Post Tagged with: "Oil Production"

Source: Reuters

Column: Recovering oil demand could drive market into deficit by July – Kemp

Reuters


LONDON  – U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle.…

Sourcee: Reuters

‘Like watching a train wreck’: The coronavirus effect on North Dakota shale oilfields

Reuters


NEW YORK (Reuters) – Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart …

Source: CNBC

Oil major Shell slashes dividend for the first time since World War II

CNBC


Oil giant Royal Dutch Shell on Thursday cut its dividend to shareholders for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis.

The board at Shell said it had decided

Source: CNBC

Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off

CNBC


April is going to be a hellish month for the oil industry.

Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi …

Source: Reuters

OPEC president sees little impact from coronavirus on oil market: APS

Reuters


ALGIERS – OPEC president Mohamed Arkab said on Monday he expects an outbreak of coronavirus in China to have little impact on the global oil market for now, but added that producers were ready to react to any new …

Source: Houston Chronicle

Another record year expected for Gulf of Mexico oil production

Houston Chronicle


The U.S. Gulf of Mexico is expected to set another oil production record in 2020 with most of the growth coming from deep water projects, according to a new study.

Average production next year is expected to exceed …

Two New Mexico Counties Among Nation’s Top Oil Producers

Two New Mexico Counties Among Nation’s Top Oil Producers

From THE ASSOCIATED PRESS

HOBBS, N.M.—Two New Mexico counties remain among the top oil-producing counties in the U.S., according to new federal numbers.

Data from the U.S. Energy Information Administration shows that Lea County was the No. 2 oil-producing county …

May 20, 2019 - 5:08 pm Closing Bell Story‎, Energy News
Dear Weld County’s Hard Working Citizens: When Governor Polis said He wants All Families to have a Chance to Thrive, He Wasn’t Talking about You—Weld County Commissioners

Dear Weld County’s Hard Working Citizens: When Governor Polis said He wants All Families to have a Chance to Thrive, He Wasn’t Talking about You—Weld County Commissioners

Weld County economy depends heavily on oil and gas production
The Board of Weld County Commissioners, representing the working people who live in the epicenter of Colorado’s most prolific oil-producing region, posted a message to their constituents in response to

OPEC: Too Close to Call - Oil & Gas 360

Newcomer to OPEC May Boost Output as Much as 65% This Year

From Bloomberg

The Republic of Congo expects to raise oil production by as much 65 percent this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said.

Congo joined OPEC last week and plans to open up …

Dallas Fed’s Mine Yücel talks about Global Oil & Gas Output and the Goldilocks Price for 2018

Dallas Fed’s Mine Yücel talks about Global Oil & Gas Output and the Goldilocks Price for 2018

The Federal Reserve Bank of Dallas is populated with smart people who track the comings and goings of all the factors affecting the energy industry, not just in Texas but globally.

Dallas Fed SVP and Research Advisor Mine Yücel discussed …

Alaska’s Oil Production Decline Flattens, State Hopes for a Continued Upswing

Alaska’s Oil Production Decline Flattens, State Hopes for a Continued Upswing

Oil production rose in 2016, 2017, expected to rise in 2018

Most attention in the U.S. oil and gas industry has focused on unconventionals with the Permian basin being the hottest of the hot shale plays based on operator activity, …

Permian Thought Leaders Talk Turkey

Permian Thought Leaders Talk Turkey

“It will get to a point where it’s actually artificial intelligence that’s drilling our wells for us, with us observing” – Tim Dove, CEO, Pioneer Natural Resources

There are a lot of smart E&P companies rambling around West Texas, the …

Pioneer Natural Resources: 2016 Production Jumps 15% from Spraberry/Wolfcamp Hz Drilling

Pioneer Natural Resources: 2016 Production Jumps 15% from Spraberry/Wolfcamp Hz Drilling

Pioneer expects to place ~260 horizontal wells on production in 2017

Pioneer Natural Resources: 2016 Production Jumps 15% from Spraberry/Wolfcamp Hz Drilling

  • Pioneer produced 234 MBOEPD in 2016, up 15% from prior year

  • One of the best years in Pioneer’s 20-year history: Dove

  • Exported 525,000 barrels of Permian basin oil in

Global Crude Oil Consumption will Increase Faster than Production: EIA

Global Crude Oil Consumption will Increase Faster than Production: EIA

Global crude inventories will decrease build rate through 2018, EIA predicts

In its recently released Short Term Energy Outlook, the EIA outlined its predictions for global production and consumption through 2018.

An increase in production and seasonal drop in …

Manitok Energy’s Second Carseland Well IPs at 442 BOEPD

Manitok Energy’s Second Carseland Well IPs at 442 BOEPD

Manitok Energy Inc. (Ticker: MEI) announced initial production test results from the second horizontal well of its Q4 drilling program.

