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Keyword: shale

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  • Shale tech could squeeze 141 billion barrels from oil fields outside the US

    05/15/2015 10:14:51 AM PDT · by thackney · 15 replies
    Fuel Fix ^ | May 14, 2015 | Collin Eaton
    Adapting the technology that powered the shale oil boom in Texas to the deserts of Saudi Arabia and elsewhere could produce 141 billion barrels of crude, research firm IHS said Thursday. Horizontal drilling and hydraulic fracturing, alongside other technological breakthroughs in recent years, could pump that much oil out of 170 older, largely unproductive fields around the world, from the Middle East to Latin America to Russia. In its initial assessment, IHS found 96 percent of the oil that could be recovered from those fields would have to be released using hydraulic fracturing, a process of blasting water, sand and...
  • Shale-Oil Producers Ready to Raise Production

    05/13/2015 3:38:49 PM PDT · by abb · 7 replies
    The Wall Street Journal ^ | May 13, 2015 | Georgi Kantchev and Bill Spindle
    After slashing production for months, U.S. shale-oil companies say they are ready to bring rigs back into service, setting up the first big test of their ability to quickly react to rising crude prices. Last week, EOG Resources Inc. said it would ramp up output if U.S. prices hold at recent levels, while Occidental Petroleum Corp. boosted planned production for the year. Other drillers said they would open the taps if U.S. benchmark West Texas Intermediate reaches $70 a barrel. WTI settled at $60.50 Wednesday, while global benchmark Brent settled at $66.81. An increase in U.S. production, coupled with rising...
  • Saudi Arabia Continues To Turn Screws On U.S. Shale

    05/13/2015 11:50:03 AM PDT · by Opintel · 16 replies
    Oilprice.com ^ | 13-05-2015 | ShaleDefender
    Saudi Arabia continues to ratchet up production, taking market share away from U.S. shale producers. According to OPEC’s latest monthly oil report, Saudi Arabia boosted its oil output to 10.31 million barrels per day in April, a slight increase over the previous month’s total of 10.29 million barrels. That was enough for the de facto OPEC leader to claim its highest oil production level in more than three decades. Saudi Arabia has increased production by 700,000 barrels per day since the fourth quarter of 2014 in an effort maintain market share. The resulting crash in oil prices is forcing some...
  • Low crude prices may thin, but not kill, US production, speakers say

    05/13/2015 5:42:31 AM PDT · by thackney · 5 replies
    Oil Gas Journal ^ | 05/12/2015 | Nick Snow
    Overseas competitors who were caught off-guard initially by rising US unconventional crude oil production have increased their own outputs now and can be expected to try and keep prices low to protect their global market shares, speakers at a May 12 Atlantic Council discussion said. That could make marginal US unconventional properties uneconomic, but won’t threaten the new US position as a major producing nation, they agreed. “We’re entering a phase when all the excess capacity will be resized to the new US world market share,” said Subash Chandra, managing director and senior equity analyst at Guggenheim Partners. “I don’t...
  • OFFSHORE VS. SHALE, Which will prevail in the long-term?

    04/28/2015 5:04:30 AM PDT · by thackney · 12 replies
    Rystad Energy via Oil Gas Financial Journal ^ | April 9, 2015 | Per Magnus Nysveen and Leslie Wei
    As a response to lower oil prices, E&P companies have guided considerable cuts in their 2015 investment budgets. Preliminary budgets indicate a ~20% drop in global E&P investments this year, with shale declining the most. Observing historical trends, Figure 1 shows global investments for offshore and shale oil and gas. During the past decade, offshore investments have increased from ~ US$150 billion in 2005 to ~ US$360 billion in 2014. The growth in offshore investments is a combination of higher activity and higher unit costs (i.e., rig rates). Also over the last 10 years, shale activity accelerated as horizontal hydraulic...
  • IHS CERA 2015: Resilient Marcellus gas drillers are the 'problem': E&P executive

    04/24/2015 6:03:02 AM PDT · by thackney · 17 replies
    Platts ^ | 22 Apr 2015 | Arjun Sreekumar
    Major improvements by natural gas exploration-and-production companies have allowed them to continue to drill profitably in a period of depressed prices, adding to the glut of gas and putting further pressure on prices, an E&P executive said Wednesday at the IHS CERAWeek conference in Houston. "What's happening is that we continue to get better and get more production per rig," Kyle Mork, president of Energy Corporation of America, said in reference to the seeming paradox of growing US natural gas production despite a record low level of rigs. "We're the problem," he said. It is common knowledge in the industry...
  • Oil Price War May Benefit Both US Shale And Saudi Arabia

