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ExxonMobil to Acquire Companies Doubling Permian Basin Resource to 6 Billion Barrels

Companies' assets include 250,000 acres in highly prolific Permian Basin Adds more than 3.4 billion barrels of oil equivalent, of which 75 percent is liquids Upfront acquisition cost of $5.6 billion to be paid in ExxonMobil shares Exxon Mobil Corporation (NYSE:XOM) said today it will more than ...

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Posted 3 years agoPress > ExxonMobilPermian Basin

With low oil prices in 2016, federal revenues from energy on federal lands again declined

Source: U.S. Energy Information Administration, based on Office of Natural Resources Revenue In fiscal year (FY) 2016, the U.S. government collected almost $6 billion in revenues from royalties, rental costs, and other fees from activities related to energy production on federal and American I ...

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Posted 3 years agoPress > Energy Information Administration EIAoil price

Strategic Petroleum Reserve sales expected to start this month

Source: U.S. Energy Information Administration, based on Strategic Petroleum Reserve Note: Volumes sold under the Bipartisan Budget Act of 2015 Section 404 are estimates based on an assumption of $50 per barrel. Yesterday the U.S. Department of Energy's (DOE) Office of Fossil Energy awarded c ...

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Posted 3 years agoPress > Energy Information Administration EIA

Crude correlations about crude oil can shed light on changes

Statistical correlations are interesting things. One of my favorite websites, and now a book, is Spurious Correlations . The site's author looks at seemingly unrelated data sets that correlate in interesting ways. For example, there is a high degree of statistical correlation between the per capita ...

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Posted 3 years agoOpinion > PlattsCrude

More and more robots are being used in the oil and gas industry

The oil and gas industry is increasingly being disrupted by an increasing IoT presence, as sensors and other devices help operators monitor the various equipment on-site at many extraction facilities and refineries. In addition to standard IoT devices like sensors, robots will increasingly play a ...

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Posted 2 years agoLink > Oilrobots

Permian returns are producing all of the oil drilling drama

In the last year, commodity prices have improved considerably. While oil prices were sub-$40/b in early 2016, producers were cutting back on new drilling and focusing on efficiencies — by cutting costs and concentrating drilling in the highest initial production (IP) rate counties — to get the most ...

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Posted 2 years agoOpinion > PlattsPermian

Major U.S. tight oil-producing states expected to drive production gains through 2018

Source: U.S. Energy Information Administration, Short-Term Energy Outlook , January 2017 In EIA's January Short-Term Energy Outlook , U.S. crude oil production is forecast to increase from an average of 8.9 million barrels per day (b/d) in 2016 to an average of 9.3 million b/d in 2018, p ...

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Posted 2 years agoPress > Energy Information Administration EIATight Oil

Trump’s Vow To “Unleash An Energy Revolution” May Send Oil and Gas Tumbling In 2018

President Trump's vow to “unleash an energy revolution” by reversing regulations may send oil and natural gas prices tumbling in 2018, according to Bank of America Merrill Lynch. Though U.S. oil and natural gas producers could see a surge in investment under Donald Trump's numerous proposals from ...

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Posted 2 years agoLink > Donald Trumpoil price

Could 3-D printers hasten peak oil demand? – Fuel for Thought

A global transition away from oil and gas is well underway as booming renewable energy sources and electric cars portend major changes for the industry. Last week BP outlined the challenges ahead, but the company's crystal ball has yet to focus on the disruptive potential from what may be the bigg ...

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Posted 2 years agoOpinion > Platts3D Printeroil demand

S&P Global Platts: OPEC Output Down to 32.16 Million b/d in January

Saudi production below 10 million b/d, first time since February 2015 LONDON, Feb. 7, 2017 /PRNewswire/ -- The 10 Organization of the Petroleum Exporting Countries (OPEC) members obligated to reduce oil output under the landmark agreement signed late last year achieved 91% of their required cut ...

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Posted 2 years agoPress > S&P Global PlattsOPEC

Petro River Oil - New 3-D Seismic Data Identifies Significant Reserve Potential

Petro River Oil Plans Four Wells in Three Project Areas Petro River Oil Corp . (OTCBB: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company utilizing the latest 3-D seismic technology, announced today that recently acquired and re-processed 3-D seismic data has s ...

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Posted 2 years agoPress > Petro River Oil3D Seismic

U.S. crude oil production increases following higher drilling activity

Source: U.S. Energy Information Administration, Short-Term Energy Outlook U.S. crude oil production increased for the second consecutive month in November 2016, the first time this has occurred since early 2015. Increased drilling activity in the Permian region, which spans Texas and New Mex ...

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Posted 2 years agoPress > Energy Information Administration EIACrude

ExxonMobil Announces 2016 Reserves

Exxon Mobil Corporation (NYSE:XOM) announced today proved reserves were 20 billion oil-equivalent barrels at year-end 2016, inclusive of a net reduction of 3.3 billion oil-equivalent barrels from 2015. Reserves changes in 2016 reflect new developments as well as revisions and extensions to existin ...

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Posted 2 years agoPress > ExxonMobilReserves

New CEO Mark Bashforth to lead Ikon Science’s product innovation and growth

Ikon Science, a world leader in reservoir geoscience for the upstream oil and gas industry, has appointed Mark Bashforth as new CEO and member of the Board of Directors. Former CEO and company founder Martyn Millwood Hargrave becomes executive chairman following the retirement of Peter Dolan, previo ...

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Posted 2 years agoPress > Ikon Science

US border policy could curb travel amid already weak jet fuel demand

Uncertainty surrounding the Trump administration's efforts to harden the US border could cut into business travel demand this year at a time when jet fuel demand is already quite weak, at least according to travel agents surveyed in the US and Europe this month. Winter is typically a slow time for ...

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Posted 2 years agoOpinion > Platts
Last fetch 1/28/2020 6:24:52 AM