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Domestic Reserves Increase
“Rigzone” cites data recently released by the U. S. Energy Information Administration (EIA) indicating that proved oil and natural gas reserves reached record levels in 2014 as a result of the shale revolution. The drilling boom of the last decade, driven by high prices, horizontal drilling, and advances in hydraulic fracturing has transformed the domestic… Read More
Rig Count Continues to Fall
“Rigzone” reports that the Baker Hughes oil rig count dropped again last week. This was the 12’th reduction in the last 13 weeks, and a decrease of 9 from the previous week. The oil rig count is now at 555, the lowest level since June, 2010, and about one third of where it was a… Read More
The Curse of Competence?
Unseasonably warm weather has driven down demand for natural gas. However, as “World Oil” reports, a debottlenecked pipeline system, prolific reserves and efficient operations have increased supply and inventories. The resulting glut has driven prices to the lowest seasonal levels in two decades. According to the U. S. Energy Information Administration (EIA), a reduced number… Read More
Permian Hottest Shale Play
While the oil price collapse has been devastating to oil field operations in most shale plays, “Rigzone” reports that this is certainly not the case in the Permian Basin of West Texas. The Basin covers an area the size of Syria. County roads are still jammed with trucks and energy companies are looking for deals.… Read More
Big Oil Thinks Small
“World Oil” reports a strategic shift from megaprojects to shale wells for many of the largest U. S. producers. The realization that oil prices will be “lower for longer” seems to be driving this movement. ExxonMobil, Shell, ConocoPhillips, and Hess have all delayed or abandoned expensive, long lead time, management intensive, and technically challenging projects… Read More