    04/22/2015 12:13:53 PM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 22-04-2015 | James Stafford
    Oil Price War May Benefit Both US Shale And Saudi Arabia
  • CERAWeek: Oil chiefs explain why U.S. shale boom hasn’t gone global

    04/22/2015 4:37:25 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | April 22, 2015 | Collin Eaton
    Has billionaire oil man Harold Hamm ever been tempted to take the U.S. shale revolution abroad and expand his oil empire from North Dakota to the rest of the world? “I have not,” Hamm told a gathering of energy executives Tuesday. The question had come from Daniel Yergin, vice chairman of IHS. Hamm, CEO of Continental Resources, one of the biggest oil producers in the Bakken Shale, was one of three oil-company chief executives speaking from the stage during a panel at the IHS CERAWeek energy conference at the Hilton Americas-Houston. So why haven’t U.S. shale producers tried to tap...
  • Upstart Siluria Technologies Turns Shale Gas Into Plastics And Gasoline

    04/20/2015 5:29:34 AM PDT · by thackney · 14 replies
    Forbes ^ | 4/14/2015 | Christopher Helman
    Siluria Technologies’ new ethylene plant is a 4-story-tall maze of pipes and valves and pressure vessels. If it were a standalone plant it might be impressive. But this one is tucked in among dozens of giant petrochemical complexes along the Houston Ship Channel and situated within a larger polypropylene site operated by Brazilian chemicals giant Braskem So how does this facility stand out? Because it’s unique. All the rest of the world’s ethylene is made the old-fashioned way: by breaking apart larger hydrocarbons such as naphtha (sourced from crude oil) or ethane (found in natural gas). In contrast, Siluria’s technology...
  • New maps highlight geologic characteristics of U.S. tight oil, shale plays

    04/17/2015 5:25:39 AM PDT · by thackney · 15 replies
    Energy Information Administration ^ | APRIL 17, 2015 | Energy Information Administration
    EIA is currently in the process of updating maps of major tight oil and shale gas plays, including the Eagle Ford and Marcellus plays, which will help to better characterize the geology of key areas of production in the United States. EIA's most recent maps focus on shale and tight oil plays, and characterize plays based on geologic characteristics, including rock type and age. Understanding geologic history and processes helps exploration and production companies reduce the risk of drilling dry, nonproducing wells and better understand hydrocarbon resource potentials. Production of crude oil and natural gas occurs in two classes of...
  • State Energy Expert Predicts $1.60-Per-Gallon Gas

    04/07/2015 8:27:21 AM PDT · by Perkinsbob54 · 42 replies
    Roswell Daily Record ^ | 4/7/15 | Jeff Tucker
    ROSWELL – Gasoline prices in New Mexico could drop to as low as $1.60 a gallon this year as the United States and the Organization of Petroleum Exporting Countries engage in an outgoing crude oil price war, an expert told the New Mexico Landmen’s Association on March 27. Dr. Daniel Fine, associate director of the New Mexico Center for Energy Policy at New Mexico Institute of Mining and Technology, said at the landmen’s association’s monthly meeting recently that crude oil storage in the United States is at a near maximum, meaning it will be some time before crude oil prices...
  • New Regs Ignore Fact Fracking Doesn't Taint Well Water

    04/02/2015 9:03:55 AM PDT · by raptor22 · 7 replies
    Investor's Business Daily ^ | April 2, 2015 | IBD EDITORIALS
    Energy: New federal regulations on fracking on public land ignore a study documenting that methane found in well water is unrelated to the location of hydraulically fractured oil and gas wells. When the Obama administration recently released its new regulations on fracking — regulations that it said were needed to keep up with the advance and success of the decades-old technology to meet public safety needs — the Independent Petroleum Association of America and Western Energy Alliance immediately filed suit, saying that the new regs were based on "unsubstantiated concerns" that lacked any scientific basis. "Hydraulic fracturing has been conducted...
  • The Shale Debt Redux

