Tag: Oil Production
Tropical Storm Cindy forces closure of some Gulf of Mexico oil output, crew evacuations
Death of child blamed on Tropical Storm Cindy One child is dead in the wake of Tropical Storm Cindy. CBS News reports the 10-year old boy died after being struck by a log in a storm surge in the Gulf Coast community of Fort Morgan, Alabama on Wednesday. According the the National Hurricane Center (NHC), […]
US shale oil rebound shakes OPEC
How low can the costs of US shale oil production go? By Ross McCracken, Platt’s Managing editor, Energy Economist Even with oil prices hovering around the $50/b mark, the US rig count has increased rapidly while E&P companies continue to record substantial reductions in well drilling costs. The increase in new well oil production per rig […]
Oil drillers dig for the bottom for rig counts
Rig counts may finally be bottoming out By Jessica Resnick-Ault NEW YORK, May 6 (Reuters) – For the past year and a half, a chart of the number of U.S. oil rigs in operation has resembled a death-defying ski slope – but soon it may be time to get back on the chair lift. The […]
12 countries agree to oil cap meeting next month: Qatar oil minister
Oil cap meeting attended by OPEC and non-OPEC producers DOHA, Qatar _ Qatar’s oil minister says 12 countries have agreed so far to participate in a meeting it’s hosting next month to discuss a freeze in oil output levels. Qatar announced earlier this month it would be the venue for between OPEC and non-OPEC producers […]
Global offshore drilling market expected to grow $11 billion by 2020
Africa takes lead with large offshore discoveries in Angola and Tanzania, followed by Europe The global offshore drilling market is expected to grow from $78.6 billionUSD in 2014 to $89.8 billionUSD by 2020, at a compound annual growth rate of 4.54 per cent during 2015 to 2020, according to a new study by Dublin-based Research and Markets. Asia Pacific […]
Oklahoma oil production up 100,000 b/d thanks to revised EIA survey
EIA switched from state data to direct sampling of 75% of Oklahoma oil production Oklahoma oil production is up 100,000 b/d thanks to a new survey methodology that more accurately measures industry’s output, says the US Energy Information Administration. EIA’s Petroleum Supply Monthly, published on Jan. 30, includes crude oil production estimates for Oklahoma based […]
US stocks join global rally as energy prices jump again
Energy prices so low, industry is making production cuts NEW YORK _ U.S. stocks are jumping Friday morning as a rally that started in Asia reaches America and energy prices continue to climb from their recent lows, lifting oil and gas stocks. Keeping Score: The Dow Jones industrial average gained 233 points, or 1.5 per cent, to […]
Orbit Gulf Coast Exploration acquires Louisiana assets
Gulf Coast Western agreed to operate Louisiana-based Warhorse Oil and Gas development wells Dallas-based Gulf Coast Western, LLC says its subsidiary, Orbit Gulf Coast Exploration, LLC, has acquired substantially all of the assets of Lafayette, Louisiana-based Orbit Energy Partners, LLC. The acquisition includes proprietary rights and access to hundreds of square miles of 3D seismic data […]
Deferred upstream project tally reaches 68 ($380 billion of investment)
Canada, Angola, Kazakhstan, Nigeria, Norway and US have largest inventory of delayed oil projects A new study says that in the last six months of 2015, 22 major projects and seven billion barrels of oil equivalent of commercial reserves have been deferred. Wood Mackenzie says the deferrals are on top of46 developments and 20 billion boe of […]
Kuwait oil production up to 4 million barrels of oil a day by 2020
Kuwait oil production currently 3 million barrels a day KUWAIT CITY – Kuwait’s oil minister says his country still plans to produce 4 million barrels of oil a day by 2020, even as global crude prices have slumped. Ali Al-Omair made the comments Monday at an oil and gas conference in the capital, Kuwait City. The state-run […]
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