Wednesday, September 24, 2025

Crude Oil

Focus on Short-Cycle Returns Could Spell Trouble for Future Supply

March 30, 2017

Oil traders warn of impending supply crunch Investors’ preference for projects with fast returns could spell trouble for future supply, warn oil traders and service executives. Many of these short-cycle projects involve U.S. shale operations, but with demand continuing to grow, shale projects will be unable to sustain the entirety of future demand, and underinvestment in long lead time, larger

Oil Jumps on 220 MBOEPD Libyan Pipeline Shutdown

March 29, 2017

Pipeline difficulties represent 20% drop in national oil output Oil prices jumped today on news of major supply disruptions in Libya, with WTI gaining 2.13% to close at $49.40/bbl. Libyan output dropped to 560 MBOEPD after one of the main pipelines in the country shut down. Mustafa Sanalla, chairman of Libya’s NOC, reported the country was producing 700 MBOEPD on March

ExxonMobil Sells Operated Norwegian Fields

March 29, 2017

Deal value estimated at $935 million ExxonMobil (ticker: XOM) is selling its operated upstream business in Norway to HitecVision and Point Resources, according to a release from Point. While the purchase price was not released, Bloomberg estimated in September that such a sale could fetch over $1 billion. According to a Norwegian financial newspaper, Dagens Naeringsliv, the deal was valued

Two New Refineries Planned in Texas

March 29, 2017

Shale production provides new opportunities The shale boom has not gone unnoticed by refiners, as two companies are looking to Texas to join some of the biggest plays in the United States. MMEX Resources (ticker: MMEX) and Raven Petroleum both have recently announced their intentions to build refineries in Texas to take advantage of the shale oil production boom. On

Russia Can Wait for $70 Oil Before Re-Entering Arctic Waters

March 29, 2017

From Bloomberg Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields. “We estimate production costs for the Russian Arctic offshore in the range of $70 to $100 a barrel,” Energy Minister Alexander Novak said by email.

U.S. International Crude Exports Surge in 2016: EIA

March 28, 2017

Exports delivered to more destinations than ever U.S. crude oil exports grew 12% in 2016, despite a decline in domestic production, according to a note released by the EIA today. In addition, these exports were delivered to more countries than ever before. In December 2015, congress lifted the petroleum export restriction that was originally passed in 1975. This made it

$16.7 Billion in Pipeline Projects Awaiting FERC Approval

March 28, 2017

No quorum until at least late-May After approving seven pipelines in 2017 FERC lost quorum with the resignation of Norman Bay, halting all project approval. Bloomberg Intelligence held an analyst briefing today to discuss the state of pipelines and FERC, with former FERC Commissioner Tony Clark and Baird Senior Research Analyst Ethan Bellamy providing their views on the topic. Bay’s

Low Investment has Led to Unsustainable Production Management – Schlumberger

March 28, 2017

“The current situation is not sustainable” – Schlumberger CEO Paal Kibsgaard Production has held up well over the downcycle, but headline numbers of absolute production volume are masking an underlying problem that could soon hit the oil and gas industry, according to Schlumberger (ticker: SLB) Chairman and CEO Paal Kibsgaard. Underinvestment over the last three years means production is not

Libya’s Biggest Port Loads First Oil Tanker Since Clashes

March 27, 2017

From Bloomberg Libya’s biggest oil terminal loads its first tanker since fighting between armed groups earlier this month halted shipments from two ports in the country with Africa’s largest crude reserves. The Suezmax vessel Demetrios, which can carry as much as one million barrels, loaded from Es Sider for export to China, according to a person familiar with the situation,

CNOOC Predicts 5% Production Decline in 2017

March 27, 2017

2017 CapEx between ¥60 billion and ¥70 billion China National Offshore Oil Corporation (CNOOC) reported annual results on March 23, reporting net earnings of ¥637 million ($92.6 million). Total oil and gas revenue for 2016 was ¥121 billion, down 17% from ¥147 billion in 2015. CNOOC production dropped 4% to 476.9 MMBOE in 2016, the first production decrease in a

Blackbird Energy Announces 2P Reserves of $455 Million

March 27, 2017

Blackbird Energy announces 913% increase in 1P reserves Blackbird Energy (ticker: BBI) released a reserves report Monday which announced the company’s proved reserves (1P) increased 913% to 30,526 MBOE (46% NGLs), according to the company’s press release. The net present value of the company’s 1P reserves discounted 10% (NPV10) was $204 million based on an independent reserves evaluation, a 1,356%

Canadian Rig Count Drops by One Third

March 24, 2017

Canadian drilling activity dropped sharply this week, according to Baker Hughes’ (ticker: BHI) weekly rig count for March 24, 2017. Canada lost 91 rigs to end the week at 185, down from 276 active rigs last week. This is the largest single-week drop seen in Canada since 2014, when 135 rigs came offline at the end of December. This drop

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