From Reuters Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves on Wednesday after being independently audited, according to a source familiar with the matter. Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest. For almost 30 years – despite rising production, large swings in oil prices and improved
The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week. Crude oil stocks fell by 1,680 MBBL last week to 439,738 MBBL from 441,418 MBBL. This is 5% above the 419,515 MBBL that was in storage at this point last year, and is 8% above the five-year
Atlantis Phase 3 FID announced BP (stock ticker: BP) has big plans for the Gulf of Mexico, as the company announced several new developments in the GOM today. BP has approved Phase 3 development at the Atlantis field, authorizing a new subsea production system that will be tied into the existing platform. The company will drill eight new wells targeting
28 offshore rigs come online, 23% of activity International drilling activity rose sharply in December, reaching levels not seen since the beginning of 2016, according to Baker Hughes. A net 34 rigs began drilling internationally last month, meaning there are 1,025 active rigs. This is the largest international rig count since January 2016, when activity was still falling in the
From Stratfor Heading into 2019, oil producers are getting the feeling that they’ve seen this market before. That suspicion was reinforced last month when the price of global benchmark Brent crude briefly fell below $50 for the first time since June 2017. In addition, for the second time in five years, declining oil prices have forced global oil producers to
From Bloomberg Drillers in the Eagle Ford, Texas’s other shale oil patch, will likely scale back activity in 2019 as lower crude prices eat into cash flows, according to consulting firm Rystad Energy AS. Production has already started slowing, with supplies this month expected to average less than 1.3 million barrels a day for the first time since May. If West
QEP offer represents 44% premium American oil and gas is once again being rocked by an activist investor, as Elliott Management has submitted a bid to acquire QEP Resources (stock ticker: QEP). Elliott is proposing to acquire QEP for $8.75/share in cash, $2.07 billion in total. Elliott is already a major owner of QEP, with 4.94% of the company. This
From Bloomberg What’s worse: Too much oil, or too much gasoline? The government of Alberta, weighing the potential of a new refinery for the province, may be on its way to finding out. In 2018, surging crude production in the Canadian province ran into limited space on export pipelines, creating bottlenecks and sending the price of local oil to record
From Bloomberg With brand-name drillers unwilling to jump in, Venezuela is resorting to a newly formed U.S. company for help in shoring up production from its crude reserves, the largest in the world. Schlumberger Ltd. and Halliburton Co., the world’s biggest oil-service providers, have announced over $2 billion in combined write-offs for unpaid bills in Venezuela since the second quarter of 2017.
From Bloomberg Norway’s oil industry is in full recovery mode, but the country’s top petroleum lobbyist is worried about growing opposition ahead. At the same time as it gave a big boost to investment forecasts for the next five years, the Norwegian Oil and Gas Association sounded one of its starkest warnings yet on the political risk facing the nation’s biggest industry.
From Bloomberg Goldman Sachs Group Inc. cut its oil price forecasts for 2019, citing a re-emerging surplus and resilient U.S. shale production. Global benchmark Brent crude will average $62.50 a barrel this year, analysts including Damien Courvalin said in a Jan. 6 note, down from a previous estimate of $70. U.S. marker West Texas Intermediate will average $55.50 a barrel,
Eight rigs shut down, all targeting oil Drilling activity declined this week, countering two weeks of expansion according to Baker Hughes’ Weekly Rig Count. A net eight rigs shut down this week, leaving 1,075 rigs active. This is even with the activity level seen in early December, and is just below the post-downturn high of 1,083. Six land-based rigs shut
