Industry Trends ///
The shale boom is making it hard to be an oil optimist.
Oil fell below $50/bbl as investors lost faith that an extension of OPEC-led supply cuts will overcome growing U.S. production and ease a global glut.
Total petroleum deliveries in March moved up 0.2% from March 2016 to average nearly 19.7 MMbpd. These were the highest March deliveries in nine years, since 2008.
A working meeting between Alexey Miller, chairman of the Gazprom management committee, and Rainer Seele, chairman of the executive board of OMV, took place in Moscow on April 20th.
If Gary Cohn gets his way, the U.S. could be the biggest exporter of liquefied natural gas in the world.
Vice President Mike Pence announced 11 major deals valued at more than $10 billion between U.S. and Indonesian companies, mostly in energy and defense.
Goldman Sachs Group says there’s no fundamental evidence in the oil market to justify this week’s selloff in prices.
Oil headed for its biggest weekly loss since early March as signals from OPEC that it will persevere with output cuts failed to offset evidence that U.S. supplies are plentiful.
Since the early days of U.S. shale development, we have observed impressive efficiency and well productivity gains realized by E&P companies. These gains were triggered by a gradual learning process, optimization of completion techniques and well configuration, and high grading of drilling locations and equipment.
Trendsetter Engineering and Add Energy have combined expertise to provide market leading engineering and hardware support services to the industry’s most challenging problems in a nimble and responsive environment.
Now that multi-national energy producers have sold their stakes in Canada’s oil sands, local companies are hatching plans to make some real changes.
A number of major crude-producing countries reached an agreement to extend output cuts as persistently high stockpiles weigh on prices.
Russia is likely to support extending a multinational deal to cut oil output as higher prices boost revenue in the run-up to next year’s presidential election.
Abu Dhabi National Energy is generating cash from overseas oil and natural gas operations and wants to sell some higher-cost wells in North America after reporting a record $5.2 billion loss last year.
McKinsey Energy Insights (MEI), the data and analytics specialist that provides insight and support to the global energy industry, has released its latest Global Oil Supply and Demand Outlook, which identifies five potential supply and demand scenarios. If the market was to follow MEI’s business as usual scenario, it would expect oil prices to revolve around $60–$70/bbl over the next three years and balance close to $65–$75/bbl by 2030.
Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June, Kuwaiti Oil Minister Issam Almarzooq said.
Norway can’t afford an abrupt cut in spending if the economy of western Europe’s biggest oil and gas producer is to continue growing, according to the man who most polls suggest will be prime minister after elections this year.
Australia’s competition regulator said the possible sale of natural gas intended for the country’s domestic market to overseas customers instead must be reviewed amid high wholesale prices at home.
LUKOIL will spend more than 500 million rubles on environmental protection activities in the Yamal-Nenets Autonomous District in the next three years.
The counterbalanced pumping unit is still working hard lifting oil out of the ground. However, algorithms now adjust flow based on computer monitoring.