Texas Set For Another Oil Boom
Texas is set for another oil boom, with production this year expected to hit a record high. That’s according to Karr Ingham, the oil economist who created the Texas Petro Continue Reading
Saudi Oil Minister Tired Of Shale Hype
“Leave us alone and leave all these issues. We had enough of shale oil and talks of shale. Please talk about anything else,” Saudi oil minister Khalid al-Falih said in Continue Reading
Saudi Arabia’s energy minister says IEA overhyped US shale boom
Saudi Arabia’s energy minister took a rare sideways swipe at the International Energy Agency on Wednesday, accusing the body of overhyping the impact of US shale growth on the oil Continue Reading
The Biggest Year Yet For U.S. Shale
For years, the shale promise has been hollow. Even when oil prices were trading above $100 per barrel, most shale drillers weren’t profitable. They drilled rapidly, brought huge volumes of Continue Reading
What to Look for in Oil, Gas in 2018
Brian Williams of Carl Marks Advisors shares insights on what the industry can expect regarding E&P investment, M&A deals and trends for 2018. Ushering in 2018 were some welcome higher Continue Reading
Art Berman: Like It Or Not, The Future Remains All About Oil
Art Berman, 40-year veteran in the petroleum production industry and respected geological consultant, returns to the podcast this week to talk about oil. After the price of oil fell from Continue Reading
Offshore could be beating U.S. shale
Some offshore developments outside of North America may be gaining a competitive edge over U.S. shale, sector analysis found. U.S. shale oil developments are expected to push total U.S. production Continue Reading
The No.1 Challenge To The Oil Rally
The International Energy Agency (IEA) acknowledged in its latest Oil Market Report that the recent rally in oil prices came on the heels of significant tightening, but that the supply Continue Reading
U.S. oil drillers cut rigs for second time in three weeks:
U.S. energy companies this week cut oil rigs for the second time in three weeks even though crude prices traded near their highest level since 2014. Drillers cut five oil Continue Reading
Schlumberger sees sunny skies ahead for energy sector
Strong demand growth and an extended OPEC-led effort to balance the market suggests 2018 will be good for drilling services, Schlumberger’s head said Friday. Schlumberger is the world’s largest oilfield Continue Reading
Rig counts, but not jobs, up in Texas
Exploration and production in the Permian shale basin in Texas is contributing to more output, but not more jobs, data from a federal reserve bank said. The Federal Reserve Bank Continue Reading
EIA expects total U.S. fossil fuel production to reach record levels in 2018 and 2019
In its January 2018 Short-Term Energy Outlook (STEO), EIA forecasts that total fossil fuels production in the United States will average almost 73 quadrillion British thermal units (Btu) in 2018, Continue Reading
Oil Rig Count Declines Amid Falling Prices
The number of active oil and gas rigs fell this week, according to Baker Hughes data , decreasing by 3 total rigs. This brings the total number of oil and Continue Reading
BHP Billiton continues U.S. shale exit plans
Australian energy and mining giant BHP Billiton said Thursday it was on pace start selling off its U.S. shale assets during the first quarter of the year. In August, CEO Continue Reading
U.S. oil industry set to break record, upend global trade
Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day – toppling a record set in 1970 and crossing a threshold few Continue Reading
U.S. Feb shale output expected to rise to 6.55 mln bpd: EIA
U.S. oil output is expected to continue to rise in February with production from shale rising by 111,000 barrels per day (bpd) to 6.55 million bpd, the U.S. Energy Information Continue Reading
Hess Cutting Hundreds of Workers As It Battles Activist Investor
Hess Corp is cutting roughly 13 percent of its workforce and streamlining operations as it battles an activist hedge fund shareholder pushing for the U.S. oil and gas producer to Continue Reading
Drilling Productivity Report
Contents Related Today in Energy articles Email New-well oil production per rig barrels/day New-well gas production per rig thousand cubic feet/day Region January 2018 February 2018 change January 2018 February Continue Reading
Is The Rig Count Still Relevant?
The weekly rig count report that Baker Hughes releases is probably on everyone’s not-to-miss schedule. However, its days as one of the most reliable U.S. oil industry growth metrics seem Continue Reading
What’s The Limit For Permian Oil Production?
The ‘hottest shale play’ has been the media’s favorite cliché for the Permian Basin over the past year. And while cliché, the basin straddling West Texas and New Mexico has Continue Reading
The Labor Shortage In The Shale Boom
Shale drillers are scrambling to take advantage of the recent surge in oil prices, but the cost of production could begin to creep up, offsetting some of the promised gains. Continue Reading
Worries about US shale output as oil hits three-year high
Brent crude rose to a three-year high of $70 a barrel last week, but there are questions about the rally’s resilience as higher oil prices threaten to unleash a new Continue Reading
IEA: $65-70 Oil Could Cause Surge In U.S. Shale Production
Oil producers may be enjoying oil prices at $65 to $70, but these price levels are likely to encourage even more oversupply from U.S. shale, Fatih Birol, the Executive Director Continue Reading
U.S. drillers add most oil rigs in a week since June: Baker Hughes
U.S. energy companies added 10 oil rigs this week, the biggest increase since June, as crude prices rose to their highest levels in three years, prompting drillers to return to Continue Reading
Oil drillers in Canada boost rigs to 10-month high: Baker Hughes
Energy firms in Canada almost doubled the number of rigs drilling for oil this week to the highest level in 10 months as producers returned en masse from Christmas breaks Continue Reading
Shale Restraint Could Lift Oil To $80
Brent recently hit $70 per barrel and WTI surpassed $64.50 , and oil executives from the Middle East to Texas no doubt popped some champagne. The big question is whether Continue Reading
Will Surging U.S. Shale Kill Off The Oil Rally?
