Today the Petroleum Services Association of Canada (PSAC), in its second update to the 2016 Canadian Drilling Activity Forecast, announced it revised the forecasted number of wells drilled (rig releases) across Canada for 2016 to 3,315 wells.
API called on the administration to maintain and promote U.S. oil and natural gas development through the Bureau of Ocean Energy Management's (BOEM) 2017-2022 offshore program, API Group Director of upstream and industry operations Erik Milito said today in a briefing with journalists.
Major OPEC and other crude producers will meet in Russia, possibly next month, in a new push to agree on an output freeze to shore up oil prices, Iraq’s Deputy Oil Minister Fayyad Al-Nima said.
In response to continued low oil prices, onshore crude oil production in the Lower 48 states is expected to decline from an average of 7.41 MMbpd in 2015 to 6.46 MMbpd in 2016, and to 5.76 MMbpd in 2017. Increased production from the federal Gulf of Mexico (GOM) is not enough to offset those declines.
Kuwait’s oil production is set to return to normal in three days after thousands of striking workers returned to their jobs Wednesday. OPEC’s fourth-largest producer will boost output to an average of 3 MMbopd in three days, Kuwait Petroleum Corp. said Wednesday.
As oil markets look for the green shoots of a price recovery, LNG participants are hunkering down for a long winter.
In the energy world, India is becoming the new China.
Natural gas producers are finally realizing that the age-old adage is true: If you find yourself in a hole, stop digging.
The latest bout of bad news for Israel’s natural gas extraction plans may turn out to be a boon for energy explorers.
Norway will allow increased production from its biggest natural gas field as Europe’s second-largest supplier of the fuel prepares for increased competition with Russia and the U.S.
India is open to buying crude from the world’s newest exporters, including the U.S., as it attempts to diversify its supply sources.
China Petroleum & Chemical Corp., one of the country’s state-run energy giants, plans to ride a wave of new gas discoveries to double annual output to 40 Bcm by 2020, as the country pushes to replace coal with the cleaner fuel.
The collapse of crude prices isn’t the only problem facing energy companies in Norway: Explorers in western Europe’s biggest oil-producing nation also have had their leanest drilling spell in almost a decade.
Crude extended gains from a three-month high as U.S. oil production dropped, while central-bank policies put pressure on the dollar and improved the outlook for demand growth.
The check is not in the mail. Bludgeoned by falling energy prices, at least a dozen oil and natural gas companies have opted to cut dividends this year to preserve cash, cannibalizing payouts considered sacrosanct by many investors.
Crude advanced as Saudi Arabia said it would work with other producers to curb market fluctuations and as China’s central bank stepped up efforts to support the economy.
Clinging to the notion that they are protecting market share, several OPEC members continue to overproduce deliberately, as do Russian operators, ensuring that the global market remains saturated.
According to the U.S. Energy Information Administration (EIA), U.S. crude oil and lease condensate proved reserves increased for the sixth consecutive year in 2014.
The number of producing gas wells in the U.S. held steady last year, despite gas prices remaining stubbornly low.
The total number of active, producing oil wells in the U.S. dropped slightly during 2015, a trend that looks set to sharpen this year, as the oil price decline begins to exact its toll on the industry.