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Keyword: shale

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  • EIA expects near-term decline in natural gas production in major shale regions

    08/26/2015 10:54:29 AM PDT · by thackney · 16 replies
    Energy Information Administration ^ | AUGUST 26, 2015 | Energy Information Administration
    Natural gas production across all major shale regions in EIA's Drilling Productivity Report (DPR) is projected to decrease for the first time in September. Production from these seven shale regions reached a high in May at 45.6 billion cubic feet per day (Bcf/d) and is expected to decline to 44.9 Bcf/d in September. In each region, production from new wells is not large enough to offset production declines from existing, legacy wells. The DPR provides a month-ahead forecast of natural gas and crude oil production for the seven most significant shale formations in the United States. In order to estimate...
  • 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...
  • The Saudi Oil Price War Is Backfiring

    08/07/2015 10:49:54 AM PDT · by bananaman22 · 23 replies
    Oilprice.com ^ | 08-07-2015 | Wet Towel
    Saudi Arabia has long enjoyed the status of being the top crude oil exporter in the world. With record production of 10.564 million barrels per day in June 2015, Saudi Arabia has been one of the major driving forces behind the current oil price slump. The Saudis have kept their production levels high since last year in order to drive other players (especially U.S. shale drillers) out of business. Equally clear is the fact that this strategy of maintaining the glut and driving out rivals hasn’t worked so far. Even when we look at the refining sector, we see that...
  • The US Independents Didn't Get The "Oil's Too Low To Grow" Memo

    08/05/2015 10:52:37 AM PDT · by thackney · 4 replies
    Oil Pro ^ | 8/5/2015 | Joseph Triepke
    Tuesday was a busy announcement day for the US independent E&Ps. After processing Pioneer Natural Resources' plans to ramp production on a $90-oil-price growth trajectory (see our take here), the operational updates released by Devon, Oasis and Cimarex sounded like an echo. Each of these three are also planning for production expansion in spite of oil price weakness. Several times in the past couple months, we've noted the grit of the independents showing up in the one-off datapoint or the operations outlook. This week, we are hit with a flood of new evidence that the US independents are shirking their...
  • Anadarko CEO: Outlook still uncertain for shale comeback

    07/29/2015 11:45:52 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | July 29, 2015 | Collin Eaton
    The CEO of Anadarko Petroleum Corp. says it’s still unclear when his company should go back into growth mode across U.S. shale plays. And that’s not necessarily because of volatility in the oil market, but rather because oil field service companies haven’t cut prices for equipment and other work deep enough yet. “Even with a tremendous amount of hardship that service providers have gone through in the first half of the year, we as an upstream company still don’t have the margins we had a year ago,” Anadarko CEO Al Walker said in a conference call with investors Wednesday. Analysts...
  • This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away

    07/24/2015 11:13:14 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 24-07-2015 | KingKurt
    The plunge in oil prices last year led many to say that a decline in U.S. oil production wouldn't be far behind. This was because almost all the growth in U.S. production in recent years had come from high-cost tight oil deposits which could not be profitable at these new lower oil prices. These wells were also known to have production declines that averaged 40 percent per year. Overall U.S. production, however, confounded the conventional logic and continued to rise--until early June when it stalled and then dropped slightly. Anyone who understood that U.S. drillers in shale plays had large...
  • U.S. Winning Oil War Against Saudi Arabia

    07/22/2015 5:40:37 AM PDT · by thackney · 10 replies
    Forbes ^ | 7/22/2015
    ...“The EIA has global oil demand in 2020 and beyond being met with increased supplies from a region of the world stuck in a multi-decade crisis that is likely to get much worse before it ever gets better. Supply from the short-cycle U.S. oil market is required to balance the global crude market at a rate where U.S. shale should remain a growth industry.”... There have been several key developments that set the stage for the evolutionary phase that the world has now entered: 1) development of mature fracking technologies for oil and gas shale that have made previously uneconomic...
  • Shale Industry May Need A Complete Rethink To Survive

    07/16/2015 11:30:32 AM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 16-07-2015 | shale overhaul
    Shale reservoirs have become an important part of North American oil and gas supply and their development has begun a new era of oil and gas production worldwide. Advances in well drilling and completion technologies supported the rapid development of shale resources which contributed to the almost overwhelming success of U.S. shale in recent years. Globally, Argentina’s Neuquén Basin and China’s Sichuan Basin are the two front-runners to emulate the successes of the United States, with Poland, Algeria, Australia, Colombia, Russia, and Mexico still in earlier phases of exploration and evaluation, while Saudi Arabia also has plans for domestic shale...
  • OPEC, Get Ready For The Second U.S. Oil Boom

