Average break-even price in Permian basin in Texas is now at $40-45/bbl Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could […]
Global oil discoveries, new projects fell to historic lows in 2016 – IEA Read More »
Texas production in Feb. 2017 came from 169,008 oil wells and 89,918 gas wells Production for Feb. 2017 as reported to the Railroad Commission of Texas is 70,332,051 barrels of crude oil and 527,710,713 mcf (thousand cubic feet) of total gas from oil and gas wells. These preliminary figures are based on production volumes reported
Texas oil and gas production statistics for February 2017 Read More »
Total natural gas production in 2009 and 2016 was almost the same New technology has reshaped the upstream oil and gas sector. In 2009, over 600 companies operated natural gas production wells in western Canada, according to the National Energy Board. In 2016, that number had fallen to less than 500 operators despite total natural gas
Fewer natural gas companies operating in western Canada – NEB Read More »
US March 2017 natural gas production levels 4% lower than March 2016 levels Lower-48 US natural gas production averaged just 70.2 billion cubic feet per day (Bcf/d) during March 2017, dropping monthly gas production to a low not seen in 33 months (since July 2014), according to IHS Markit. “Unlike just a few years ago when gas
March US natural gas production hits 33-Month low – IHS Markit Read More »
In a capital-constrained world, fewer operators means less deepwater projects flowing through to sanction According to a recent Wood Mackenzie report, a leaner and more cost-competitive deepwater industry is emerging from the downturn, with the most attractive projects now competing with US tight oil plays. 2017 will see a noticeable pick-up in deepwater project sanctions,
Revival of deepwater industry: best projects closing gap on shale oil Read More »
Texas production in Jan. 2017 came from 166,839 oil wells and 91,847 gas wells Production for Jan. 2017 as reported to the Railroad Commission of Texas is 75,331,644 barrels of crude oil and 608,396,818 mcf (thousand cubic feet) of total gas from oil and gas wells, according to a press release. These preliminary figures are
Texas oil and gas production statistics for January 2017 Read More »
Oil demand has been surprisingly strong over the last two years in India Global oil demand is in for a year of strong growth but given the delicate rebalancing in the oil market, even small changes to a forecast could have major implications for price, according to Wood Mackenzie. Wood Mackenzie highlight the factors that could have
Oil demand to 2018: Where could we be wrong? Read More »
97 companies that have announced 2017 production guidance thus far expect to produce combined 1.2 million boe/d more than 2016 As the price of oil creeps up, are upstream companies primed to ramp up activity? In Wood Mackenzie’s latest corporate upstream report, their analysts share how the guidance issued during Q4 reporting season has shaped the outlook
Upstream companies to spend US$25 billion more in 2017 Read More »
Production to rebound once it warms up, especially as oil prices begin picking up While North Dakota gas production was only down to 1.54 bcf/d from the state all-time high of 1.76 bcf/d in Nov., oil production dropped a record 92,000 b/d in Dec. to 942,000 b/d (895,000 b/d of which is from the Bakken),
North Dakota’s Bakken production drops with the temperature Read More »
Hitting 1 million boe/d still far from certain In its Q4 earnings call, Pioneer Natural Resources provide guidance on how it plans to increase its Permian Basin production to one million barrels equivalent per day (70% oil) by 2026, while pledging cash flow neutrality in 2018, according to Wood Mackenzie. Sounds great, but is it doable? In Wood
Pioneer Natural Resources’ Permian Basin pathway to 1 million boe/d Read More »