    03/27/2015 5:06:49 AM PDT · by thackney · 8 replies
    The Energy Collective ^ | March 26, 2015 | Deborah Lawrence
    Shale debt, falling prices and slack demand has tight oil producers in trouble. And yet, there is still burgeoning production. Why? Well, we’ve seen this before. It’s the shale debt redux. Operators did it a few years ago in natural gas and prices have yet to recover. Unfortunately cheap money in the form of debt can mean poor investment choices for businesses and for investors. But it can also lead to an aberrant market because operators deep in debt won’t curtail production even though it is glutted. Debt coupons simply have to be met. The shale revolution has always been...
  • Saudi Arabia Looks To U.S. To Develop Shale Deposits

    03/24/2015 4:59:25 AM PDT · by thackney · 20 replies
    Manufacturing Business Technology ^ | 03/19/2015 | Andy Szal
    The boom in U.S. oil production over the past decade led thousands of workers to prairie cities from Texas to North Dakota. Now, Saudi Arabia hopes those workers—many of them casualties of the ongoing downturn in crude prices—will consider the deserts of the Middle East instead. Saudi Arabia has a long history of recruiting skilled workers from the West to develop its vast oil reserves. The country, however, also possesses shale oil deposits, and observers say the current oil market provides an opportunity for the Saudis to begin developing those resources. “With the layoffs, it’s a great time to do...
  • Gary Shilling Says Oil Is Going To $10

    02/21/2015 10:06:40 PM PST · by blam · 31 replies
    BI ^ | 2-22-2015 | Shane Ferro
    Shane Ferro February. 17, 2015Gary Shilling thinks the price of oil is going way lower. The economist and financial analyst wrote an op-ed for Bloomberg View discussing the various reasons why he thinks the price could get down to $10-20 per barrel. Basically, supply keeps increasing while demand is shrinking. Here's an excerpt that pretty clearly lays it out: U.S. crude oil production is forecast to rise by 300,000 barrels a day during the next year from 9.1 million now. Sure, the drilling rig count is falling, but it’s the inefficient rigs that are being idled, not the horizontal rigs...
  • After West Virginia Oil Train Derailment, Sign Keystone Bill

    02/19/2015 11:08:19 AM PST · by raptor22 · 22 replies
    Investor's Business Daily ^ | February 19, 2015 | IBD EDITORIALS
    Energy: Three million gallons of Bakken crude burning in rural West Virginia after an oil train derails in a snowstorm ought to underscore the environmental safety of replacing rail cars with the Keystone XL pipeline. One of the reasons President Obama says he'll veto the Keystone pipeline bill that, as a result of last November's GOP electoral gusher, has found its way to his desk is that it will only carry Canadian crude to foreign markets and is not worth jeopardizing the environment. Two things are wrong with that argument. The first is that Keystone XL will also bring Bakken...
  • Is solar the next shale?

    02/07/2015 8:13:41 PM PST · by ckilmer · 61 replies
    Wood Mackenzie ^ | 01 Feb 2015 | Woods MacKenzie
    Is solar the next shale?     Just as shale extraction reconfigured oil and gas, no other technology is closer to transforming power markets than distributed and utility scale solar.Since the late 2000s, a widespread collapse in the price of solar modules has altered the economics of solar energy, putting it in a strong position to compete with other forms of power in the United States.With module costs at historic lows, increased efficiency has become the next frontier. Consequently, while higher efficiency solar technology may command a greater module price, capacity gains per square meter can make them more economic...
  • Obama's Irresponsible Keystone XL Veto Threat

    02/02/2015 10:41:12 AM PST · by raptor22 · 26 replies
    Investor's Business Daily ^ | February 2, 2015 | IBD EDITORIALS
    Stimulus: Obama says jobs from the Keystone project aren't permanent and it's just one pipeline that will move foreign oil to foreign markets. But fixing the bridge he once used as a prop didn't create permanent jobs either. 'Let's set our sights above a single pipeline," the leader of the party of infrastructure told Congress in the State of the Union. But this Congress has 80 more Republicans than when he took office, and on Thursday the Senate rejected his admonition by a 62-36 vote. Eight Democrats crossed the aisle after a series of amendment votes, a process that had...
  • OPEC Says US Shale Production To See Slowdown In Late 2015

    01/15/2015 10:28:46 AM PST · by thackney · 17 replies
    Oil Pro ^ | 1/15/2015 | Kristine Allen
    OPEC said Thursday in its monthly report that the fall in oil prices will potentially slow US shale production by the end of the year. However, the slowdown will not prevent a growing global surplus in 2015 and demand for OPEC's oil to fall to its lowest level in a decade. OPEC increased its 2015 estimate for US oil production in the report, saying annual growth will be slower than previously estimated as lower prices cause companies to reduce investment plans and therefore engage in less drilling. But analysts say that it is going to take months before US production...
  • War On Shale: EPA Targets Fracking Boom With New Regs