The 13-33-022-25W4 horizontal well, in which Manitok has 100% working interest, in Carseland, targeted the Lithic Glauconitic (“LG”) zone and …

Permian Tops U.S. in Production, Rig Count

Permian Tops U.S. in Production, Rig Count

Permian still on the rise

The Permian basin now holds nearly as many active oil rigs as the rest of the United States combined, including both onshore and offshore rigs, according to the EIA. The agency projects that crude oil …

Middle East Share of World Oil Production Highest since 1975: IEA

Middle East Share of World Oil Production Highest since 1975: IEA

Middle East Oil will account for Most of the World’s Demand Growth IEA Believes

An updated analysis from the International Energy Agency (IEA) has determined that the current oil price environment has boosted the share of oil produced in the …

July 8, 2016 - 2:34 pm Closing Bell Story‎, Oil and Gas 360 Articles, OPEC
U.S. Oil Production Dips Under 9 MMBOPD for the First Time Since 2014

U.S. Oil Production Dips Under 9 MMBOPD for the First Time Since 2014

U.S. crude inventory build was big, but oil prices remain above $40 per barrel

Crude oil inventories grew by 6.6 million barrels, far surpassing economist estimates which averaged just 733 thousand barrels for the week ended April 8, 2016. The …

A rig site in North Dakota

U.S. Oil Production Sees First Year-Over-Year Decline in Four Years

Oil production in December 2015 down 166 MBOPD from a year earlier

The decline in crude oil prices took longer to pull production down than many expected, but it is happening, according to data from the EIA. Crude oil …

Charles Cherington, Co-Founder of Intervale Capital, Discusses the Oil Market on CNBC’s Squawk Box

Charles Cherington, Co-Founder of Intervale Capital, Discusses the Oil Market on CNBC’s Squawk Box

Charles Cherington, Co-Founder and Chief Executive Officer of Intervale Capital, speaks to CNBC’s Squawk Box regarding the state of the U.S. and global oil markets. Intervale Capital is a private equity firm investing exclusively in oilfield manufacturing and service companies, …

Sub $50 Oil is Giving OPEC Countries a Sharp Pain:  Who will be First to Cave?

Sub $50 Oil is Giving OPEC Countries a Sharp Pain: Who will be First to Cave?

OPEC gulf producers look to stay the course for now

A global over-supply of crude oil has sent the price for the commodity down to historic lows since June of 2014, when the prices for Brent and WTI crude were …

Interview with Alta Mesa Holdings President & CEO Hal Chappelle at The Oil & Gas Conference® 20

Interview with Alta Mesa Holdings President & CEO Hal Chappelle at The Oil & Gas Conference® 20

Alta Mesa Holdings President & CEO Hal Chappelle talks to Oil & Gas 360 at The Oil & Gas Conference® 20 in Denver about his company’s holdings, operations and use of technologies to improve yields and reduce costs.

View Alta

Has U.S. Oil Production Already Rolled Over?

Has U.S. Oil Production Already Rolled Over?

Raymond James estimates U.S. production has been declining since March

The oil market may be tighter than many realize, according to analysis from Marshall Adkins and researchers at Raymond James. In a follow up to the research they did on …

OPEC: Too Close to Call - Oil & Gas 360

Will ISIS be a Factor at Friday’s OPEC Meeting?

“[ISIS] presents a whole new reality for the region, which just isn’t reflected in the oil market at the moment,” said Daniel Yergin, Vice Chairman of IHS, in an interview with The Telegram. “It’s an increasingly grave situation for …

June 3, 2015 - 7:06 pm Oil and Gas 360 Articles, OPEC, Politics & Opinions
Source: Iraqenergy.org

Iraq Production Reaches New Highs in May

Iraq continues to increase production ahead of OPEC meeting

Iraq’s oil production reached record levels in May. The country produced an average of 3.87 MMBOPD, the highest levels in decades, according to Bloomberg. This news comes just days before …

Rig Counts are Down This Week as Production Slows

Rig Counts are Down This Week as Production Slows

Prices this week hit new highs for the year on news of slowing production in the U.S.

The Baker Hughes (ticker: BHI) rig count for the week ended April 17, 2015 showed yet another drop in the number of rigs …

Whiting Petroleum – Done Funded, Drilling Ahead

Whiting Petroleum – Done Funded, Drilling Ahead

Whiting Petroleum (ticker: WLL), the largest E&P producer in the Williston Basin, shored up its balance sheet this week with a series of debt and equity raises. The deals include:

IEA: U.S. Oil Production Approaching a Crossroads

IEA: U.S. Oil Production Approaching a Crossroads

United States oil production and its diminishing storage capacity may lead to another drop in oil prices, according the International Energy Agency’s (IEA) Oil Market Report for March 2015. The Agency revised its oil demand outlook upward, but the increase …

Production Beginning to Slow in EIA’s March Drilling Productivity Report

Production Beginning to Slow in EIA’s March Drilling Productivity Report

The Energy Information Administration’s (EIA) Drilling Productivity Report, a monthly breakdown on production by basins, typically forecasts production increases across the United States’ seven most prolific plays. The latest edition, released on March 9, 2015, projects production in April …

March 10, 2015 - 6:42 pm Commodity Pricing, Oil and Gas 360 Articles, OPEC
Production Resumes in Libya’s Largest Oilfield

Production Resumes in Libya’s Largest Oilfield

Libya Getting Back on its Feet, For Now

Libya’s National Oil Corporation (NOC) said today that its Arabian Gulf Oil Co. (AGOCO) unit restarted production at the Sarir field in the east of the country. Statistics released from Libya’s National

February 24, 2015 - 2:06 pm Oil and Gas 360 Articles, OPEC