Keyword: oilproduction

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  • ‘’U.S. Oil Production To Soar By 3.5 Million Bpd Over The Next Five Years’’

    02/21/2017 1:42:46 PM PST · by bananaman22 · 19 replies ^ | 21-02-2017 | 21-02-2017
    Two years ago, when Saudi Arabia launched an unprecedented campaign to crush high-cost oil producers, in the process effectively putting an end to the OPEC cartel (at least until last year's attempt to cut production), it made a bold bet that U.S. shale producers would be swept under when the price of oil tumbled, leading to a tsunami of bankruptcies, as well as investment and production halts. To an extent it succeeded, but where it may have made a glaring error is the core assumption about shale breakeven costs, which as we reported throughout 2016, were substantially lower than consensus...
  • USGS announces largest estimate of oil and gas ‘ever assessed in the United States’

    11/16/2016 4:41:20 PM PST · by Kaslin · 103 replies
    Hot ^ | November 16, 2016 | JOHN SEXTON
    Tuesday the U.S. Geological Survey announced the largest ever assessment of “continuous oil” ever made in the United States. The Wolfcamp shale in the area of Midland, Texas is estimated to contain three times the oil and gas of the Bakken shale formation in Montana and North Dakota. From the USGS: The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey. This...
  • Oil Spikes After OPEC Reaches Deal On Output Cap

    09/28/2016 12:01:24 PM PDT · by bananaman22 · 15 replies ^ | 28-09-2016 | Juli
    According to a Reuters source, The Organization of the Petroleum Exporting Countries has in fact reached a deal that will “limit” oil production, and oil prices are in for a wild ride yet again as a result. What was reported as mere rumor this morning, is apparently now a certainty. Reuters had reported this morning that OPEC may announce an output freeze deal later today, as part of the informal talks on the matter on the sidelines of the International Energy Forum, but details of the deal would be withheld until November.
  • Is The Oil Production Efficiency Boom Coming To An End?

    08/18/2016 7:58:28 AM PDT · by bananaman22 · 5 replies ^ | 18-08-2016 | Peter
    “How much more productive can these new wells get?” I asked my host who had kindly invited me on a field trip to some of western Canada’s most prolific oil fields. Looking down the aisle of bobbing pump jacks, seven in a row on one side of the immaculate gravel pad, the veteran oil executive replied, “We can get up to 1,000 barrels a day out of some of the new ones, but that’s not a limit; we’re improving the economics and productivity with each new well.” Impressive I thought, subconsciously nodding my head in sync with the leading pump...
  • Oil Prices Down As OPEC Fails To Agree Output Ceiling

    06/02/2016 8:35:11 AM PDT · by bananaman22 · 10 replies ^ | 02-06-2016 | Nick
    The much anticipated OPEC meeting in Vienna on June 2 ended pretty much as expected: the group once again failed to put any production targets in place. Without a ceiling on output, all OPEC members will continue to produce as they see fit, leaving the oil market to sort itself out. The result was largely anticipated, given the lack of agreement at several prior meetings. However, the meeting in Vienna was not without some news. OPEC members managed to agree on several small bore issues, which could be viewed as a modest success, especially after the apparent hostility on display...
  • Russia, Saudis tentatively offer to freeze oil output levels

    02/16/2016 3:13:27 AM PST · by Olog-hai · 8 replies
    Associated Press ^ | Feb. 16, 2016 5:50 AM EST
    Russia's energy ministry says it has agreed with Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same. [...] Getting other producers to go along with that could be tricky. Prices have fallen sharply slump in prices since summer 2014, leaving producers scrambling to win market share from competitors. ...
  • Crashing Oil Prices And Dropping Rig Count Take Their Toll On U.S. Output

    01/12/2016 2:36:28 PM PST · by bananaman22 · 1 replies ^ | 12-01-2015 | Steve
    The EIA has just published its latest update to the Drilling Productivity Report (DPR), and soon we will get their update to the Short Term Energy Outlook. These are the two documents in which the EIA take a stab at estimating where US production is going, as opposed to where it has been. Weakness in the Chinese economy has hung like a pall on the oil market since the turn of the year and there is nothing putting a floor under the oil price just yet, but to my eyes the decline of US shale production is now well established...
  • EIA: US shale oil output to drop 93,000 b/d in September

