Industry at a glance
Brent futures approached $50/bbl after OPEC+ agreed to add just 500,000 bopd in January, instead of 2 MMbopd, as previously agreed. Markets also strengthened on greater-than-anticipated stockpile drawdowns in Asia and the North Sea. Worldwide benchmarks have rallied for the last nine weeks, on optimism that demand will rebound, once Covid-19 vaccines are widely distributed. In November, spot prices for WTI and Brent hovered around $41-$42/bbl. U.S. drilling activity continued to recover, averaging 311 units in November, an 11% gain compared to the 280 reported in October. The majority of the increase was in Texas, which added 22 rigs, to average 144 in November. International activity continued on a downward spiral, averaging 736 rigs in October, 26 fewer than in September, and 64 less than reported in August.
- Management issues- Dallas Fed: Activity sees modest growth; outlook improves, but cost increases continue (October 2023)
- Industry at a glance (June 2023)
- Industry at a glance (May 2023)
- Management issues- Dallas Fed: Oil and gas expansion stalls amid surging costs and worsening outlooks (May 2023)
- Executive viewpoint (April 2023)
- Global offshore market is on the upswing (April 2023)
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
