Author: phillipurich

Value of OPEC petroleum exports jumps in 2017 after oil supply cut

LONDON, June 7 (Reuters) – The value of OPEC members’ petroleum exports rose 28 percent in 2017, according to its annual statistical report, illustrating that its return to managing the oil market by cutting supplies boosted producers’ income. Exports from the Organization of the Petroleum Exporting Countries rose in value to $578.30 billion last year from $451.80 billion in 2016...

UK children will have to pay £3,000 each to shut down North Sea oil and gas operations

Shutting down oil and gas operations in the North Sea is likely to cost double the government’s current target, leaving younger generations with a hefty tax bill. An analysis of current government figures suggests the goal of £39bn to dismantle the region’s pipelines and wells is a significant underestimate. Instead, a figure of over £80bn is cited as a far more realistic projection in the ne...

Oil and gas drilling expected to increase slightly this year in Western Canada | CBC News

Despite a slight rise, the Petroleum Services Association of Canada has reduced its earlier forecast for the number of wells that will be drilled. Read Full Article Here: http://www.cbc.ca/news/canada/calgary/drilling-activity-western-canada-2018-forecast-1.4637115

Oil prices are likely to collapse later this year, Barclays forecasts

Geopolitical tensions will keep oil prices elevated heading into the summer driving season, but the energy market could be on track for a tumble in the second half of the year, according to Barclays’ head of energy commodities research. Benchmark oil futures hit more than three-year highs last week. Those gains were underpinned by strong demand for petroleum products and a steady drop in glo...

Oil prices struggle to retain gains amid trade war fears and profit-taking

Oil prices inched up as rising Russian output and expectations of a reduction in Saudi Arabian crude prices were offset by a potential slowdown in U.S. production. Read Full Article Here: https://www.cnbc.com/2018/04/02/oil-markets-rising-russian-output-weighs.html

OPEC warns Trump’s trade policies could slow economic growth and dent oil demand

  U.S. President Donald Trump’s protectionist trade policies threaten to slow global economic growth and dampen oil demand, OPEC warned. Read Full Article Here: https://www.cnbc.com/2018/03/14/opec-warns-trumps-trade-policies-could-dent-oil-demand.html

Another headache for OPEC: Old fields find new life

Bob Dudley, in his 38 years in the oil industry, has never seen anything like what happened with BP Plc’s old fields last year: They gushed more crude. “I cannot remember ever in my career having seen a negative decline rate,” the British oil-giant’s chief executive officer said in an interview on the sidelines of the CERAWeek by IHS Markit energy conference in Houston. Dud...

Mexico Ramps Up for Historic Round 3.3 Unconventionals Auction

Mexico’s energy authorities have taken a bold initiative by inviting tenders for the nation’s first auction of unconventional resources of massive but thus far unrealized potential and fraught with potential problems. Read Full Article Here: http://www.naturalgasintel.com/articles/113575-mexico-ramps-up-for-historic-round-33-unconventionals-auction

BP Energy Outlook: U.S. to ‘Dominate’ Global Oil and Gas Production

BP’s recently released Energy Outlook 2018 projects that the United States will continue to expand its position as the world’s largest producer of oil and natural gas through 2040. In addition to establishing a commanding lead in global oil production, which includes crude and natural gas liquids, between now and 2040, BP expects the U.S. will account for nearly a quarter of global natural gas pro...

Earthquakes in southern Kansas linked to oil, gas production

Research suggests activity tied to hydraulic fracturing by the oil and gas industry explains the large increases in earthquakes in southern Kansas. The link to the full article is below. The two parts that got me thinking that I wanted to share were: “While researchers say the earthquakes are not linked specifically to hydraulic fracturing, wastewater injection — an activity that follo...

Fracking Has Its Costs And Benefits — The Trick Is Balancing Them

Thanks to fracking, U.S. production of oil and natural gas has surged, lowering energy prices and reducing emissions. But as communities grapple with whether to allow fracking, it is vital that they have all the facts on its impacts to ensure that we get fracking’s benefits and minimize its costs. Read Full Article Here: https://www.forbes.com/sites/ucenergy/2018/02/20/fracking-has-its-costs-and-b...

Africa’s Top Oil Producer Poised to Give OPEC an Output Headache

Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies like Russia are trying to restrict output and prop up prices. Domestic Nigerian producers are aiming to pump almost 250,000 barrels a day more crude by 2020 as part of a wider plan for the nation to lift output to 2.5 million a day, Oil Ministry data show. Shoreline Group, the...

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