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Your Weekly Update: 8 - 12 April 2019

Annual U.S. crude oil production reached a record level of 10.96 million barrels per day (b/d) in 2018, 1.6 million b/d (17%) higher than 2017 levels. Texas's 2018 annual production increase of almost 950,000 b/d—driven by significant growth within the Permian region in western Texas—was nearly 6 ...

Hui Shan


Posted 8 days agoLink > Oiloil and gas newsOil and Gas Industry +7

Your Weekly Update: 25 - 29 March 2019

EIA's Annual Energy Outlook 2019 (AEO2019) Reference case projects that U.S. tight oil production, which became the more common form of oil production in 2015, will continue to increase through 2030, ultimately reaching more than 10 million barrels per day (b/d) in the early 2030s. EIA projects f ...

Hui Shan


Posted 24 days agoLink > Oiloil and gas newsOil and Gas Industry +7

Your Weekly Update: 18 - 22 March 2019

U.S. crude oil production increased 1.6 million b/d from 2017 to 10.9 million b/d in 2018, with the U.S. Gulf Coast—where more than 90% of U.S. crude oil exports depart from—producing 7.1 million b/d. In the first half of 2018, the United States exported 376,000 b/d of crude oil to China, which m ...

Hui Shan


Posted 1 month agoLink > Oiloil and gas newsOil and Gas Industry +7

Your Weekly Update: 11 - 15 March 2019

In 2017, Norway's Government Pension Fund Global – also known as the Oil Fund – proposed a complete divestment of oil and gas shares from its massive portfolio. Players like Anadarko Petroleum, Chesapeake Energy, CNOOC, Premier Oil, Soco International and Tullow Oil will now no longer receive any ...

Hui Shan


Posted 1 month agoLink > OilOil and GasOil and Gas Industry +7

Your Weekly Update: 4 - 8 March 2019

Virtual field trips to carbonate outcrops in the Middle East are planned, but filming when the sun is high in bright conditions will produce numerous areas of deep shade contrasting with brightly lit areas, creating extensive processing problems. Using VR field trips to illustrate various aspects ...

Hui Shan


Posted 1 month agoLink > Oiloil and gas newsOil and Gas Industry +7

Your Weekly Update: 25 February - 1 March 2019

A few weeks ago, energy supermajor BP made a US$5 million investment in Belmont Technology, a Houston-based artificial intelligence (AI) start-up. In the investment in Belmont Technology, BP is hoping to apply its AI cloud-based geoscience platform for more accurate lifecycle projections in explo ...

Hui Shan


Posted 1 month agoLink > Oiloil and gas newsOil and Gas Industry +7

Your Weekly Update: 18 - 22 February 2019

Russia and Saudi Arabia both making new pledges on supply cuts comes despite supply issues elsewhere in OPEC, which could have provided some cushion for smaller cuts. Iranian production remains constrained by new American sanctions; targeted waivers have provided some relief – and indeed Iranian ...

Hui Shan


Posted 1 month agoLink > Oiloil and gas newsOil and Gas Industry +7

Your Weekly Update: 4 - 8 February 2019

At utility-scale facilities where PV is one of several technologies in use, the PV capacity itself may be less than one megawatt, but this is relatively rare: based on EIA's latest data, only 20 sites with a total combined capacity of 10 MW were in this category. In other states, the growth of sm ...

Hui Shan


Posted 2 months agoLink > Oiloil and gas newsOil and Gas Industry +7

Analysis: Things are flat in the Permian, and there's a push for renewables in Santa Fe by Dr. Daniel Fine

The Permian-Delaware Basin rig count should start falling as oil operators, large and small, are flat for 2019. Spending has been sharply reduced as supply now dominates the A.I. (Artificial Intelligence) used by many commodity traders in oil.    The large or integrated oil companies have all the ...

Will Fine


Posted 2 months agoOpinion > Santa Felatest oil and gas newsNew Mexico +69

The Prospects of Venezuelan Oil

At some point in 2019, crude production in Venezuela will dip below the 1 mmb/d level. PDVSA – once an oil industry crown jewel – has been hammered, from its cargoes being seized by ConocoPhillips for debts owed to the loss of the Curacao refinery and its prized Citgo refineries in the US. But w ...

Hui Shan


Posted 3 months agoLink > VenezuelaOilgas +3

Your Weekly Update: 31 December 2018 - 4 January 2019

The market swang from balanced supply/demand to a supply crunch to a glut – dealing with American sanctions on Iranian crude exports, surging American crude oil production, the implosion of Venezuela's economy and signs that the global economy might be entering a slowdown. Sometime in the first q ...

Hui Shan


Posted 3 months agoLink > Oiloil and gas newsOil and Gas Industry +7

Your Weekly Update: 24 - 28 December 2018

In recent years, the growth of power sector has also created an influential demand for the industrial oil market in Bangladesh. The demand from the industrial machinery and equipment application also accounts for a major share of the total engine oil market and is driven by the end-user sectors s ...

Hui Shan


Posted 3 months agoLink > Oiloil and gas newsOil and Gas Industry +7

Your Weekly Update: 17 - 21 December 2018

When comparing the financial positions of U.S. oil producers as of the third quarter of 2018 with the third quarter of 2014, most measures of profitability and balance sheet fitness indicate companies should be able to weather the recent price downturn. Given the different price levels, oil compa ...

Hui Shan


Posted 3 months agoLink > Oiloil and gas newsOil and Gas Industry +7

Reactions to Delaware Basin News Shows Misunderstanding of Petroleum Economics by Dr. Daniel Fine

News of the size of oil reserves in the Delaware Basin (New Mexico's share of the Permian) while OPEC was deciding how many barrels it will cut from the world market to lift prices caused epic confusion – and revelations of how little “authorities” and the media understand petroleum economics. The ...

Will Fine


Posted 4 months agoOpinion > OPECNon-OPECNOPEC +91

Your Weekly Update: 10 - 14 December 2018

There is so much shale liquids sloshing underneath the Permian formation in Texas and New Mexico, that even though it has already upended global crude market and turned the USA into the world's largest crude producer, there is still so much of it trapped inland, unable to make the 800km journey to ...

Hui Shan


Posted 4 months agoLink > Oiloil and gas newsOil and Gas Industry +7