    01/15/2015 10:09:56 AM PST · by raptor22 · 38 replies
    Investor's Business Daily ^ | January 15. 2015 | IBD EDITORIALS
    Energy Policy: In spite of dramatically lower methane emissions from fracking, according to the EPA's own data, the agency wants to impose draconian regulations on the oil and gas industry similar to those on coal. The new rules that the White House announced on Wednesday aim to cut oil emissions of methane, a target of environmental groups, by 45% below 2012 levels, despite the fact that the emissions already show a sharp decline even as shale oil and gas production has skyrocketed. This war-on-shale action mirrors the administration's war on coal, with EPA rules impossible to meet economically and sometimes...
  • Environmental concerns raised as oil companies take fresh look at fracking in Kentucky

    01/12/2015 5:52:03 PM PST · by 2ndDivisionVet · 7 replies
    EagleFordTexas.com ^ | January 12, 2015 | Ross Torgerson
    There’s been little heat so far in Kentucky over hydraulic fracturing, or fracking, a technique of drilling for oil and natural gas that has caused division elsewhere in the country, but now the controversy has gushed up here. The potential to develop a vast underground shale layer that curves from the northeastern part of the state through Central Kentucky has sparked increased interest among oil and gas companies within the last 18 months. Companies signed hundreds of additional oil and gas leases with landowners in 2014, according to local officials. Much of the interest has been in Lawrence, Johnson and...
  • The First Shale Casualty: WBH Energy Files For Bankruptcy; Many More Coming

    01/07/2015 8:54:24 AM PST · by Dr. Thorne · 37 replies
    ZeroHedge ^ | 1/7/2015 | Tyler Durden
    "There are too many ugly balance sheets," warns one energy industry analyst, adding simply that "the group is not positioned for this downturn." While the mainstream media continues to chant the happy-clappy side of lower oil prices, spewing various 'statistics' about how the down-side of low oil prices is 'contained' and the huge colossal massive tax cut means 'everything is awesome' for America, the data - and now actions - do not bear this out.
  • Low oil prices could spur shale deals

    01/02/2015 5:30:34 AM PST · by thackney · 24 replies
    Houston Chronicle ^ | January 1, 2015 | Collin Eaton
    Cheap oil could set off a wave of corporate fire sales over the next two years if oil prices remain low, investors and financial experts says, putting a patchwork of oil wells from Texas to North Dakota in the hands of bigger, richer players. A number of small independent oil firms may have to hand over the keys to oil-pumping assets or their entire companies if they can't pay back billions in risky debt that has fueled hydraulic fracturing and a big gain in U.S. tight-oil output over the past few years. Oil prices, experts say, would need to stabilize...
  • Can Shale Survive In Egypt?

    12/30/2014 9:59:01 AM PST · by thackney · 4 replies
    Forbes ^ | 12/29/2014 | Christopher Coats
    Alongside Apache and Shell Egypt, Cairo will pursue the country’s first shale extraction project, complete with $30 to $40 million in investments in hopes of reviving the country’s ailing oil and gas sector as domestic demand continues to grow.... The move comes as Egypt continues to seek out solutions to a challenging energy environment, including waning interest from foreign energy firms and declining production. According to press reports, Egyptian gas exports saw a 73.4 percent decline July of this year,...the decline also hit crude oil exports, reducing it to $350.7 million for the summer month from $398.8 million the year...
  • Low Oil Prices to Slow, but Not Derail US Shale Boom

    12/17/2014 9:57:31 AM PST · by thackney · 5 replies
    Rig Zone ^ | December 17, 2014 | Karen Boman
    Recent declines in North Sea Brent and West Texas Intermediate (WTI) crude oil prices – and the recent decision by the Organization of Petroleum Exporting Countries (OPEC) to maintain oil output – has caused speculation about whether the boom in U.S. shale exploration and production could continue. The U.S. shale revolution has created in a boom in U.S. oil production over the past five years, growing from 5.4 million barrels of oil per day (MMbopd) in 2009 to 8.6 MMbopd today. Shale gas production has also soared from 59.3 billion cubic feet per day (Bcf/d) in 2009 to more than...
  • US Rig Count Descent Begins In Conventional Oil Areas

