INDUSTRY NEWS
Chevron To Invest $4B In Permian Production
Chevron will invest some US$4 billion in 2018 to increase its crude oil output in the Permian, a senior Chevron manager said at a conference on Monday, in a sign that the U.S. supermajor will continue to bet big on the most prolific U.S. shale play.
Permian ‘Super Basin’ Holds Up to $3.3 Trillion in Untapped Oil
IHS spent three years studying output data from more than 440,000 wells to calculate the amount of crude remaining within the sprawling, mile-thick rock formation that pumps more oil than any other U.S. field, the London-based researcher said in a statement on Monday.
Oil prices hold steady after 5% gain last week
U.S. oil prices settled little changed on Monday after posting a roughly 5% gain last week, as traders weighed prospects for an extension to the OPEC-led production cut agreement and expectations for U.S. crude output.
Schlumberger’s Gamble Could Change Oilfield Services Forever
The world’s largest oilfield services firm has decided that it should take an ownership stake in upstream oil and gas production, rather than simply provide the services for doing so.
U.S. Shale Producers Are The Worst Way To Play Oil’s Upside
While the significance of Pioneers GOR results is the subject of another article, what is truly important is the market reaction to Pioneer's results. Not only did Pioneer sell-off, but the entire Permian producer complex sold off with it.
Oil Barrels Aren’t Real Anymore
When the first Pennsylvania wells began gushing in the late 1850s, prospectors scrambled to catch the erupting crude. Any container would do—whiskey or ale jugs, salt or turpentine vats. The best option was an old one: the casks still used today to age wines and whiskies.
Houston’s Energy Sector Confident Of A Quick Recovery
The disaster underscores the need for energy-importing states to rely on diverse suppliers rather than become overly dependent on any one source. This means diversifying imports from more countries and regions, utilizing various land and sea routes, and relying on a mix of energy resources – including LNG, piped gas, oil and renewables.
Where Harvey’s effects were felt the most in Texas
According to a preliminary analysis by the Federal Emergency Management Agency, at least 156,000 properties may have been affected by the floodwaters of Hurricane Harvey. At least 68,000 are located in Harris County.
Oil prices increase as Texas refineries start returning to normal
As much as 16 percent of total U.S. refining capacity was impacted by the storm, pipelines from the region operated intermittently and the federal government released oil from its strategic reserves in order to offset the market strains.
Will This Bring Big Oil Back To The Bakken?
Senator John Hoeven says that a new estimate would motivate oil and gas companies to continue investing in North Dakota and prompt more of them to come to the Bakken and Three Forks. That’s especially true now that even Big Oil is turning to shale, where turnaround times and returns are both faster than in large-scale projects.
No need yet to act on Harvey, International Energy Agency says
The International Energy Agency sees no reason for it to intervene in the U.S. effort to prop up an energy market hammered after Harvey wiped out production centers as a hurricane earlier this week.
Oil market shrugs off U.S. inventory decline amid Harvey
Analysts said if not for the oil glut that has plagued global energy markets and Houston's petroleum companies since summer of 2014, the impact of Harvey could have squeezed supplies harder and led to longer fuel shortages.
The Delaware: Wide Open Secrets
The lonely character of the Permian Basin seems more suitable to horses and stargazing than sophisticated drilling, but it’s the subterranean mystery of the place that has attracted so much money and manpower to Texas and New Mexico.
Drillers evacuate Gulf platforms, shut in wells in wake of Harvey
Oil companies have evacuated personnel from about 15 percent of the manned oil-production platforms and half of the working drilling rigs in the Gulf of Mexico in the wake of Hurricane Harvey, federal officials said Saturday.
Energy Transfer sues Greenpeace, Dakota Access protesters
Energy Transfer claims groups like Greenpeace, Earth First! and individual protesters resorted to "mob thuggery" and intentionally misleading information to halt the construction and damage Energy Transfer's "critical business and financial relationships."
Hurricane Harvey forces some refineries closed, pushes gas prices up
More than 25 percent of the nation's gasoline is refined along the Texas Gulf Coast. More than 50 percent comes from the entire Gulf Coast region, including inland Texas and Louisiana, according to the U.S. Energy Department.
Mexico Looks to Replicate U.S. Shale Success
The Burgos Basin is located directly south of Texas with mostly natural gas fields. Since beginning exploration in 1942, PEMEX has discovered about 225 fields in the area. The basin also includes the Mexican portion of the Eagle Ford, which extends miles beyond the border.
Russia Claims To Have Invented Alternative To Fracking
Russian scientists and local oil field services companies claim to have created a technology for thermochemical gas fracturing that could be an alternative to hydraulic fracturing and could increase oil production by between 1.7 and 6 times, Russia’s news agency RIA Novosti reports, citing the University of Tyumen’s press service.
Texas rig permitting nearly doubles from 2016
The Railroad Commission of Texas, the state energy regulator, said it issued 1,011 original drilling permits last month, compared with the 631 issued in July 2016. Of those, 893 were for drilling new oil or natural gas wells.
Concho Pays $600 Million To Extend Midland Basin Laterals
The deal came with some inflation on land prices. Concho bought the Mabee Ranch as part of $1.62 billion purchase of 40,000 acres from Reliance Energy in October 2016. That acreage cost roughly $25,000 per acre.