    08/12/2015 6:48:15 AM PDT · by thackney · 2 replies
    Oil Gas Journal ^ | 08/10/2015 | OGJ editors
    Crude oil production in September from seven major US shale plays is expected to decline 93,000 b/d to 5.27 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). EIA previously projected 91,000-b/d declines for both July and August (OGJ Online, June 9, 2015; July 13, 2015). The DPR focuses on the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica, which altogether accounted for 95% of US oil production increases and all US natural gas production increases during 2011-13. The Eagle Ford continues to represent a bulk of the overall oil output declines, projected to...
  • Shale oil output at Bakken and Eagle Ford starts a descent

    05/12/2015 4:37:48 AM PDT · by thackney · 31 replies
    Market Watch ^ | May 11, 2015 | Myra P. Saefong
    Oil production from the Bakken and Eagle Ford shale plays look like they’ve peaked and other shale plays may not be far behind. Oil production from seven major U.S. shale plays is expected to fall by a total of 86,000 barrels a day in June, according to a monthly report from the Energy Information Administration released Monday. The previous report released a month ago also showed a forecast for a fall of 57,000 barrels a day in May. Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47,000 barrels a...
  • We Are Witnessing A Fundamental Change In The Oil Sector

    04/29/2015 4:30:27 PM PDT · by bananaman22 · 10 replies ^ | 29-04-2015 | King Richard
    The U.S. oil production decline has begun. It is not because of decreased rig count. It is because cash flow at current oil prices is too low to complete most wells being drilled. The implications are profound. Production will decline by several hundred thousand barrels per day before the effect of reduced rig count is fully seen. Unless oil prices rebound above $75 or $85 per barrel, the rig count won’t matter because there will not be enough money to complete more wells than are being completed today. Tight oil production in the Eagle Ford, Bakken and Permian basin plays...
  • Why Oil Rig, Budget Cuts Will Be Slow To Curb Shale

    03/02/2015 1:16:31 PM PST · by gogeo · 2 replies
    Investors Business Daily ^ | Feb 27, 2015 | Gillian Rich
    While U.S. shale producers have slashed billions of dollars from capital budgets and taken more than 600 oil rigs offline since October, it may be several months before production actually falls as companies focus on their most efficient wells. Read More At Investor's Business Daily: Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
  • U.S. Oil Production Keeps Rising Beyond the Forecasts

    01/24/2014 9:25:04 PM PST · by ckilmer · 45 replies
    nytimes ^ | JAN. 24, 2014 | FLOYD NORRIS
    OIL production in the United States rose by a record 992,000 barrels a day in 2013, the International Energy Agency estimated this week.
  • Obama Takes Credit For Oil Boom He's Tried To Block

    11/15/2013 4:34:02 PM PST · by jazusamo · 14 replies ^ | November 15, 2013 | IBD Editorial
    Deception: There he goes again. The president is taking credit for an economic recovery that isn't happening and a surge in oil production he's had nothing to do with. If he can't be honest, it's up to us to set the record straight. While touring an Ohio steel mill Thursday, President Obama talked about jobs and the economy bouncing back. He prattled on about factories "reopening their doors" and businesses "hiring new workers." He even went so far as to imply that his administration has "been trying" to "rebuild a new foundation for growth and prosperity to protect ourselves from...
  • August Petroleum Demand Continues Trend as Production & Exports Rise, Imports Fall

    09/23/2013 7:52:21 PM PDT · by ckilmer · 7 replies
    api ^ | Sep 19, 2013 3:00 PM ET | David Bird
    WASHINGTON, September 19, 2013 ? Total U.S. petroleum deliveries (a measure of demand) edged down 0.7 percent from August 2012 to average 19.1 million barrels per day last month. These were the highest deliveries for the year but remained the lowest August level in 4 years. "August saw a continuation of trends that have been building for quite some time," said API Chief Economist John Felmy. "The incredible rise in American energy production, helped in part by softening demand, has allowed the United States to dramatically increase energy exports and reduce its energy imports." Demand for gasoline rose 0.4 percent...
  • Yes Virginia, US Oil Production Can Influence Global Prices

    Contributor A truism, tacked on to the end of any respectable article, blog post or research memo on US Oil Production, is that the US only produces a small fraction of the World’s Oil Supply and that as such it can’t influence prices.
  • U.S. Oil Notches Record GrowthRise in Production Is World's Largest; Fueled by Fracking

    06/13/2013 11:44:18 AM PDT · by ckilmer · 23 replies
    Wall St Journa. ^ | June 12, 2013, 7:39 p.m. ET | By KEITH JOHNSON And RUSSELL GOLD
    U.S. crude-oil production grew by more than one million barrels a day last year, the largest increase in the world and the largest in U.S. history.
  • Five US States Help Boost US Oil Production

