Oil and gas industry is coming for Colorado’s sand dunes

Alana Miller writes that the Great Sand Dunes, a national treasure, may be compromised if the Trump administration goes forth with a plan to allow oil and gas drilling nearby. Read Full Article Here:

Geologist finds massive Alaskan oil well on a hunch

  A geologist risked his own money to set up a rig after spotting what he believed to be a large pool of oil in Alaska. Bill Armstrong, the CEO of Armstrong Oil & Gas, told FOX Business he risked a big chunk of his own money on a hunch that he spotted a large pool of oil in Alaska. “The North Slope of Alaska has been kind of left behind, everybody believed that all the big fields had been found,” he told Stuart Varney on “Varney & Co.” on Friday.  “And so my band of brothers and I kind of tore everything apart … and we went up there and said I think they left something behind that may be really, really big.” […] Read Full Article Here:

Bahrain is betting on 80 billion barrels of oil to help clear its budget deficit

A new, massive oil discovery in Bahrain could help the island kingdom dramatically improve its economic and fiscal strength, according to analysts at Moody’s credit ratings agency. In early April, Bahrain’s Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa announced its biggest discovery of hydrocarbon deposits in decades, estimated to be at least 80 billion barrels of tight oil and between 10 and 20 trillion cubic feet of deep natural gas. Found off Bahrain’s west coast, if it is verified by an international oil consortium as being technically and economically recoverable it could be a boon for the nation’s economy. Bahrain’s budget deficit was as high as 17.8 percent of gross domestic product (GDP) in 2016 and the International Monetary Fund (IMF) predicted there would be a defici...

It’s Houston vs. Houston, as offshore drillers compete with onshore shale oil

Competition for oil companies does not solely come from overseas anymore; the fiercest opponents are across the street, or maybe even in the same building. Executives and engineers responsible for offshore drilling are struggling to compete with their compatriots in the onshore shale oil fields. With the U.S. pumping more than 10 million barrels a day, the competition is Houston vs. Houston to see who can build the simplest, most productive wells. At the biggest oil companies, offshore engineers on one floor are competing against shale brethren on another for the limited dollars available for drilling. The team that produces the most barrels at the lowest breakeven price wins. […] Read Full Article Here:

Royal Dutch Shell to resume deep-water exploration off Egypt

Royal Dutch Shell said it will resume deep-water exploration for oil and gas off Egypt’s Mediterranean coast, Executive Vice President Sami Iskander told a news conference on Tuesday. Egypt is looking to production from recently discovered fields to halt energy imports by 2019. A petroleum ministry official said last month that new production at Shell’s West Nile Delta field 9B is expected to reach 350-400 million cubic feet per day by 2019. Separately, production from the first 3 wells in the field is set to begin in the 2018-2019 fiscal year. The field is owned by Egypt’s General Petroleum Corporation (EGPC), Malaysia’s Petronas and Shell. […] Read Full Article Here:

Bahrain’s Biggest Oil Find Since 1932 Dwarfs Reserves

Bahrain, the smallest energy producer in the Persian Gulf, discovered its biggest oil field since it started producing crude in 1932, according to the country’s official news agency. The shale oil and natural gas discovered in a deposit off the island state’s west coast “is understood to dwarf Bahrain’s current reserves,” Bahrain News Agency reported, without giving figures. U.S. consultants DeGolyer & MacNaughton Corp. evaluated the field, and Bahrain plans to provide additional details on Wednesday about the reservoir’s “size and extraction viability,” BNA reported. […] Read Full Article Here:

As shale wells grow longer, buyouts attract hemmed in oil producers

A recent drought in oil company mergers and acquisitions could be coming to an end over a new Texas range war: U.S. shale producers are building miles-long horizontal wells that are running into their rivals’ land holdings. Read Full Article Here:

US shale pumping will see oil prices slide back to $50, JP Morgan analyst predicts

Efficiency improvements from the world’s largest oil-producing firms and countries, alongside the rise of U.S. shale, will see prices slide back to near $50 a barrel, according to research at investment bank J.P. Morgan. Christian Malek, the head of EMEA oil and gas equity research at J.P. Morgan, said that the “breakeven” price — where they just about manage to cover their costs — for OPEC nations and major energy companies would drift back towards $50 a barrel by the end of next year. He explained this current price was in the mid-$60 a barrel price range, including for nations like Saudi Arabia, Iraq and Kuwait. However, the bank predicted a “breakeven duel” between the 14-member OPEC organization and big oil companies would soon “drive a vicious cycl...

API data reportedly show a hefty weekly rise in U.S. crude supply

U.S. crude stocks rose last week as refineries boosted output, while gasoline and distillate stocks fell, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories rose by 5.3 million barrels in the week ended March 23 to 430.6 million, compared with analysts’ expectations for a decrease of 287,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels, API said. Refinery crude runs rose by 310,000 barrels per day, API data showed. Gasoline stocks fell by 5.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 2 million-barrel decline.[…] Read Full Article Here:

Sleepwalking Into The Next Oil Crisis

As the world entertains scenarios of peak oil demand, many agencies are warning that the far greater threat of an oil supply crunch looms. Read Full Article Here:

Asset Sales Accelerate In The Oil & Gas Industry

Now that oil prices have solidified above per barrel, companies are beginning to shed more valuable assets to pay down debt and fund their more profitable plays. Read Full Article Here:

For The First Time In 60 Years – The U.S. exported more natural gas than it imported in 2017

A new report out from the U.S. Energy Information Administration (EIA) is highlighting the natural gas sector and the growing export opportunities that the U.S. domestic industry are opening up. For the first time since 1957 The United States exported more natural gas than it imported in 2017. The transition to net exporter occurred as natural gas production in the United States continued to grow, reducing pipeline imports from Canada and increasing exports, both by pipeline and as liquefied natural gas (LNG). According to the EIA natural gas production in the United States increased significantly over the past decade. The United States surpassed Russia in 2009 as the world’s largest natural gas producer as shale gas production drove overall increases in natural gas production. Most recent...

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