    07/14/2015 9:46:17 AM PDT · by bananaman22 · 15 replies
    Oilprice.com ^ | 14-07-2015 | shale 2.0
    What OPEC countries fear most is a follow-up technological revolution that will lead to a second oil boom in the U.S., and that fear is now being realized. A technological revolution spurred the U.S. oil boom that resulted in the greatest increase in domestic oil production in a century, and while that has stuttered in the face of a major oil price slump and an OPEC campaign to maintain a grip on market share, the American response could be another technological revolution that demonstrates that the first one was merely an impressive embryonic experiment. It’s not only about shale now—it’s...
  • Current Oil Price Slump Far From Over

    06/30/2015 10:32:51 AM PDT · by bananaman22 · 17 replies
    Oilprice.com ^ | 30-06-2015 | Arthur
    The oil price collapse of 2014-2015 began one year ago this month (Figure 1). The world crossed a boundary in which prices are not only lower now but will probably remain lower for some time. It represents a phase change like when water turns into ice: the composition is the same as before but the physical state and governing laws are different.* For oil prices, the phase change was caused mostly by the growth of a new source of supply from unconventional, expensive oil. Expensive oil made sense only because of the longest period ever of high oil prices in...
  • Shale 2.0:Technology and the Coming Big-Data Revolution in America’s Shale Oil Fields

    06/20/2015 8:10:08 AM PDT · by bestintxas · 13 replies
    Manhattan Institute ^ | 5/16/15 | Mark P. Mills
    With petroleum prices down 50 percent over the past year, many analysts and pundits are predicting the end of America’s shale oil boom. Recent headlines include: “Oil Price Fall Forces North Dakota to Consider Austerity” (New York Times);[1] “Oil Price Drop Hurts Spending on Business Investments” (Wall Street Journal);[2] “The American Oil Boom Won’t Last Long at $65 per Barrel” (Bloomberg Business);[3] and “The Shale Oil Revolution Is in Danger” (Fortune)[4]. High prices, shale skeptics argue, created a bubble of activity in unsustainably expensive shale fields. As shale-related businesses contract, consolidate, and adjust to the new price regime, a major...
  • Why The Oil Rally May Well Be Over

    06/17/2015 10:58:45 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 17-06-2015 | Pricepoints
    The oil markets could be about to enter another round of soft prices. The OPEC decision on June 5 to leave its collective target unchanged was widely expected. As a result, oil prices barely flinched. But there are other reasons to think that oil prices could see a bit of a downturn in the coming weeks. First, OPEC revealed in its latest monthly oil report that it is still producing well above its stated 30 million barrel per day target. Saudi Arabia’s output inched up another 25,000 barrels per day in May from the month before in a further sign...
  • Oil Prices To Remain Capped In The Short Term, Despite Fewer Shale Oil Barrels

    06/10/2015 8:28:47 AM PDT · by thackney · 14 replies
    Forbes ^ | 6/10/2015 | Trefis Team
    The most recent Drilling Productivity Report from the U.S. Energy Information Administration reveals that the phased impact of lower oil prices on U.S. tight oil production growth, is finally starting to show up and is expected to increase in magnitude over the next couple of months. The agency estimates crude oil production from the seven key regions in the Lower 48 states to have declined by around 44,000 barrels per day, or 0.8% month-on-month in May, and expects the decline rate to increase to around 91,000 barrels per day, or 1.7% month-on-month by July of this year. According to the...
  • Concerns Over Earthquakes Spread To Texas

    06/08/2015 11:37:23 AM PDT · by bananaman22 · 17 replies
    Oilprice.com ^ | 08-06-2015 | quAKE3
    The connection between wastewater injection wells and an alarming increase in the frequency of earthquakes is getting a lot more scrutiny these days. First was Oklahoma, which has suddenly become the earthquake capital of the United States. The number of earthquakes with a magnitude of 3.0 or higher more than quadrupled between 2013 and 2014 in the state. The culprit? Scientists are becoming more confident that the injection of wastewater into disposal wells causes fault lines to “slip,” contributing to the likelihood of an earthquake. The issue has become highly contentious in Oklahoma. But now the controversy has spread to...
  • 'No shale gas revolution in Europe'

    06/03/2015 1:58:14 PM PDT · by 2ndDivisionVet · 5 replies
    The British Broadcasting Corporation ^ | June 3, 2015 | Richard Anderson, business reporter
    There will be no US-style shale gas revolution in Europe, the president of the International Gas Union (IGU) has told the BBC."You cannot duplicate [the US experience] in Europe," said Jerome Ferrier. "Politicians are hesitating to accept shale development." Abundant shale gas in the US has helped domestic energy prices fall. As a result some European governments, not least the UK, are keen to develop their own shale resources. Mr Ferrier's comments come a day after a number of major energy firms called for a working price of carbon. Carbon pricing The IGU president, talking to the BBC at the...
  • 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...