    12/15/2014 11:04:18 AM PST · by thackney · 44 replies
    Oil Pro ^ | 12/14/2014 | Joseph Triepke
    In the US, the land rig count fell 28 units to stand at 1,820 last week. A decline in vertical oil drilling activity took the rig count lower. Horizontal oil drilling (ie activity in the unconventional oil plays) was only down 7 rigs on the week—about in line with normal seasonal trends this time of year. Much of this week's activity decline was due to a slowdown in conventional drilling in the Permian Basin. The number of vertical rigs in the Permian fell by 13 to 188. The Permian horizontal rig count was only down 7 to 360. While...
  • Ukraine Says Chevron Plans To Pull Out Of $10B Shale Gas Deal

    12/15/2014 6:48:02 AM PST · by thackney · 20 replies
    Rig Zone ^ | December 15, 2014 | Reuters
    U.S. energy major Chevron plans to withdraw from a $10 billion shale gas deal with Kiev, a senior Ukrainian presidential official said on Monday. Ukraine signed a shale gas production-sharing agreement with Chevron amid great fanfare in November 2013, just months before mass protests in Kiev ousted former president Viktor Yanukovich, plunging the country into a major crisis with Russia. "There is information that they (Chevron) are planning this decision," Valeriy Chaliy told journalists, referring to a report by local media that Chevron had told the government it was pulling out of the deal. Chaliy declined to give further details....
  • Jobs: Shale States vs Non-Shale States

    12/03/2014 11:37:58 AM PST · by SeekAndFind · 1 replies
    Zero Hedge ^ | 12/03/2014 | Tyler Durden
    First: new oil well permits collapse 40% in November; why is this an issue? Because since December 2007, or roughly the start of the global depression, shale oil states have added 1.36 million jobs while non-shale states have lost 424,000 jobs.  *  *  *This should help clear things up. According to a new study, investments in oil and gas exploration and production generate substantial economic gains, as well as other benefits such as increased energy independence.  The Perryman Group estimates that the industry as a whole generates an economic stimulus of almost $1.2 trillion in gross product each year, as well...
  • After A Bloodbath In Oil, What Next?

    12/01/2014 6:44:09 AM PST · by thackney · 34 replies
    Forbes ^ | 12/01/2014 | Christopher Helman
    ...“In 2016, when OPEC completes this objective of cleaning up the American marginal market, the oil price will start growing again,” said Fedun. “The shale boom is on a par with the dot-com boom. The strong players will remain, the weak ones will vanish.” No surprise, Friday was a bloodbath for shares of America’s oil and gas independents. Goodrich Petroleum fell 34% on the day, and is off 79% in three months. Swift Energy fell 30%, Penn Virginia and Sanchez Energy down 29%, SandRidge 26%. Some of these, like Swift, are highly leveraged, and there’s even some concern that bidding...
  • As Excitement Builds in the Montney, Companies Seek More Infrastructure

    12/02/2014 2:39:27 PM PST · by bananaman22 · 3 replies
    Oilprice.com ^ | 0212/2014 | James Stafford
    What does it take to build up a new region for oil and gas development? Obviously, the resources have to be in place and economically recoverable. But it is not as easy as just sticking a drill into the ground and pumping out oil and gas. Even with significant oil and gas reserves trapped in shale, a variety of factors need to come together to turn a given region into a significant producer. To begin with, there needs to be enough companies willing to take risks on major drilling projects. Next, there needs to be enough capital behind those companies...
  • Chestnut CEO: Better Communication Might Have Prevented Denton Ban

    11/25/2014 6:19:47 PM PST · by 2ndDivisionVet · 12 replies
    Rigzone ^ | November 19, 2014 | Gene Lockard
    On election night, voters in Denton, Texas, a city of about 113,000 people northwest of Dallas, voted to ban fracking within the city limits. Appeals were immediately filed; Denton is in oil and gas country – in the Barnett Shale – where fossil fuel resources are not only creating significant growth for the industry, but also lining the coffers of local municipalities and governmental entities within the state. To find out more about what the ban means, and what lies ahead, Rigzone interviewed Mark A. Plummer, CEO and owner of Chestnut Exploration Companies, headquartered in Richardson, a suburb of Dallas,...
  • Shale gas provides largest share of U.S. natural gas production in 2013

