Proved oil reserves remain sufficient to meet more than 50 years of global production; North American Shale Revolution added 15% technically recoverable oil and gas resources The substantial decline in the value of crude oil at the end of 2014 had very little impact on the amount of proved oil reserves in the world, BP (ticker: BP) said in its
The oil market is showing signs of recovery as of late, with oil topping $50 a barrel during intraday trading today for the first time since November 2015 (the brief piercing of $50 ended quickly). The ascent has been slow but steady and aided by slowing production in the U.S., and production outages in Nigeria and Canada. However, it has
Sanchez Energy (ticker: SN) provided the market with an operational update for first quarter 2016 on April 20, 2016. Highlights include: Process improvements and efficiency gains continue to drive savings in Sanchez Energy’s average well costs, with some wells coming in at approximately $3.0 million during the first quarter 2016; Production of 5.1 million barrels of oil equivalent reported by
Oil prices start the day down as Kuwaiti workers end strike Oil workers in Kuwait ended a three-day strike today that lent support to oil prices earlier this week following the failure of a mixed group of OPEC and non-OPEC producers to come to an agreement on a production freeze Sunday. The strike saw production in OPEC’s fourth-largest producer fall
Barriers remain, but oil above $50 in Q4 2016 likely: RBC Crude oil prices are up today despite news over the weekend that no deal regarding the crude oil production freeze between OPEC and non-OPEC producers could be reached. Talk surrounding the deal bolstered crude oil prices in the months leading up to the Doha meeting, and many market observers
Pennsylvania, Ohio, West Virginia, Oklahoma and North Dakota account for 35% of total natural gas production – EIA expects NatGas production growth in 2017 for industrial use and LNG exports Natural gas production in the United States grew 5% last year. The growth brought total production to a record high of 79 Bcf/d for 2015, even as the rig count
Saudi Arabia says it will only agree to freeze production if joined by Iran Oil prices slid last Friday and continued to trend downward today following news that Saudi Arabia will only freeze its production if fellow OPEC member and regional rival Iran agrees to do the same. The news diminished hopes that a deal would be reached later this
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
