Non-OPEC liquids growth potential of 5.5 MMbopd over the next five years has been reduced by over 2 MMbopd to 3.3 MMbopd, according to Rystad Energy’s most recent forecasts.
For the U.S. energy industry, 2014 will be remembered as the year when crude oil prices fell below $50/bbl, resulting in significant realignments in the sector, noted Douglas-Westwood’s DW Monday.
After 17 months of civil war spanning a swathe of South Sudan bigger than Syria, President Salva Kiir’s survival may hinge on the fate of a single oil field. Paloch in Upper Nile state, the only region still pumping crude in a nation with sub-Saharan Africa’s third-largest reserves, has re-emerged as the rebels’ prime target.
Canadian Natural Resources Ltd. reduced production from its Kirby South oil-sands operation in Alberta, raising the amount of production brought offline because of a nearby forest fire to 233,000 bpd.
“Having to do things like drill in the Arctic” and “deal with Mr. Putin” are some of the reasons hedge fund manager Jim Chanos said he’s “really negative” on integrated oil companies.
Cue Energy has initiated production from the Maari MR7A development well, with a provisional initial production rate between 1,500 to 2,000 bopd.
Alberta forest fires have prompted the shutdown of about 9% of Canada’s oil sands production.
Warplanes deployed by Libya’s internationally recognized government bombed an oil tanker at a terminal controlled by the nation’s rival Islamist leaders, killing one person, the regional coastguard commander said.
Oil traded near $60/bbl as explorers in the U.S. increased drilling activity for the first time since November.
Third Energy will submit a planning application to North Yorkshire County Council to hydraulically stimulate and test various geological formations, at the existing well KM8 at Kirby Misperton.
Oil speculators missed out as record demand from U.S. refineries helped trim supplies from their highest level in more than eight decades and drive prices higher.
The U.S. Coast Guard is responding to a report of a platform fire near Breton Island, Friday.
Petronas has reached a significant milestone in its upstream operations in Indonesia with first oil achieved from Bukit Tua field on May 17.
Saudi Arabia expanded its share of China’s oil market last month, outpacing rival producers as they compete to meet record demand from the world’s biggest energy consumer.
While the 12 counties with Bakken production between North Dakota and Montana have lost the majority of their horizontal rigs over the last eight months, core areas of the shale play remain attractive, especially as oil prices creep towards $70/bbl, says an analyst with research and consulting firm GlobalData.
Jee Ltd. has been awarded a contract from Amec Foster Wheeler for the front end engineering design (FEED) of a jacket rigid polymer injection riser package (including J-tubes) as part of an enhanced oil recovery (EOR) field development.
With a global oversupply of crude and ever-changing price environment, the crude oil supply chain between the U.S. and Canada has reacted quickly to rebalance supply and demand by moving U.S. crude north to the Canadian East coast, adding new infrastructure to de-bottleneck oil sand storage hubs, and conducting maintenance at Canadian oil sands production facilities, according to Genscape analysis.
Husky Energy has started commercial steam operations at the 10,000 bpd provider, Rush Lake heavy oil thermal project in Saskatchewan, approximately eight weeks ahead of schedule.
OPEC will stick with the strategy of favoring market share over prices when it meets next month because rival producers are already starting to buckle.
Canadian Pacific Railway Ltd. cut its forecast for moving crude by rail for a second time in four months because of production delays and lower demand for the commodity.
This year’s total will probably be 100,000 to 140,000 carloads, Chief Operating Officer Keith Creel said Wednesday. Canadian Pacific had forecast 140,000 in January, a reduction from its original outlook of 200,000.