Petroquest Energy announced on March 28, 2016, the company has increased its production guidance for the first quarter of 2016 to approximately 81-82 MMcfe per day. This is approximately a 12% increase on the low end of the guidance from the initial projections of 72-76 MMcfe per day. The midpoint of the guidance would also indicate a 12% increase in
Production in the U.K increased 100 MBOPD in 2015 Petroleum production in the U.K. showed an increase in 2015 – after many years of steady decline. Fields brought online in the second half of 2014, along with some brought on in 2015, and improved performance in the U.K.’s largest offshore field contributed to increasing its production by 100 MBOPD, according
Production from new wells makes up nearly half of all production, up from 22% in 2007 Production from new wells, or those drilled since the start of 2014, made up 48% of total U.S. crude oil production in 2015. New well production as a percentage of total U.S. production has more than doubled from 22% in 2007 with the increased
After U.S.A., oil production in Iraq increased the most, averaging 700 MBOPD last year Oil production continued to grow last year amid a global glut. Over the course of 2015, the U.S. saw the largest growth in oil production, followed by Iraq and Saudi Arabia. In 2015, oil production in Iraq, including fields in the Kurdistan Region in norther Iraq,
Oil rig count continues to see the steepest declines The U.S. rig count continued to fall this week as WTI crude oil prices remained near $30 per barrel. The total number of rigs operating in the U.S. fell to 514 in the week ended February 19, down 5% from a week ago, according to Baker Hughes (ticker: BHI, BakerHughes.com). The
Gulf of Mexico production will account for 21% of U.S. production next year Production from the Gulf of Mexico is expected to continue growing, despite the current price environment. With eight projects that came online in 2015, four expected in 2016, and two more anticipated for next year, the Energy Information Administration expects U.S. offshore production to continue playing a
Markets unsatisfied with deal to maintain production The first signs of cooperation between OPEC and non-OPEC countries on crude oil production emerged today in the form of a deal between Russia and three OPEC members, including the group’s largest producer, Saudi Arabia. Russia, Saudi Arabia, Venezuela and Qatar agreed to a production freeze today, as the global glut of crude
WTI crude oil prices hold above $29 per barrel, while production remains steady Crude oil prices shot up over 12% last Friday, moving prices up from a 12-year low last week. Comments from The UAE’s Oil Minister Suhail bin Mohammed al-Mazrouei about OPEC being ready for production cuts excited trading, with many hoping OPEC might reprise its role as a
U.S. rig count falls to 541 The U.S. rig count continued to fall in the week ended February 12, 2016, according to the latest information from Baker Hughes (ticker: BHI, BakerHughes.com). In the last six months, the total number of rig counts has fallen 39% to 541 this week. The number of rigs drilling for oil took the brunt of
UAE energy minister said OPEC members ready to cooperate The price of oil today approached a new low of $26.21 per barrel today, the lowest since May 8, 2003, when it hit $26, before bouncing up on news of a possible production cuts from OPEC. The Wall Street Journal’s Summer Said reported on Twitter that the UAE’s Energy Minister Suhail bin
Global output falling despite higher OPEC production; Wells Fargo’s Read looks for a deficit 2H2016 The International Energy Agency released its Oil Market Report for February, showing lower levels of production globally, despite higher output from members of OPEC. According to the release from the IEA today, global oil supply dropped 0.2 MMBOPD to 96.5 MMBOPD despite a production increase
Venezuela on track for the largest sovereign debt default in history OPEC’s members, along with other major oil producers like Russia and the U.S., have all been feeling the pain of lower oil prices, but perhaps none more than Venezuela. The country relies on oil exports for “96 percent of its hard currency and 40-45 percent of the federal budget,”
