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Oil: This Time It’s Different

Oil: This Time It’s Different thumbnail

Summary In this piece, I decided to tackle some recent oil-related data that shows a continued recovery in the market. Prices aren’t responding, but the underlying data suggests the recovery in the market now is real. I anticipate further improvements moving forward that will prove bullish for oil investors. Another week, another set of mostly […]


Oil Quality Issues Could Bankrupt Venezuela

Production

The next few weeks for Venezuela will be crucial, as it could struggle to meet a huge stack of debt payments. Reports that the nation’s oil production is experiencing deteriorating quality raises a new cause for concern for the crumbling South American nation. Venezuela’s state-owned oil company PDVSA is reportedly shipping crude oil with growing […]


Texas’ shale oil boom yields rags-to-riches tales by the barrel

Production

In the dusty heart of West Texas, rows of tall white wind turbines and rust-colored working pump jacks bob up and down along the vast rugged landscape. It’s a visual juggernaut but make no mistake – this is shale country and in this part of the Lone Star State, legends are born and billions are […]


Oil’s Biggest Rigs Head to the Junkyard

Production

Transocean Ltd. is finally sending Pathfinder to its grave, after two years in a Caribbean purgatory that cost about $15,000 a day. The move by the world’s biggest offshore-rig operator signals just how bleak the future looks for deepwater drilling. Pathfinder is the most famous of six floating rigs the company is scrapping in burials […]


Oil Prices Buoyed by Middle East Tensions

Production

Oil prices traded higher Wednesday, supported by ongoing political tensions in the Middle East. Brent crude, the global benchmark, was up 0.76%, at $58.32 a barrel on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.31%, at $52.04 a barrel. “There are no prizes for guessing the […]


Recent Production: Colombia, Mexico and Brazil

Production

Colombia Colombia production is holding a plateau over the past year after a large decline in the last part of 2015 and first half of 2016. August value was 858 kbpd (down 0.04% y-o-y). Colombia oil reserves at the end of 2016 were 1.66 Gb (down 16.8% from 2 Gb in 2015 which followed a […]


Machine over Man

Production

Gone are the days when manual labour drove the bulk of the work in oil and gas exploration. In a post-peak-oil era, in which resources are harder to extract and oil prices continue to plunge, the race towards automation means higher profitability — and less human error. Out on the oil patch, opportunity comes to […]


Saudi Arabia curbs oil exports to combat glut

Production

Saudi Arabia is allocating fewer barrels of crude for export next month and at a level below current demand, emphasising the effort by global producers to reduce surplus inventories. In a rare statement, the Ministry of Energy on Monday said contracted demand for Saudi crude for November was 7.7m barrels a day, but the kingdom […]


A little on the Profitability of the Bakken

A little on the Profitability of the Bakken thumbnail

In the first part of this post I present an update on the profitability for Light Tight Oil (LTO) extraction in the Bakken (ND) as one big project. This is followed with economic life cycle analysis for the average LTO well of the 2014, 2015 and 2016 vintages in the Bakken. This analysis found that […]


Where The US Exports Oil And Petroleum Products

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This year the U.S. has averaged more than 900,000 barrels per day (BPD) of crude oil exports while continuing to import an average of 8.1 million BPD. In the previous article, I discussed the reasons the U.S. exports oil, despite the fact that we are still a significant net importer of crude oil. In a nutshell, the […]


US Shale Juggernaut Shows Signs of Fatigue

Production

American shale companies are starting to tap the brakes on drilling. U.S. oil output remains robust and may still surpass the record annual average of 9.6 million barrels a day, set in 1970. But companies, confronting technological, operational and financial obstacles, are starting to ease up on drilling. The pace of innovation that allowed shale […]


The oilsands at 50: How much life is left in the resource?

Production

On Sept. 30, 1967, the Great Canadian Oil Sands facility opened north of Fort McMurray, Alta., with much fanfare, bunting and speeches by politicians. It was the first large-scale commercial operation of the oilsands, and the result of a gamble taken by Philadelphia’s Sun Oil and its chief executive, J. Howard Pew, and by 100,000 Alberta households […]


It’s Been A Tough Week For Peak Oil Theorists

Production

In news that is certain to upset adherents to the never-dying cult of Peak Oil, IHS Markit released a study on Sept. 25 indicating that, per their analysis of data from more than 440,000 oil wells in the Permian Basin, the basin still has somewhere between 60 and 70 billion barrels of producible oil to give […]


Africa’s Richest Man: Oil Is Not The Way Forward

Production

The richest man in Africa says crude oil prices would do Nigeria a favor if they stay lower for longer. Last week at the UN General Assembly, Nigerian billionaire Aliko Dangote, whose main business is in cement but also holds interests in agricultural commodities and petrochemicals, said that agriculture – not crude oil – is […]


Daniel Yergin talks oilsands past, present and future

Daniel Yergin talks oilsands past, present and future thumbnail

Daniel Yergin has made a career out of making sense of the big trends sweeping through the dynamic universe of international oil and natural gas development. The winner of the Pulitzer Prize for his seminal book about the energy sector, The Prize, Yergin is also vice-chairman of IHS Markit, as well as a prominent energy […]


