From Bloomberg Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global crude output cuts. The shutdown at the Sharara field will result in a production loss of 315,000 barrels a day, the state energy producer National Oil Corp. said on
Gas activity up sharply, active oil rigs record largest fall since May 2016 Drilling activity declined this week, continuing the drop from last week according to the latest edition of Baker Hughes’ Rig Count. A net one rig shut down in the week, meaning there are 1,075 rigs active in the country. The only shift among location type was one
OPEC+ agree to cut 1.2 MMBOPD U.S. shale received an early Christmas gift today, as OPEC and non-OPEC finally agreed to a new production cut agreement. OPEC, Russia and their allies have agreed to a combined cut of 1.2 MMBOPD, relative to October production levels. OPEC itself will decrease output by 800 MBOPD, while Russia will provide much of the
Expanded Texas shipping lane could help cut trade deficit by $50B
Preliminary data shows U.S. exported 211 MBPD last week The U.S. has achieved a major milestone in the unconventional revolution, becoming a net exporter of crude oil and refined products last week. Based on preliminary data from the EIA, the U.S. exported a net 211 MBPD last week driven by all-time high exports of crude oil. In total, the country
OPEC and its allies have recommended a production cut, but have not decided on a specific size, according to reports Wednesday. Ministers from OPEC will meet on Thursday to determine the specifics of the cut, including who should reduce output and by how much. Markets are, of course, watching closely for any signs of the scale of the cut. A
Apache’s U.K. North Sea Garten well delivers 16.3 MBOEPD eight months after discovery, 84% oil, 778 feet of net oil pay – Apache has 100% working interest Apache Corporation (NYSE: APA) has placed onto production its Garten discovery well on Block 9/18a Area-W in the United Kingdom sector of the North Sea. The discovery well, which is six kilometers south
From Reuters The recent nosedive in crude prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share. The shift has pleased investors who had grown weary of waiting for a payoff while watching the frenetic west Texas shale boom make the United States the world’s top oil producer
From Reuters Exxon Mobil and Chevron are seeking to sell their stakes in Azerbaijan’s largest oilfield, marking the retreat of the U.S. majors from the former Soviet state after 25 years as they re-focus on domestic production. Exxon is hoping to raise up to $2 billion from the sale of its 6.8 percent in the Azeri-Chirag-Gunashli (ACG) field in the
SemGroup (ticker: SEMG) and DCP Midstream (ticker: DCP) have announced open season for a new pipeline system called Gladiator. The new Gladiator pipeline would run from SemGroup’s Cushing, Oklahoma terminal to Gulf coast markets, terminating near Houston, bringing producers the ability to transport segregated, light batches of crude oil all the way to the Gulf coast region. Conversion of Southern
From Bloomberg OPEC and its allies gather in Vienna this week to discuss production cuts after the biggest monthly drop in oil prices in a decade. They have the broad outlines of a deal after Russia and Saudi Arabia agreed over the weekend to extend their cooperation into 2019, but details are lacking. Whether the group brings about the end of the
From Reuters Several oil companies in Canada pushed back on Monday against Alberta’s mandated cuts in crude production, warning about excessive government intervention even as the discount on Canadian crudes narrowed sharply on the curtailment plan. Alberta Premier Rachel Notley said on Sunday the government would force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd),