    11/25/2014 8:58:42 AM PST · by thackney · 5 replies
    Energy Information Administration ^ | 11/25/2014 | Energy Information Administration
    Total U.S. natural gas gross withdrawals reached a new high at 82 billion cubic feet per day (Bcf/d) in 2013, with shale gas wells becoming the largest source of total natural gas production. Natural gas gross withdrawals are a measure of full well stream production including all natural gas plant liquids and nonhydrocarbon gases after oil, lease condensate, and water have been removed. According to the Natural Gas Annual, gross withdrawals from shale gas wells increased from 5 Bcf/d in 2007 to 33 Bcf/d in 2013, representing 40% of total natural gas production, and surpassing production from nonshale natural gas...
  • Commentary: The shakeout in US shale

    11/20/2014 5:12:35 AM PST · by thackney · 40 replies
    Fuel Fix ^ | November 19, 2014 | Matt Smith
    My favorite quote by H.L. Mencken is ‘a cynic is a man who, when he smells flowers, looks around for a coffin‘. A bit morose, I know, but this appeals to the contrarian in me. My second favorite is überly-applicable to US shale oil break-evens: ‘For every complex problem there is an answer that is clear, simple, and wrong‘. For there is no lack of estimates flying around as to the price level at which US shale oil production could be curtailed. The problem is, they all appear to be different. The debate was ignited by OPEC, after comments from...
  • Rising Rail Oil Shipments Beg For Safer Keystone XL

    11/17/2014 9:54:31 AM PST · by raptor22 · 15 replies
    Investor's Business Daily ^ | November 17, 2014 | IBD EDITORIALS
    Energy Transport: New data show fast-rising rail shipments from North Dakota's Bakken shale formation and the need for a safer alternative to rail — like the Keystone XL pipeline. In his post-election press conference, the president noted in justifying his continual kicking of the Keystone XL oil drum down the road that "while this debate about Canadian oil has been raging ... we've seen some of the biggest increases in American oil production and natural gas production in our history." That increase is due in large part to oil recovered from the Bakken shale formation centered on North Dakota. So...
  • Texas Leads Best States For Future Job Growth

    11/13/2014 8:08:23 PM PST · by 2ndDivisionVet · 16 replies
    Forbes ^ | November 12, 2014 | Kurt Badenhausen
    Rick Perry ascended from Lieutenant Governor to Governor of Texas in December 2000 when then-governor George Bush resigned after being elected the 43rd President of the United States. Perry will retire in January with the tenth longest gubernatorial tenure in U.S. history. Perry made job creation one of his principle mantras, and he has overseen remarkable employment gains under his watch with 2.1 million jobs added during his tenure. The total represents 30% of the jobs added in the U.S. since 2000 and more than twice as many as any other state. The so-called “Texas miracle” does not show any...
  • Author: Fracking Reaffirms American Exceptionalism

    10/30/2014 9:33:20 PM PDT · by 2ndDivisionVet · 4 replies
    The Daily Caller ^ | October 29, 2014 | Michael Bastasch
    The energy boom unleashed by hydraulic fracturing and horizontal drilling couldn’t have happened anywhere but America, says author and journalist Gregory Zuckerman. Zuckerman say America’s entrepreneurial spirit, knowledge and property rights make fracking a uniquely American story. “This reaffirms the concept of American exceptionalism,” Zuckerman told The Daily Caller News Foundation. “We’ve got advantages the rest of the world doesn’t have and it’s going to lead to America’s economic dominance for the next few years.” Zuckerman’s new book “The Frackers” is the story of how a few desperate entrepreneurs and wild cat drillers risked everything to extract oil and natural...
  • Opec Plots US Shale Oil Takedown

    10/29/2014 4:57:19 AM PDT · by thackney · 43 replies
    IBTimes Co ^ | October 28, 2014 | Nigel Wilson
    Opec is likely to let the price of oil slide further as it gambles that US shale oil producers will be forced to slow production first. The oil cartel, which includes a number of Persian Gulf states, as well as Nigeria and Venezuela, has remained silent as oil prices have tumbled over recent months. Some analysts have predicted the oil producers club will decide to reduce production at its next meeting, scheduled for November, in a bid to maintain price levels at around $100 a barrel. Yet, with a barrel of crude oil currently at $82.37 (£50.90, €64.69), the member...
  • Southern Illinois residents rally, wait for fracking

    10/26/2014 11:05:41 AM PDT · by 2ndDivisionVet · 1 replies
    Bakken News / The Chicago Tribune ^ | October 25, 2014 | Julie Wernau
    Wayne Woolsey, an oilman since 1958, says he has core samples pulled from deep below the shale rock here that “look awful promising,” comparable to what has been found elsewhere in the country where fracking has brought plentiful jobs and enriched land owners and energy companies. So, Woolsey said, he was stunned when a Twitter account with his company’s name and his portrait surfaced with links to complaints about fracking along with a letter with his signature that informed more than 200 property owners in another county that he was terminating leases on land where he planned to drill. “We...
  • Fracking Boom About to Bust?

