 2018 to the largest annual increases ever recorded by any country, according to energy giant BP PLC. Surging global energy Continue Reading
US 2018 Oil, Gas Output Surges Outpaced All Countries
U.S. natural gas and crude oil production increased last year at the fastest pace ever for a single country. (Bloomberg) — U.S. natural gas and crude oil production increased last Continue Reading
Analysts split on whether US crude stocks will continue to build
Analysts were split Monday whether this week’s US Energy Information Administration data would show a draw in crude inventories for the week ending June 7. While refinery runs are expected Continue Reading
Can Shale Survive Low Oil Prices?
Lower oil prices could drag down U.S. shale drillers at a time when their finances are already looking shaky. But the impact on oil production growth is still murky. WTI Continue Reading
Oil Shock Model Scenarios
Many different oil shock model scenarios have been presented over time at Peak Oil Barrel. Information on the Oil Shock Model, originally developed by Paul Pukite can be found in Continue Reading
Colombia tribunal begins hearing evidence on use of fracking
Colombia’s top administrative court on Friday began hearings that could be long and contentious about proposals to drill for oil using the technique known as fracking, hailed for sharply boosting Continue Reading
U.S. oil rig count falls to lowest since Feb 2018: Baker Hughes
U.S. energy firms this week cut the oil rig count to the lowest since February 2018 as drillers follow through on plans to reduce spending with crude prices collapsing to Continue Reading
Frackers Scrounge for Cash as Wall Street Closes Doors
Shale drillers are scrambling to raise cash as financing from Wall Street dries up. The companies behind the U.S. fracking boom are turning to asset sales, drilling partnerships and other Continue Reading
U.S. Oil Rig Count Drops, But Production Remains Resilient
The number of active oil and gas rigs in the United States fell this week according to Baker Hughes, as the overall rig count reaches the lowest point since February Continue Reading
Will Occidental’s $38B Gamble Be a Shale Win?
Oxy is aiming for billions of dollars’ worth of cost savings and productivity gains from the Anadarko deal, but many investors remain skeptical. Occidental Petroleum, ranked 167 in Fortune 500, Continue Reading
US Drillers Drop 11 Rigs
The U.S. experienced a decline of 11 oil rigs and addition of two gas rigs for a net loss of nine rigs this week. The U.S. dropped eleven oil rigs Continue Reading
Texas Drillers Resort to Pumping Gas Down Wells
Texas drillers may have found a solution to the stubborn natural gas glut that’s forced them to either burn it off into the air, or pay others to take it Continue Reading
U.S. oil rig count falls to lowest since Feb 2018: Baker Hughes
(Reuters) – U.S. energy firms this week cut the oil rig count to the lowest since February 2018 as drillers follow through on plans to reduce spending with crude prices Continue Reading
U.S. Total Oil Output Poised To Set New 2019 Record
US oil production keeps accelerating towards new highs. New records are expected both when the final numbers for May emerge and at the end of the year. Rystad Energy is Continue Reading
Canadian oil sands production to be ~1M barrels higher by 2030 but with lower annual growth; boosted by deterioration in Venezuela
Canadian oil sands production is set to enter a period of slower annual production growth compared to previous years. Nevertheless, total production is expected to reach nearly four million barrels Continue Reading
US Oil Output to Set More Records in 2019
Rystad Energy forecasts new all-time highs for U.S. crude output in May 2019 and the end of the year. Already off to an amazing start in 2019, U.S. oil production Continue Reading
A ‘’Gusher Of Red Ink’’ For U.S. Shale
Oil prices are off more about 20 percent in the last two weeks on growing fears of a brewing economic recession. Commodities of all types have been hammered by the Continue Reading
Red Ink Keeps Flowing for U.S. Fracking Sector
Red Ink Keeps Flowing for U.S. Fracking Sector Disappointing Results for U.S. Frackers Continued Through Q1 2019 Another quarter, another gusher of red ink. Despite investors’ growing demands that oil Continue Reading
Where Is All the Missing US Oil?
