Production

Shale oil production in Baaken, Eagle Ford sees steady decline

News

Low number of rigs working Bakken, Eagle Ford almost guarantees producers dipping into inventory of drilled but uncompleted wells Oil production from key shale formations in North Dakota and Texas dropped slightly in Jan. vs. Dec. and declined significantly from the previous Jan., according to Platts Bentek. Oil production from the Eagle Ford shale basin in Texas was relatively […]

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Exxon Mobil eyeing competitors while prices are low

Energy Financial

Exxon Mobil on track to start up 10 new upstream projects in 2016/17, adding 450,000 b/d of production capacity Exxon Mobil is interested in acquisitions while oil prices are low, but CEO Rex Tillerson told the annual meeting with investors in New York that sellers have unrealistic price expectations. Tillerson said Wednesday that Exxon Mobil Corp. is in financial position to

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Iraq is second-leading contributor to global liquids supply growth in 2015

News

Iraq asked oil companies to reduce 2016 spending at southern oil fields because government has struggled to maintain payments Iraq was the second-leading contributor to the growth in global oil supply in 2015, behind only the United States, according to the US Energy Information Administration. Crude oil production in Iraq, including fields in the Kurdistan Region of

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Permian Basin News: Initial production rates in tight oil formations continue to rise

News

Tight oil production in 3 (Eagle Ford, Bakken, and Niobrara) of 4 most productive regions  began to decline during 2015 Tight oil production in the United States increased from 2007 through April 2015, based on estimates in EIA’s Drilling Productivity Report (DPR), and accounted for more than half of total U.S. oil production in 2015. Tight oil growth

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Baker Hughes sees big drop in 2015 North American revenue

Energy Financial

Baker Hughes revenue for 2015 was $15.7 billion, down $8.8 billion compared to$24.6 billion for 2014 HOUSTON, Texas – Baker Hughes, soon to be merged with oil services giant Halliburton, is reporting a profit despite the challenging global price environment, the company reported last week. “Our 2015 results are reflective of an extremely difficult and increasingly

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Chevron announces first gas from Chuandongbei project in China

News

Chuandongbei estimated to contain recoverable natural gas resources of 3 trillion cubic feet SAN RAMON, Calif. – Chevron Corporation announced today that its fully-owned subsidiary Unocal East China Sea, Ltd. began natural gas production from the first stage of the Chuandongbei Project in southwest China. Chuandongbei is one of the largest onshore gas projects developed

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