    10/25/2014 6:30:08 PM PDT · by 2ndDivisionVet · 44 replies
    The New American ^ | October 24, 2014 | Bob Adelmann
    Crude oil prices have dropped below $80 a barrel, down more than 20 percent just since June, meaning price estimates by the U.S. Energy Information Agency (EIA) have been far too pessimistic. And these low prices — and the fear that they could go even lower — are making a number of oil industry people increasingly nervous, with some prediciting that the prices are getting so low that oil companies are going to stop new drilling and even cut back on production from already drilled wells. On October 7, the EIA estimated that prices for West Texas Intermediate (WTI) crude...
  • Denton fracking ban may be unconstitutional

    10/20/2014 5:22:03 AM PDT · by 2ndDivisionVet · 8 replies
    The Wichita Falls Times Record News ^ | October 19, 2014 | Alex Mills, President, Texas Alliance of Energy Producers
    The good citizens of Denton will be voting on Nov. 4 whether or not to ban hydraulic fracturing. They have been told by former Texas Supreme Court Chief Justice Tom Phillips the ban on fracturing is unconstitutional. “Under the Texas Constitution, I do not believe that a municipality may ban all oil and gas drilling within its borders,” former Chief Justice Phillips said during a hearing before the Denton City Council on July 15. He said the ban is incompatible with state law, and it amounts to a government taking of private property of many mineral interest owners and operators....
  • Low Oil Prices: A $660 Billion Stimulus Package

    10/17/2014 3:01:13 AM PDT · by 2ndDivisionVet · 18 replies
    BuzzFeed News ^ | October 16, 2014 | Matthew Zeitlin
    Crude prices have plunged by more than 20% in recent months. The fall means cheaper gas, cheaper flights, and generally good news for American consumers. Oil prices have been falling for months, and the slide could easily continue. With unprecedented instability in the Middle East, how could this be happening? The answer, according to analysts who follow the market, is a little bit of everything, from economic fundamentals in big oil consuming countries to growth in output among some oil producers. But much more clear is the effect of tumbling prices: Low oil prices are the equivalent of a massive...
  • IEA Chief: Oil Price Slump Yet To Hit US Shale Oil Production

    10/13/2014 10:00:07 PM PDT · by Rabin · 22 replies
    Rigzone ^ | Mon Oct 13, 2014 11:01am EDT | SIMON FALUSH
    LONDON, Oct 13 Crude oil and condensates from the United States have a break even price of below $60. OPEC members clamoring for urgent output cuts, to push prices back above $100 a barrel, suck "heavily" on oil exports. Big Dog, Wahabi Arabia is telling the Oil Cartel, they (can't find any way to empower their PotUS) are comfortable with markedly lower oil prices for an extended period, a sharp shift in policy aimed at slowing the expansion in the U.S. shale patch.
  • The logic in exporting U.S. oil

    10/01/2014 5:11:33 AM PDT · by thackney · 35 replies
    Washington Post ^ | September 28, 2014 | Robert J. Samuelson
    ...By all logic, we should be working to sustain the boom. We aren’t, and therein lies a classic example of how good policy is held hostage to bad politics and public relations. What would promote continued exploration is a lifting of the current U.S. ban on exporting crude oil. Let producers sell into the world market. But that seems (wrongly) an unjustified giveaway to industry. The public perceptions are atrocious. Hardly anyone expected the oil boom, with some notable exceptions — prominently Harold Hamm, who pioneered North Dakota’s Bakken field. “Fracking” (the injection of pressurized water into fields to make...
  • Shale boom buoys businesses far removed from oilfields

    09/24/2014 5:30:31 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | September 23, 2014 | Rhiannon Meyers
    From steel pipe manufacturers to companies that produce sand and gravel, the U.S. shale boom is buoying businesses far removed from the oil and gas fields, a new study finds. These companies are benefiting from the huge investments needed to explore, produce, process and transport oil and gas unlocked from previously inaccessible dense rock formations through advances in hydraulic fracturing and horizontal drilling, according to the findings by Houston-based energy analyst firm IHS. The boom has been most generous to companies working in states with the most oil and gas activity, but the economic boost has also trickled down to...
  • Shale Revolution Deniers Face An Inconvenient Truth