    06/03/2013 8:54:26 PM PDT · by ckilmer · 12 replies
    Rigzone ^ | Tuesday, May 21, 2013 | Karen Boman |
    While Texas and North Dakota's boom in oil production have been well-publicized, five other western U.S. states made a notable contribution to the growth in U.S. oil production since 2010, the U.S. Energy Information Administration (EIA) reported Tuesday. Onshore oil production, including crude oil and lease condensate, grew by over 2 million barrels of oil per day (bopd), or 64 percent, in the U.S. Lower 48 from February 2010 to February 2013. Production in the Williston Basin in North Dakota and Texas' Eagle Ford play and Permian Basin outpaced other regions. However, gains in other Lower 48 states added up...
  • Canada looks to lure energy workers from the U.S.

    11/12/2012 12:10:06 AM PST · by Alaska Wolf · 62 replies
    LA Times ^ | Nov. 10, 2012 | Ricardo Lopez
    Canada looks to lure energy workers from the U.S. EDMONTON, Canada — With a daughter to feed, no job and $200 in the bank, Detroit pipe fitter Scott Zarembski boarded a plane on a one-way ticket to this industrial capital city. He'd heard there was work in western Canada. Turns out he'd heard right. Within days he was wearing a hard hat at a Shell oil refinery 15 miles away in Fort Saskatchewan. Within six months he had earned almost $50,000. That was 2009. And he's still there. "If you want to work, you can work," said Zarembski, 45. "And...
  • U.S. oil production reaches historic high As price plummets

    06/11/2012 8:21:52 PM PDT · by jyro · 52 replies
    WASHINGTON, June 11 (UPI) -- Federal leases in the Gulf of Mexico, along with output from Texas and North Dakota, pushed U.S. oil production to its highest level in 14 years, the EIA said. The U.S. Energy Department's Energy Information Administration reports that U.S. oil production during the first quarter of 2012 topped 6 million barrels per day for the first time since 1998. "The roughly 6 percent growth in U.S. oil production from October 2011 through March 2012 is largely the result of increases in oil output in North Dakota, Texas and the Gulf of Mexico," the agency said...
  • Newt’s drive to the White House (On $2.50 Gas?)

    03/21/2012 7:14:53 AM PDT · by jmaroneps37 · 15 replies ^ | March 21, 2012 | Ron Reale, staff writer
    It is now more obvious than ever that Newt Gingrich should stay in this race. If for no other reason he needs to do so to keep repeating his questions and answers on fuel. Over the coming months he needs to get others to repeat and spread the truth about our oil capacities and this is the way to do it. Keeping the debate going will spotlight the current debacle that is the Administration’s oil policy, the effects of Obama’s unemployment rates; the rest of the economic questions that plague us because of Obama, front and center in the MSM...
  • WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

    02/08/2011 6:07:47 PM PST · by ErnstStavroBlofeld · 52 replies
    The Guardian ^ | 2/8/2011 | John Vidal
    The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show. The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%. The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the...
  • Company aims to pump new life into historic Texas oil field

    01/18/2011 9:42:23 AM PST · by thackney · 18 replies
    Fuel Fix ^ | January 17, 2011 at 11:18 pm | Brett Clanton
    A historic oil field south of Houston, seemingly on its last leg after more than 80 years in service, is making a comeback. A North Texas company has launched a sweeping project to tap potentially huge oil reserves still left in the ground at the famed Hastings field, located between Alvin and Pearland. The project aims to free stranded oil by injecting carbon dioxide into the once-prolific reservoir in a process used since the 1970s in West Texas to coax more crude from aging fields. It is made possible by a new $1 billion pipeline that carries the gas from...
  • Democrats hope to use anger over BP disaster to pass tax on oil production

    06/29/2010 10:06:04 PM PDT · by thecodont · 22 replies · 1+ views
    Los Angeles Times / ^ | June 27, 2010 | 9:40 p.m. | By Shane Goldmacher, Los Angeles Times
    Reporting from Sacramento — — As crude oil continues to gush into the Gulf of Mexico, many California Democrats are hoping to seize on the public mood created by the crisis to push through a new tax on oil production to help balance the state's beleaguered budget. A proposed levy on oil production is at the core of both Democratic budget plans circulating in Sacramento, and thus will be on the table in upcoming budget talks with Gov. Arnold Schwarzenegger. And though the Republican governor has emphatically said he is opposed to new taxes this year, he has supported the...
  • Using Smokestack Gases to Pump Oil