Oil traders and analysts closely watching weekly U.S. inventory figures have been scratching their heads in the last few weeks wondering one thing: Where are the missing barrels? U.S. Energy Continue Reading
Oil Sands Production To Hit 4 Million Bpd By 2030 |
Crude oil production from Canada’s oil sands could rise by a million barrels from today’s average daily rate to as much as 4 million bpd in 2030 despite a slowdown Continue Reading
As Permian oil production turns lighter, price outlook darkens
The United States may now be the world’s biggest crude producer, but the oil being produced in its prolific Permian basin is increasingly too light in density for domestic refiners Continue Reading
Gas Flaring In The Permian Hits Record In Q1
A pipeline capacity shortage caused natural gas flaring and venting to skyrocket to a record high in the first quarter of the year in the Permian, Rystad Energy said in Continue Reading
America’s Biggest Oil Hub is Growing
America’s largest oil hub in Cushing, Oklahoma, is growing even as producers and traders look to move surging West Texas production to the coast for export. The U.S. petroleum industry Continue Reading
The Gas Flaring Crisis In The U.S. Oil Patch
In its relentless pursuit of oil, the shale industry continues to burn more and more gas into the air. The rate of flaring in the Permian basin reached a record Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending May 31, 2019 U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending May 31, 2019, Continue Reading
Oilfield Services Feel The Pain As Crude Prices Drop
Last month, the world’s fourth-largest oilfield services company, Weatherford, said that it would begin financial restructuring to significantly cut its long-term debt of over US$7 billion. Weatherford expects the restructuring Continue Reading
Weatherford Demise Represents Warning To Oil Services Sector
The oil-field services sector is in the tough position of being the first to get hurt when oil prices plunge and the last to profit when a recovery finally happens. Continue Reading
Permian gas flaring hits new record highs for “widespread waste,” pollution
The flaring of natural gas in West Texas’ booming Permian Basin has exceeded previous estimates and is now contributing to far more “widespread waste” and pollution than ever before, according Continue Reading
Is There Really An Oil Shortage?
“I am not sure there is a supply shortage,” Khalid al-Falih, the energy minister of the world’s top oil exporter and OPEC’s largest producer, Saudi Arabia, told Reuters in the Continue Reading
GOM Production Poised to Set New Records
Oil production in the U.S. Gulf of Mexico is poised to set new records in the imminent future. Oil production in the U.S. Gulf of Mexico (GoM) is poised to Continue Reading
Multiple Colorado communities pass drilling permit moratoriums
Highlights Commerce City eyes six-month moratorium Weld County remains largely unscathed Denver — Seven municipalities and one county scattered around the Denver-Julesburg Basin had passed some sort of drilling or Continue Reading
U.S. crude output rises 2.1% in March to near record high: EIA
U.S. crude oil production rose 241,000 barrels per day (bpd), or 2.1 percent, in March to 11.905 million bpd, just below its record high, the Energy Information Administration (EIA) said Continue Reading
Rising Oil Rig Count Pressures Oil Prices Further
The the number of active oil and gas rigs rose slightly in the United States this week according to Baker Hughes, after a string of losses in the weeks prior, Continue Reading
NGPL Permian expansion clears environmental hurdle at FERC
A proposed pipeline expansion connecting Natural Gas Pipeline Company of America’s existing system to the Waha Hub in the Permian Basin of West Texas cleared a key regulatory hurdle Friday Continue Reading
US Drillers Add Three Rigs
The U.S. added three oil rigs and lost two gas rigs for a net gain of one rig this week. Following three consecutive weeks of declines, the U.S. added three Continue Reading
Marathon Oil Goes Truly All American As It Divests Iraq Play
Marathon Oil Corporation (NYSE: MRO) has completed its divestiture of its Kurdistan assets on Friday, according to company press release , as it seeks to divest nearly all its oil Continue Reading
The State of Exploration 2019
Exploration activity bounced back in 2018 but declining performance points to the limitations of the global exploration drilling opportunity set and the urgent need for its renewal in 2019 and Continue Reading
World Oil Production, February 2019 Data.
The data for the charts below are from the EIA’s Monthly Energy Review . I will update this post Friday, May 31st with March data for the USA and charts Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending May 24, 2019 U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending May 24, 2019, Continue Reading
Investor Icahn sues Occidental Petroleum over ‘misguided’ Anadarko deal
Occidental Petroleum Corp’s activist investor Carl Icahn has filed a lawsuit against the company over what it called its “misguided” pact to buy Anadarko Petroleum Corp, and may seek a Continue Reading
Analysis: US gasoline stocks rise as implied demand stumbles
US gasoline inventories climbed 2.2 million barrels last week to 230.94 million barrels despite a drop in production, suggesting lower demand, data released by the Energy Information Administration showed Thursday. Continue Reading
US oil and natural gas rig count drops as Permian production climbs
Oil-directed rigs fall by seven to 849 Gas rigs fall by two to 210 Permian production climbing Houston — US oil and natural gas rigs fell by 13 to 1,061 Continue Reading
Domestic Gasoline Stocks Grew Ahead of Memorial Day Weekend
In the run-up to a busy Memorial Day weekend, refineries across the country boosted their crude utilization rate to 91.2% — a significant increase to a spring season which has Continue Reading