Opec has lost its crown as world’s top oil player

Production

It’s happy days for Opec, but once the whoops die down, the group should take a long hard look at itself. Because it has lost its crown as the world’s top oil player. Shale billionaire Harold Hamm told Bloomberg TV on Friday that forecasts of US oil production growth are way too optimistic and are […]


Shale Billionaire Hamm Slams ‘Exaggerated’ U.S. Oil Projections

Production

Billionaire oilman Harold Hamm says the government was way too optimistic with its prediction of more than 1 million new barrels a day in U.S. production, and the snafu is “distorting” global crude prices. This year’s rise is likely to be closer to about 500,000 barrels, far off an initial forecast by the U.S. Energy […]


Russia Remains Open to Longer OPEC Cuts, While Mulling Exit Plan

Production

Russia signaled that it would be willing to prolong the production cuts it agreed with OPEC beyond the first quarter of next year if needed, while also making clear its commitment to the deal wasn’t open ended. It was too early to talk about the specific details of extending the oil-output pact at a meeting […]


After Harvey, What Will Happen to Houston’s Oil Industry?

After Harvey, What Will Happen to Houston’s Oil Industry? thumbnail

This story originally appeared on CityLab and is part of the Climate Desk collaboration. During this year’s record-breaking hurricane season, oil rigs and refineries were just as exposed as any structure on the precarious Gulf Coast, and their owners were limited to the same options as everyone else: evacuate, prepare, and hope the storm was merciful. The devastation Harvey […]


US shale oil reaching 10 million barrels per day is fiction

Production

Any financial advisor worth their salt will caution you that past performance is not a guarantee of the same in the future. And so it is with US shale oil. Recent EIA estimates claim potential production of up to 10 million barrels per day (BPD). That projection is pure fiction and in this article I […]


Permian could top out in 2021

Permian could top out in 2021 thumbnail

The world’s hottest oil field could run out of steam in just a few years if shale drillers can’t overcome the natural constraints of the region’s geology, a new study says. By 2021, oil production could peak in Permian Basin, as rapid drilling and fracking exhaust underground pressure in the most prolific areas of the […]


UK oil and gas reserves will expire in 10 years

Production

The UK’s oil industry could be entering its final decade of production, according to new research. A study of output from offshore fields estimates about 10% of the nation’s original recoverable oil and gas remains. If the predictions are correct, the UK would soon have to import all the oil and gas it needs, scientists […]


The World’s Largest Offshore Oil Field Is Back In Action

Production

Without much international fanfare, the world’s largest offshore oil field and the largest discovered in the last 40 years, Kazakhstan’s Kashagan Field, is on the verge of finally moving beyond the manifold impediments that hindered its development. Discovered in 2000, the 13 Bbbl field (38 Bbbl of oil in place) was set to begin producing […]


How to Become a Geologist

How to Become a Geologist thumbnail

Petroleum geologists use their know-how in a variety of settings and in a multitude of applications worldwide. Their work can be exciting and challenging, but becoming a geoscientist in the oil and natural gas industry demands that one acquire a broad set of technical, conceptual and practical skills. Aspiring geologists who decide early on that […]


Egypt muscling in on global gas production

Production

Baker Hughes, a GE company, announced September 9, 2017 a major subsea contract from Petrobel for phase two of the “supergiant” Zohr Gas Field situated in the Mediterranean Sea, off the Egyptian coast. BHGE will provide project management, engineering procurement, fabrication, construction, testing and transportation of a subsea production system, and will support the installation, […]


France to ban oil, gas output on home soil

Production

France’s government has unveiled a law to ban all production and exploration of oil and natural gas by 2040 on the country’s mainland and overseas territories. The move is largely symbolic, however, as France’s oil and gas production represents just 1 percent of national consumption — the rest is imported. Current drilling permits will not […]


The Obsolescence of Oil As We Live Out the Current Technology Wave

Production

With every new green announcement on the global technology stage we get propelled further into a reality where oil may no longer be dominant. Whether its France and India committing to phase out gas powered cars, Tesla’s quest to revolutionize the global perception of renewable energy cars or the increasing rate at which many of […]


France to end oil, gas production by 2040

Production

France plans to pass legislation this year to phase out all oil and gas exploration and production on its mainland and overseas territories by 2040, becoming the first country to do so. President Emmanuel Macron wants to make France carbon neutral by 2050 and plans to curb greenhouse gas emissions by leaving fossil fuels, blamed […]


Where oil rigs go to die

Where oil rigs go to die thumbnail

It was night, stormy, and the oil rig Transocean Winner was somewhere in the North Atlantic on 7 August 2016 when her tow-line broke. No crew members were on board. The rig was being dragged by a tugboat called Forward, the tethered vessels charting a course out of Norway that was meant to take them […]


Harvey Threatens Natural Gas Supply

Production

Amidst stories of Hurricane Harvey’s wanton destruction — homes flooded, residents displaced, 30 reported dead, countless others missing — it’s easy to forget that storms like this threaten not just the people of the Gulf Coast, but people all across the country who depend on the region’s industries. Natural gas is one such industry, and […]


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