The EIA released the latest version of its Short-Term Energy Outlook (STEO), in which the agency dramatically revised up its expectations for U.S. oil output. Previously, the EIA thought the Continue Reading
Rig-Count Chaos: Shale Drillers Are Confusing Oil Analysts
For US shale drillers who have seen prices climb almost 50% in six months, it’s been largely a rig-less recovery. (Bloomberg) — For U.S. shale drillers who have seen prices Continue Reading
Texas issues 12 percent fewer oil, gas drilling permits in December
Texas issued 885 oil and gas drilling permits in December, down 12 percent compared with the same month in 2016, the state’s energy regulator said on Tuesday. – December’s total Continue Reading
Column: U.S. shale returns to growth, posing problem for OPEC: Kemp
U.S. crude oil prices have risen above $60 per barrel which should accelerate shale drilling and production in the next few months, provided the price increase is sustained. U.S. crude Continue Reading
U.S. Energy Department directs $30 million to small oil, gas projects
Six small U.S. oil and natural gas drilling projects will receive about $30 million in federal funding for research and development to help achieve President Donald Trump’s policy of boosting Continue Reading
Texas oil trade group sees investment pickup in 2018
A trade group in Texas said 2018 looked good for the oil and gas business, with investments trickling down to the coastal and manufacturing sectors. Texas is the No. 1 Continue Reading
What’s Behind The Canadian Rig Count Crash
Canada’s rig count fell from 210 to 136 for the week ending on December 29, a massive drop off. That took the rig count to a six-month low. Obviously, the Continue Reading
U.S. Shale Can’t Offset Record-Low Oil Discoveries
The U.S. shale resurgence has been one of the main themes in oil markets this year, while OPEC’s production cut deal to deplete the oil overhang and boost oil prices Continue Reading
Pipeline projects move ahead to tackle rising Texas shale output
Several oil pipeline companies this month agreed to move ahead on multi-billion-dollar projects that would link Texas shale fields to Gulf Coast export hubs, offering new outlets for burgeoning output Continue Reading
U.S. oil rig count ends 2017 40 percent above year-ago levels: Baker Hughes
The U.S. oil rig count rose by about 42 percent by end-2017 compared to the corresponding period last year, as energy companies boosted spending amid a recovery in crude prices. Continue Reading
Texas energy sector ends the year with optimism
The energy sector in Texas is leaving 2017 on a high note, though oil prices will need to be higher than expected for strong rig counts, a bank survey found. Continue Reading
U.S. Rig Count Falls Slightly As Canada’s Rig Count Tanks
The number of active oil and gas rigs dipped this week, according to Baker Hughes data, decreasing by 2 rigs, bringing the total rigs to 929 rigs, which is an addition Continue Reading
Oil Resurrection Sets Stage for Another OPEC-Shale Clash in 2018
OPEC cuts drive price gain as threat of U.S. output persists WTI, Brent up more than 11% this year; set for 2nd annual gain Oil’s revival from the biggest crash Continue Reading
Higher oil prices needed to sharply boost U.S. drilling: Dallas Fed
Oil prices will need to rise further for energy companies to significantly expand drilling activities, according to a survey released on Thursday by the Federal Reserve Bank of Dallas. U.S. Continue Reading
There Aren’t Enough Truckers In Texas
Permian’s production growth—the main driver of the second shale revolution as oil prices crept higher this year—may be limited not by geological or technological constraints, but by a shortage of Continue Reading
Russia Bets on Shale Oil to Defend Its Spot as Top Producer of Crude
Companies like Gazprom Neft are leading Moscow’s drive to replicate the U.S. shale boom at the ‘Red Lenin’ oil field. KRASNOLENINSKOYE OIL FIELD, Russia—This western Siberian oil field is called Continue Reading
All That New Shale Oil May Not Be Enough as Big Discoveries Drop
Three years after causing an oil-price crash, the shale boom may not be enough to meet rising global demand. (Bloomberg) — Three years after causing an oil-price crash, the shale Continue Reading
Permian Beats Own Record In Oil Production
The Permian Basin pumped an estimated 815 million barrels of crude this year, beating its previous record of 790 million barrels, achieved back in 1973, IHS Markit reported . The Continue Reading
Shale Growth Hides Underlying Problems
All eyes are on U.S. shale as we head into 2018, with a growing number of analysts worrying that shale will spoil the oil price rally. Estimates of supply growth Continue Reading
We’re concerned about climate change, U.S. shale company says
In its first-ever report of its kind, U.S. shale company Pioneer Natural Resources said it wanted to become an oil and gas leader, but in a sustainable way. “Climate change Continue Reading
Oasis Looks To Expand Oil Ambitions Beyond North Dakota’s Bakken
Oasis Petroleum Inc, the last major oil producer operating exclusively in North Dakota’s Bakken shale formation, is heading south to the nation’s largest oilfield, pursuing a pricey expansion as investors Continue Reading
Oil Prices in 2018: Once Again It’s All About U.S. Shale Output
Brent to average $60, WTI seen at about $55 in 2018: survey Shale growth seen as wild card where analysts’ outlooks differ The direction of oil prices in 2018 will Continue Reading
Tables Turned: Saudi Arabia Hunts for Oil Assets in the U.S.
Saudi Arabia’s energy Minister Khalid al-Falih speaks at an oil-and-gas conference in Basra, Iraq, on Dec. 4. Saudi Arabia is hunting for an energy deal in American shale country, as Continue Reading
Surge in U.S. shale hedging to boost drilling in 2018
When oil prices rocketed toward $60 a barrel this fall, U.S. shale producers hedged more barrels of oil during the quarter than in at least three years, which could help Continue Reading