Stable Oil Market Needs Russian, Saudi Cooperation

Russia’s Putin discusses oil with Saudi Deputy Crown Prince Countries to cooperate to stabilize global oil markets Global oil market stability is impossible without the cooperation of Russia and Saudi Arabia, the world’s biggest crude producers, the kingdom’s influential deputy crown prince said after speaking with Vladimir Putin ahead of an OPEC meeting later this month. […]

Saudi Arabia’s oil industry has an overlooked risk

Last week, a rocket originating from Yemen hit a power-relay facility in southern Saudi Arabia, the state-run Saudi Press Agency reported, as was cited by Bloomberg. Yemeni rebels said they hit Saudi Aramco facilities, but the kingdom’s state-run oil company announced that “all of its oil, gas, and refining plants were operating as normal” in the […]

A Systems Approach To Production Optimization

In a low oil price environment, the industry is shifting its priorities from major capital projects to refocus on maximizing the value from operating existing conventional oil and gas assets. As a consequence of reservoir depletion, oil and gas production characteristics change during the life of a well or field. In most cases these changes […]

Our Oil Output Is Increasing, Says Putin

Vladimir Putin said he’d like OPEC and Russia, producers of half of the world’s oil, to reach a deal to freeze supply and expects the dispute over Iran’s participation can be resolved. The Russian president sat down with Bloomberg News Editor-in-Chief John Micklethwait for an exclusive interview in Vladivostok, Russia, ahead of the annual G-20 […]

Saudi Arabia doesn’t target specific level of oil output

Aug 31 Saudi Arabian Energy Minister Khalid al-Falih said the top crude exporter does not target a specific figure for its oil production and that its output is based on customers’ needs. “We in the kingdom of Saudi Arabia do not have a targeted number to reach. The kingdom’s production meets the requirements of the […]

What Hubbert And Pickens Got Right About Oil, And What’s Next

When a barrel of crude oil hit $145 in July of 2008, no one predicted that 8 years later it would be trading at less than $50. T. Boone Pickens, among other oil pros, has predicted that oil can now go to $175 under certain conditions first described by Marion Hubbert. Bruce Pile explains what […]

Fracking Really Isn’t So Bad

When Governor Andrew Cuomo announced last year that hydraulic fracturing would be banned in the State of New York, he cited the lack of scientific data on public health effects. He also said more study needed to be done to determine where emissions were coming from in the fracking and extraction cycle. That study has […]

China’s Oil Production Peaks, Increased Foreign Oil Dependency On The Horizon

From searching the globe in search of oil deals with intense geopolitical ramifications like Sudan, Niger, Iraq and Venezuela, to cutting a controversial multi-billion dollar oil deal in Canada’s oil sands play, China has become all things to all people in the global oil industry in an effort to satisfy its massive and growing oil […]

OPEC oil revenue down nearly 50 percent

Net revenue for members of the Organization of Petroleum Exporting Countries from oil dropped nearly 50 percent year-on-year, U.S. analysis found. Crude oil prices began their descent from $100 per barrel in 2014 as the increase in U.S. crude oil production helped push markets heavily toward the supply side. Output for members of OPEC remains […]

China’s Oil Majors Are Burning Through Oil Reserves

China’s state-owned oil companies have been beaten down by low oil prices and stagnant demand at home. PetroChina and Cnooc reported dismal earnings this week, and offered little reason for hope moving forward. PetroChina said its profit fell by 98 percent in the first half of 2016 compared to the same period a year earlier. […]

China’s Biggest Oil Company Aims For 50% Natural Gas By 2020

China’s biggest oil company wants natural gas to account for half its output by the end of the decade. PetroChina Co. aims to raise natural gas as a share of its production from 37 percent currently, President Wang Dongjin told reporters Thursday in Hong Kong. The company supports the government’s efforts to liberalize gas prices […]

The Eagle Ford: Down But Not Out

Most companies have struggled to come to grips with the 2014 crude price crash by curbing investments and delaying projects. The top developers in the Eagle Ford were no exception to this, and as a result, production volumes at this south Texas play have dropped. The U.S. Energy Information Administration (EIA) painted a bleak picture […]

U.S. Production by Basin

Permian, Marcellus Lead U.S., while Eagle Ford Dives Hard As cost structures are held in check and oil price fluctuations are seemingly without end, producers are evaluating acreage positions and determining what are the best assets. As covered by Oil & Gas 360®, the Permian basin has been the hot bed of activity recently. With […]

The Bakken, a little about EUR and R/P

In this post I present some of the methods I have used to get estimates based on actual NDIC data on the Estimated Ultimate Recovery (EUR) for wells in the Bakken North Dakota. The Bakken is here being treated as one big entity. As the Bakken shales [for geological reasons] are not ubiquitous there will […]

Saudi Arabia Increases Crude Exports

Top oil exporter Saudi Arabia increased its crude exports in June as it pumped at near-record-high levels while burning less petroleum for electricity than the same month last year, official data released on Thursday showed. Crude exports in June rose to 7.456 million barrels a day,  the highest for the month of June since 2012, compared with 7.295 […]

