Crude Oil – Page 793 – Oil & Gas 360

Reduced Risk of Shale Lured Energy Capital Onshore, but Which Delivers the Better Reward—Onshore or Offshore?

June 26, 2017

EnerCom analysts take a look Advancements in unconventional drilling have fundamentally changed the types of oil and gas projects that attract capital. When hydraulic fracturing and horizontal drilling unlocked vast hydrocarbon resources onshore in the U.S. shale basins about a decade and a half ago, the business strategy of U.S. E&Ps changed forever. And energy capital formation changed with it.

Eleven More Rigs Add Up to 23 Weeks of Increasing Activity

June 23, 2017

More rigs in 31 of 32 past weeks Rigs active in the U.S. have stretched their inexorable climb into the 23rd week, according to Baker Hughes’ Rotary Rig Count. In total, eight rigs came online in the U.S. over the past week, bringing the total number of active rigs in the U.S. to 941. In the past 32 weeks, the

Mexico’s CNH to International Frontier Resources: You are Cleared for Takeoff

June 23, 2017

IFR scores approval for Tecolutla evaluation plan; next step–drilling permits Clagary-based International Frontier Resources (ticker: IFR) announced Friday that the company received approval from the National Hydrocarbons Commission (CNH) for its evaluation plan of Block 24 Tecolutla. IFR’s joint venture Tonalli Energia acquired Tecolutla in Round 1.3 of the Mexican energy reform process. The evaluation plan outlines the scheduled work

Finding Costs Drop to 10-Year Low - Oil & Gas 360

Liquids Reserves Declined in 2016

June 22, 2017

U.S. independents reported combined 790 MMBBL decrease; Canada’s oil sands drug down the total Independent E&P companies saw liquids reserves decline again in 2016, as lower prices continued to squeeze producers. Oil prices in early 2016 dropped to the lowest levels in more than a decade. While OPEC’s output cut did improve the price environment late in the year, it

OPEC Compliance at Record 106%: Reuters

June 21, 2017

Bloomberg’s numbers are less OPEC cut compliance has hit its highest point in in this round of cuts, according to a story released by Reuters today. Total cut compliance, including both OPEC and non-OPEC countries, reached 106% in May, Reuters reports. OPEC countries are displaying 108% compliance with their share of cuts, while non-OPEC producers are in 100% compliance. According

Operators Shut Down Gulf of Mexico Oil Output Ahead of Storm Cindy

June 21, 2017

From the Bureau of Safety and Environmental Enforcement Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in preparation for Tropical Storm Cindy. The Bureau of Safety and Environmental Enforcement (BSEE) Hurricane Response Team is activated and monitoring the operators’ activities. The team will continue to work with offshore operators and other state and

Refinery Runs at All-Time Highs

June 21, 2017

Week of May 26 set new record U.S. refineries are breaking records processing crude oil this year but crude inventories are still high, according to a note released by the EIA Tuesday. According to the EIA, gross inputs to U.S. petroleum refineries, known as refinery runs, averaged 17.7 MMBOPD in the week ending May 26. This is an all-time high,

Texas Scientific Group Examines Shale Development Effects

June 20, 2017

Elite science group looked at 6 impacts The Academy of Medicine, Engineering and Science of Texas (TAMEST) released a report on the effects of shale development in Texas yesterday. The report, Environmental and Community Impacts of Shale Development in Texas, examines six key impact areas: seismicity, land, air, water, transportation and economic and social impacts. Texas has dominated U.S. oil

Horizontal drilling operations Encana - Oil & Gas 360

How Encana Attacks the Permian: “Developing the Cube”

June 20, 2017

Large-scale development delivers improved yields in the Permian Encana (ticker: ECA) released an update to its Permian operations today, outlining the company’s current practices in the world’s most popular shale play. Instead of drilling a few wells in a given section then returning later to infill drill, Encana is “developing the cube.” This is how the company refers to drilling

The Shale Boom in the Permian Is Slowing Down - 360

Is the Permian Getting Too Hot to Touch?

June 19, 2017

High acreage costs beginning to affect economics in the Delaware The Permian has enjoyed a rush of capital since oil prices began to recover from a low of $26.21 in February of last year. The play is home to some of the best economics in the country, making it a prime target for E&P companies looking to maximize profit in

Oxy Shuffles Permian Properties in $1.2 Billion Deals

June 19, 2017

13,000 non-core acres sold for $600 million Occidental Petroleum (ticker: OXY) announced a series of transactions in the Permian with a total value of $1.2 billion. These transactions are a series of purchases and sales that in total require no net cash spending by Oxy and will add about 3,500 BOEPD to the company’s production. Oxy is divesting about 13,000

ExxonMobil, Hess, CNOOC Announce $4.4 Billion Offshore Guyana Development

June 16, 2017

Phase 1 will produce 450 MMBO ExxonMobil (ticker: XOM), Hess (ticker: HES) and CNOOC today announced FID for Phase 1 development of the Liza field in offshore Guyana. Initially discovered in May 2015, the Liza field is located about 120 miles offshore from Guyana, in about 5,700 feet of water. Liza is in the Stabroek Area, a large offshore lease

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