    02/17/2010 7:03:27 AM PST · by alloysteel · 9 replies · 304+ views
    The Wall Street Journal. ^ | February 8, 2010 | Ann Davis
    Carbon dioxide pouring from smokestacks hardly has a reputation as a valuable commodity. But one company has launched a series of projects to see if it can use the refuse of the industrial economy to breathe new life into tired oil fields. How well Denbury Resources Inc.'s projects go will be closely watched not just by environmentalists but other oil producers. For decades, companies have pumped naturally-occurring carbon dioxide from geological basins into existing oil wells. The gas acts like a solvent for the oil, removing it from rock formations.
  • Today, the Guns Are Silent: Gang of Ten Surrenders

    The Gang of 10 has all but surrendered. For now, there are no major initiatives to raise taxes on energy production.
  • Montana’s Bakken Oil Field: Good News for US Consumers, Bad News for MSM

    05/15/2008 6:25:17 PM PDT · by mondoreb · 77 replies · 4,690+ views
    DBKP ^ | May 15, 2008 | Mondoreb
    HUGE Oil Field in Montana is Good News for Consumers --Which Makes it Unpalatable for the Mainstream MediaWhile Jeroen van der Veer, Shell’s chief executive, fears for the future of oil supplies after 2015--maybe he's confusing Shell's oil supply with the rest of the world's--Newsmax has just released information on the HUGE oil discovery in Montana: the Williston Basin or "Bakken" field. About 470 miles outside the state capitol of Helena - in a place called Richland County, Montana - more millionaires are being created per capita than anywhere else in America. It's the largest domestic oil discovery since Alaska's...
  • Falling oil production a challenge for Venezuelan leader

    03/21/2008 8:01:28 PM PDT · by NormsRevenge · 26 replies · 1,256+ views
    mcclatchy on yahoo ^ | 3/21/08 | Jack Chang and Kevin G. Hall - McClatchy Newspapers
    CARACAS, Venezuela — For the better part of a decade, Venezuelan President Hugo Chavez has spent billions of dollars of his country's oil revenue to challenge U.S. interests, build influence around the world and fund a self-styled socialist revolution at home. Yet as Chavez moves from one international crisis to another— most recently a near military confrontation with neighboring Colombia , an important U.S. ally— many wonder how long his oil-funded wild ride will last. Not long, analysts in Venezuela and abroad said, if production continues to decline at the country's state-run energy company, Petroleos de Venezuela S.A. , known...
  • Iran admits sanctions hurting oil investment: Foreign banks have 'decresed their co-operation'

    12/21/2006 11:42:17 PM PST · by gleeaikin · 7 replies · 450+ views
    Financial Times (London) | Dec. 21,2006 | Najmeh Bozorgmehr & Roula Khalaf
    Iran's oil minister admitted yesterday that Tehran was having trouble financing oil projects, in a rare acknowledgment of the cost of its nuclear dispute. "Currently, overseas banks and financiers have decreased their co-operation," Kazem Vaziri-Hamaneh told Shana, the oil ministry news agency. The statement underlined the impact of de facto financial sanctions on the Organisation of the Petroleum Exporting Countries' second biggest oil producer. As the controversy over Iran's nuclear programme has escalated, the US has applied pressure on European banks and financial institutions to curb dealings with Tehran. The fact that the UN Security Council could soon impose the...
  • Mexico's Oil Bonanza Starts To Dry Up.

    07/02/2006 1:02:47 AM PDT · by txdoda · 34 replies · 1,344+ views
    San Francisco Chronicle ^ | 6-30-06 | Robert Collier
    (06-30) 04:00 PDT Cardenas, Mexico -- Gonzalo Rodriguez has an unenviable task as the boss of a major oil field -- ripping out a large part of the pumping and compressing machinery that collects the output from scores of wells. "Unfortunately, we don't need this capacity anymore," he said. "This isn't like the old days, and they aren't coming back." Like much of Mexico's giant oil production apparatus, this area, known as the Bellota oil field, is in an apparently unstoppable decline. At current extraction rates, the nation has only 10 years of proven oil reserves remaining. And as Mexico...
  • Iraq oil output hits record level

