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OPEC Sees its Strategy as Successful
“Rigzone” reports that OPEC has revised its supply and demand forecasts for 2015. The cartel now projects worldwide demand for oil growing by 1.17 million barrels per day (bpd) to 92.32 million bpd. It attributes increased demand to lower prices. Demand for OPEC production is expected to reach 29.21 million bpd, up 430,000 bpd from… Read More
Inpex to Sell Gas Interest
Inpex Corporation will sell its 25% interest in onshore block SL20183 in Louisiana to Sibley Petroleum Investments, LLC, per a recent article in “Rigzone”. The block is producing approximately 3.7 million standard cubic feet per day (MMscf/d) and is operated by PetroQuest Energy, LLC which owns 55%. The remaining 20% is owned by U. S.… Read More
North Dakota Small Business Owners Still Optimistic
In spite of the recent collapse of crude oil prices, small business owners in the Prairie State remain bullish on their prospects, according to a recent article in “Rigzone”. North Dakota has been one of the fastest growing states in the U. S., and until recently it appeared that the sky was the limit for… Read More
Exxon Adapts to Falling Oil Prices
“Rigzone” reports that Exxon’s fourth quarter earnings fell 21%, largely due to falling oil prices. However, reduced oil and gas production was partially offset by $1 billion in deferrals on income taxes, a favorable arbitration ruling in its case against Venezuela for expropriation of assets, and better than expected earnings in its chemicals unit. In… Read More
North Dakota Optimistic
“Rigzone” reports that based on their recent analysis, the North Dakota Department of Mineral Resources and the House Appropriations Committee are confident that the recent collapse of oil prices will not spell doom for the state. They conclude that operators will continue to drill new wells with prices as low as $30 per barrel. To… Read More