    09/24/2014 5:01:46 AM PDT · by 2ndDivisionVet · 5 replies
    Investor's Business Daily Brain Trust ^ | September 23, 2014 | Mark Perry
    Despite turning the U.S. into the world's largest producer of natural gas and driving a 3 million barrel per day surge in U.S. oil production in just the last three years, the shale revolution still has its doubters. They couldn't be more wrong. The Montreal-based Centre for Research on Globalization recently dismissed shale fracking as a "Ponzi scheme" and "this decade's version of the dot-com bubble" that's about to burst. But time and again over decades, the naysayers and "peak oil" advocates have grossly underestimated the energy industry's ability to innovate and beat production forecasts. Today's shale pessimists continue to...
  • 8 Facts About U.S. Crude Oil Production

    09/10/2014 5:20:25 AM PDT · by thackney · 9 replies
    Brookings Institution ^ | September 9, 2014 | Charles K. Ebinger and Heather Greenley
    The skyrocketing growth of unconventional oil and natural gas production in the United States has ignited an intense debate on the impact of energy exports on U.S. energy and economic security and its foreign policy. In “Changing Markets: Economic Opportunities from Lifting the U.S. Ban on Crude Oil Exports,” Charles Ebinger and Heather Greenley worked with National Economic Research Associates (NERA) to examine the economic and national security impacts of lifting the ban on crude oil exports. Learn eights facts about U.S. crude oil production within the key findings outlined below, and download the full report. U.S. Economic Benefits Key...
  • The US Shale Experience: A Script for Mexico?

    09/04/2014 10:18:40 AM PDT · by thackney · 12 replies
    Forbes ^ | 9/03/2014 | Kenneth B Medlock III
    The ongoing energy reform in Mexico has been touted as opening the possibilities for a massive production increase from shale formations in the Burgos and Sabinas basins, largely because the assessments of technically recoverable resources reported by the US Energy Information Administration are so substantial. But, we should be careful not to put the proverbial “cart in front of the horse.” Specifically, as the US success story shows, although the geology (the cart in this case) might be very promising, there are a number of above ground issues (the horse) that must be aligned for large-scale successes to be realized....
  • Soros Signals Argentina’s Shale is Biggest Place to Be

    09/03/2014 7:36:19 PM PDT · by bananaman22 · 11 replies
    Oilprice.com ^ | 04/09/2014 | James Stafford
    One of the world’s legendary investors is upping his bet on Argentina’s shale oil and gas industry in a show of confidence for shale production in South America’s largest unconventional prize —and a big boost for both supermajors and smaller players making big waves in the heart of new discovery areas. George Soros has doubled his stake in YPF SA, the state-owned oil company in Argentina, which sits atop some of the world’s largest shale oil and gas resources, and is about to get even larger following a new discovery over the last couple of weeks of a second key...
  • Drilling Furiously: Chinese Energy Giants Turn Upbeat on Shale Gas

    08/29/2014 5:23:49 AM PDT · by thackney · 4 replies
    Reuters via Rig Zone ^ | August 29, 2014 | Charlie Zhu
    China's energy heavyweights Sinopec Corp and PetroChina have upgraded their outlook on the country's shale gas industry, citing steadily declining costs, but stopped short of predicting a near-term boom. China, estimated to hold the world's largest technically recoverable shale resources, is hoping to replicate the shale boom that has transformed the energy landscape of the United States. Industry experts caution that it would be much more difficult for China to monetise its shale gas reserves than the U.S. as it faces serious challenges from water shortages to complicated geological structure and a lack of infrastructure. But top executives at China's...
  • Kemp: Free Cash Flow Says Little About The Future Of Shale

    08/28/2014 12:48:01 PM PDT · by thackney · 2 replies
    Reuters via Rig Zone ^ | August 28, 2014 | John Kemp
    The independent companies at the forefront of the U.S. shale boom will finally earn enough from selling oil and gas to cover their capital expenditures next year, for the first time since 2008. Free cash flow, which measures operating cash flow minus capital spending, for the 25 leading independent oil and gas producers is expected to show a surplus of $2.4 billion in 2015, according to a consensus forecast in the Financial Times. That compares with a shortfall of around $9 billion in 2013 and $32 billion in 2012. ("Shale oil and gas producers' finances lift growth hopes" FT, Aug...