    06/25/2006 3:58:06 PM PDT · by Jet Jaguar · 40 replies · 1,260+ views
    AFP ^ | June 26, 2006 | AFP
    IRAQ'S oil production is now over 2.5 million barrels a day, a record since the fall of Saddam Hussein, the country's oil minister said overnight. Oil Minister Hussein Shahristani said on US television that Iraq hopes to be producing 4.3 million barrels by 2010 and to be challenging Saudi Arabia as the world's largest producer by 2015. Production was about 2.5 million barrels a day when president Saddam Hussein was deposed by US-led forces in 2003. It then collapsed to virtually nothing and has been slow to rebuild because of insurgent attacks and other problems. In an interview with CNN...
  • Peak Curiosity (peak oil output cult)

    12/04/2005 6:19:51 PM PST · by Stultis · 4 replies · 311+ views
    Tech Central Station ^ | 2 December 2005 | Vaclav Smil
    Predicting the end of oil era has been a venerable (albeit fruitless) pseudo-intellectual pursuit for most of the 20th century. This Nostradamian pastime regained new vigor during the late 1990s when (mostly retired geologists) Colin Campbell, Jean Laherrčre, L.F. Ivanhoe, Richard Duncan and Kenneth Deffeyes -- and their groupies gathered under the WWW umbrellas of,, and --- flooded the media with catastrophist tales of imminent peak of the global oil production to be followed by a precipitous decline of oil availability resulting in the demise of modern civilization. As self-appointed prophets are want to do, these...
  • Special Report: Hurricane Katrina Damage Assessment (of Oil Rigs and Production)

    09/05/2005 9:53:38 AM PDT · by Chewbacca · 13 replies · 1,829+ views
    From RIGZONE - your gateway to the oil and gas industry: Special Report: Hurricane Katrina Damage Assessment It has been a week since Hurricane Katrina pounded its way across Florida into the Gulf of Mexico, on its way to causing one of the worst natural disasters in American history. The course it took through the Gulf led straight through the heart of the offshore oil patch into America's most active port and leading oil refining region. The damage to the oil and gas industry is still being assessed, but by all accounts it could have been much worse. However, the...
  • Kuwait to Back Quota Hike if Price High

    10/10/2004 12:42:39 PM PDT · by wagglebee · 314+ views
    My Way News ^ | 10/10/04 | Peg Mackey and Laith Abou-Ragheb/Reuters
    ABU DHABI (Reuters) - Major Gulf producer Kuwait will back a hike of 1 million barrels per day in OPEC's output ceiling if oil prices stay at record levels, a move that would bring formal production limits in line with actual supplies. OPEC ministers also pledged on Sunday to do what they can to deflate oil prices at record high levels beyond $53. Top crude exporter Saudi Arabia said it could immediately tap 1.5 million barrels per day (bpd) of its spare capacity if needed. "If prices continue as they are now, we will ask for an increase in the...
  • OPEC Oil Output Cut Proves Group's Capacity To Surprise

    09/24/2003 7:36:10 AM PDT · by Starwind · 12 replies · 222+ views
    Dow Jones Newswires | September 24, 2003 | Andrew Dowell
    OPEC Oil Output Cut Proves Group's Capacity To Surprise . By Andrew Dowell Of DOW JONES NEWSWIRES VIENNA (Dow Jones)--OPEC proved its capacity to surprise Wednesday with a plan to cut its output quotas by 3.5% after ministers had led the market to expect no change. Oil futures soared on the news, climbing as much as 4% in New York. The cut, which reverses a quota increase agreed to in April, is needed to make room for rising output from Iraq, Kuwaiti Oil Minister Sheikh Ahmad Fahad Al-Ahmad Al-Sabah said. Iraq's oil production has nearly doubled from the August level...
  • OPEC cartel may be losing control of oil flow

    09/15/2002 2:32:36 AM PDT · by Cincinatus' Wife · 30 replies · 364+ views
    Houston Chronicle ^ | Sept. 14, 2002, 8:40PM | MICHAEL DAVIS
    OPEC meets in Japan on Thursday amid a looming conflict between the United States and Iraq to debate whether there is a need to increase production as prices approach $30 a barrel. But underlying the discussions are more fundamental issues that will define OPEC's role in world oil markets and its ability to influence them. Within the Organization of the Petroleum Exporting Countries, divisions run along economic lines, with the less wealthy nations such as Nigeria and Venezuela parting company with the more prosperous Arab nations, such as Saudi Arabia. Outside of the cartel, OPEC faces pressures to set prices...