Production forecast based on WTI $47/b in 3rd quarter, $50/b average 2nd quarter 2017 Higher and more stable crude oil prices are contributing to increased drilling in the US, which may slow the pace of production declines, according to the US Energy Information Administration. Benchmark WTI crude oil prices averaged $46.59 per barrel over the […]
Increased drilling may slow pace of crude oil production declines Read More »
Midland and Delaware basins hold the largest number of undrilled, low-cost tight oil locations HOUSTON, Texas— Of the more than US$370 billion in global capital expenditure cut by upstream developers across 2016 and 2017, US$150 billion will be slashed in the US Lower 48 alone — more than three times any other single country, according to
US Lower 48 sustains $150 billion in capex cuts to 2017 – Wood Mackenzie Read More »
Oil companies included in analysis are 39 public US producers operating only onshore fields Although the crude oil price decline since 2014 has led to significant reductions in operating cash flow for US oil companies, their immediate financial situations are improving. As oil companies’ spending falls and crude oil prices increase, the need for oil
US oil companies closer to balancing capital investment with operating cash flow Read More »
Deal includes 73,100 acres with daily production of 15,700 mcfpd and 122 bopd current production IRVING, Texas – International Western Petroleum, Inc. has announced it executed an agreement to purchase all assets of a privately held Houston-based E&P company in the Texas Gulf Coast region. The acquisition, which consists of three phases, includes assets with current
Western Petroleum buys Texas Gulf Coast assets to accelerate M&A growth Read More »
In High Oil Price case, US becomes a net exporter of petroleum and other liquid fuels by 2022 The US Energy Information Administration projects that US petroleum and other liquid fuels production will grow from 14.8 million b/d in 2016 to 18.6 million b/d in 2040 in its Annual Energy Outlook 2016 (AEO2016) Reference case. Other
US crude oil production forecast to rise significantly by 2040 – EIA Read More »
US is world’s largest producer of oil and natural gas, greater reserves than both Russia, Saudi Arabia By Matt Mandel, Energy In Depth A new report from anti-energy activist group Center for Biological Diversity (CBD) claims that the fossil fuel reserves under lease on federal lands are already so large, new federal leasing for energy production should
O&G industry concerned new “default provision” permits agency to second-guess lessees’ royalty valuation yet provides no standards A change to the federal royalties from oil and natural gas produced on public lands could lead to less production and fewer tax revenues for the American government, say industry representatives. “This rule directly undercuts the goals described by the rule
New royalty rule could stifle production, create uncertainty – industry Read More »
Expected E&P capital spending in 2017 jumped 40 points to 25.4, suggesting producers are boosting CAPEX Business activity improved in the second quarter, according to oil and gas executives responding to a recent Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of sentiment among Eleventh District energy firms—turned positive at 13.8, up sharply
Federal Reserve of Dallas: Oil and gas slump moderates, outlook improves Read More »
Production share of oil stripper wells has fallen from high of 19% in 2008 to 10% in 2015 Stripper wells, or wells that produce small volumes, are an important but decreasing share of total US oil and natural gas production, according to the US Energy Information Administration. These wells are characterized as producing no more than 15
Stripper wells accounted for 10% of US oil production in 2015 – EIA Read More »
“As we saw with tight oil producers, when prices collapsed, they focused their activity on the most productive areas. We expect a similar experience to play out in the Canadian oil sands.” CALGARY – Alberta oil sands production will grow by nearly one million b/d by 2025, according to a new forecast from consultancy IHS.
IHS oil sands production forecast: Growth of 1 million b/d 2016 to 2025 Read More »
