INDUSTRY NEWS
The U.S. Is on the Threshold of the Biggest Oil and Gas Boom Ever
The IEA said the U.S. will account for 80% of the increase in global oil supply between now and 2025, as shale producers find ever more ways to pump oil profitably even at lower prices. By the late 2020s, the U.S. will become a net exporter of oil for the first time since the 1950s.
Oil and gas deals in the Permian Basin could heat up in 2018
Oil prices are nowhere near the old peaks, but they have reached the highest levels since 2015. Moody's Investors Service expects oil to stay in the $40 to $60 per barrel range this year. Their analysts said that price leaves room for strategic deals, with the "Permian Basin leading the way."
Why Oil Is Up But Rig Count Is Not
Normally, you’d expect the rigs to return to the field in significant numbers as producers flush with added cash looked to boost output. But the weekly Baker Hughes tally has stayed remarkably still.
Trump proposal would allow oil and gas drilling along most of U.S. coastline
Secretary Ryan Zinke announced that under the five-year draft drilling plan released by the administration Thursday, more than 90 percent of the Outer Continental Shelf, which begins roughly 3 miles off the U.S. mainland, is under consideration for oil and gas lease sales beginning next year and extending through 2024.
U.S. oil production booms as new year begins
“For years and years, we thought we were running out of oil,” Verrastro said. “It took $120 for a barrel of oil to make people experiment with technology, and that has been unbelievably successful. We are the largest oil and gas producer in the world.”
Oil-Rich Venezuela Is Out Of Gasoline
In his address, Freites said that poor management led to the stoppage of 80 per cent of the country’s refineries. “Only Amuay and Cardón refineries are operative and that is nothing. They produce 40,000 barrels per day and the national demand is over 200,000 barrels of gas per day,” he said.
Commentary: States overreach in thwarting pipelines
Here's how the system was designed. Congress gave an independent agency called the Federal Energy Regulatory Commission responsibility for regulating the buildout and operation of the interstate natural gas pipeline network. (In contrast, FERC has no role in the buildout of interstate oil pipelines.
Five oil signals to watch as 2018 pits OPEC v. shale
OPEC and its allies are heading into the second year of supply cuts to wipe out the global oil glut, while rising U.S. output is threatening those efforts. Geopolitical tensions also add a wild card to the market mix.
The Year In Deals: 10 A&D Eye-Catchers, Eyesores
After the intense Permian Basin deal competition of 2016 began to burn off its final stage in first-quarter 2017, U.S. E&P deals began to adjust to a brief period of weightlessness.
Tax Bill Boosts Oil, Gas Drilling _ and Renewable Energy
An agreement by House and Senate negotiators would open Alaska's Arctic National Wildlife Refuge to drilling, while preserving tax credits for wind power and other clean energy. The bill also would extend a tax credit of up to $7,500 for purchases of plug-in electric vehicles such as the Tesla Model 3 and Chevrolet Bolt.
Oil prices in 2018: It’s all about Texas
Crude oil production out of the U.S. is expected to hit record levels next year, buoyed in part by OPEC supply curbs that have put a floor under prices. For analysts forecasting prices next year, there are two key questions: exactly how far American production grows and whether the global economy is strong enough to swallow those extra barrels?
The 5 Oil Factors To Watch In 2018
Oil prices are set to close out the year somewhere around 15 percent up, and the oil market looks more stable than it has in years. But what does 2018 have in store?
The Oil and Gas Industry Wakes Up to Blockchain
Blockchain serves as a shared database that eliminates the role third parties play in transaction processes and information sharing in a number of ways. Technology, inventories, contracts, payments and other data is shared directly between parties with encrypted connections. Commodity exchanges on blockchain, for example, can support oil and gas trading directly between parties anywhere in the world, while removing the role banks, brokerage firms or other intermediaries have traditionally played.
OPEC oil production declined again in November
The 14 member nations of the Organization of Petroleum Exporting Countries pumped 32.4 million barrels a day in November, down by 133,500 barrels a day compared with October and down 273,000 barrels a day compared with September.
Oryx building new 220-mile Permian pipeline
Midland-based Oryx, which primarily is owned by Houston private equity firms, said the 400,000-barrel-a-day network will run through Carlsbad, New Mexico and into West Texas to crude oil delivery points in Crane and Midland.
Keystone XL Approval Is Vital to U.S. Energy Dominance
Once a point of weakness, energy has quickly become one of the United States’ strongest assets. Only a decade ago America relied on foreign suppliers to meet nearly two-thirds of oil demand. It now produces almost 80 percent of consumption here at home.
The Man Behind The Oil Price Rally
The OPEC meeting is over and the cartel has extended production cuts throughout 2018. The decision is obviously crucial to supporting oil prices, but perhaps an even bigger story is the relentless strategy from the young Saudi Prince, Mohammed bin Salman, being played out both inside OPEC and in his own country.
The world’s astonishing dependence on fossil fuels hasn’t changed in 40 years
Every year since 1971, more than 80% of all our energy has come from fossil fuels. That’s still true today, which is surprising for two reasons. Most nuclear power plants came online between 1971 and 1990, and most renewable energy farms were built in the last 10 years.
Venezuela To Launch ‘Petro’ Cryptocurrency
In his latest stunt, Venezuela’s President Nicolas Maduro announced that the country wants to launch a cryptocurrency – the petro – backed by oil, diamonds and gold reserves.
Oil extends gains following OPEC deal on output cuts
Oil extended gains following a third monthly advance after OPEC and Russia agreed to prolong production cuts through to the end of 2018 in their fight against a global supply glut.