The 100,000-Barrel Oil Output Increase That Didn’t Really Happen

Weekly data adjusted to end ‘disconnect’ with monthly report U.S. weekly oil production based on model except for Alaska Share on FacebookShare on Twitter Share on LinkedInShare on RedditShare on Google+E-mail U.S. crude oil production is holding up better than the government previously thought. The output estimate jumped by 152,000 barrels a day for last […]

If Oil Prices Don’t Rise, the Middle East Will Sink

he ongoing collapse in oil prices that began two years ago is setting the stage for a catastrophic situation in the Middle East if it continues. That catastrophe could come in three stages of war: civil war within the boundaries of each sovereign; war between sovereign states; and most broadly, for the intra-Islamic fight between […]

Iraq, oil companies agree to restart investment, boost output

Iraq has reached agreement with BP, Shell and Lukoil to restart stalled investment in oil fields the firms are developing, allowing projects that were halted this year to resume and crude production to increase in 2017, Iraqi oil officials said. The agreements, reached in July and August, effectively delay to the second half of the […]

Global glut of oil products

Gasoline and diesel stockpiles have swollen to record highs across the globe, leaving refiners and traders few places to dump excess supplies and threatening large-scale production cuts that could derail an oil price recovery. Typically, U.S. and European refiners deal with excess regional inventories by exporting extra supplies to markets where margins for diesel, gasoline, […]

The Consequences Of Big Oil’s Exploding Debt

How do you ride out low oil prices and still pay dividends and CEO salaries? You double down on debt, apparently. All oil majors posted plunging profits or accumulated losses in the second quarter, blaming low crude prices and weak refining margins for these results that missed estimates—in some cases by wide margins. All saw […]

Despite Global Glut, China Doubles Down on Natural Gas

A global natural-gas glut has slowed the U.S. shale boom, but in this Yangtze River town, a Chinese one is just starting. China’s state-owned energy companies, their profits decimated by the commodities bust, are pushing ahead with billions of dollars in new investment to extract gas from shale. Leading the charge is China Petroleum & […]

The Trans-Alaska Pipeline Will Dry Up Without New Oil

Anchorage, Alaska For nearly four decades, the Trans-Alaska Pipeline System has served as Alaska’s economic artery while providing the rest of the U.S. with a reliable supply of domestic oil from Alaska’s North Slope. Even with lower oil prices and the shale revolution increasing domestic production, TAPS, as we Alaskans call it, remains a key […]

Statoil CEO ‘very confident’ oil will reach $50-60

The CEO of Norway’s biggest oil company says he has few doubts that crude will again trade at around $50 to $60, marking a jump in prices that could be more than 30% compared with today’s level. “Eventually, I’m very confident that it will,” CEO Eldar Saetre said in a television interview with Bloomberg’s Manus […]

Low Oil Prices Kill Off 7 Billion Barrels Of Oil Production

Capital expenditure cuts of $150 billion for 2016 and 2017 by U.S. exploration and production companies are expected to result in average production losses of 4.2 million barrels per day in the Lower 48 through 2020, according to Wood Mackenzie. This is not only a trend in the U.S., with upstream companies around the world […]

Pakistan Oil output drops 8%

Oil production in Pakistan fell over 8% to an average of 87,000 barrels per day in the fiscal year ended June 30, 2016 due to gradual depletion of reserves in existing fields and no significant new discovery, a brokerage house reported on Friday. In the previous fiscal year 2014-15, the country’s oil production stood at […]

Peak Oil Redux

Peak conventional crude petroleum oil production is apparently here already – the only thing that’s been growing global total liquids is North American unconventional oils : tight oil – which includes shale oil in the United States of America – and tar sands oil from bitumen in Canada – either refined into synthetic crude, or […]

Oil glut seen easing

Supplies of crude oil and demand for the stuff will strike a balance in the second half of this year, though there is concern over how much Britain’s decision to leave the European Union will impact the market, according to reports released earlier this month. U.S. benchmark West Texas Intermediate crude oil futures are hovering near $45 […]

Russia revisits oil pipeline to avoid Black Sea

Russia could revisit a land-based oil pipeline meant to get around Turkish waterways if the political situation worsens, a Russian executive said. Nikolai Tokarev, the head of Russian pipeline company Transneft, said there was renewed interest in building the Burgas-Alexandroupolis oil pipeline. “Everyone is now interested in it, including Bulgarian partners,” he was quoted by […]

The bottom of the oil bust does not a boom make

The oil and gas industry is finally finding a balance, if not a profit. Two years after West Texas Intermediate crude oil began falling from $109 a barrel, global demand has grown high enough, and oil production has dropped low enough, to begin balancing, according to the International Energy Agency. This is not to say […]

Is This the End of Alaskan Oil?

Oil and Alaska have maintained a close relationship since oil producers started pumping crude from the Alaskan North Slope region in the 1970s. For decades, Alaskan oil has created a large portion of the U.S.’s overall production, while the proceeds from oil created the bulk of the Alaskan economy. Recently, though, the U.S. Energy Information […]

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