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Exxon Replaces Reserves
“Rigzone” reports that ExxonMobil Corp. slightly increased its proved oil and gas reserves in 2014. This is primarily attributable to successes in shale plays in the Permian Basin and the Kearl oil sands project in Canada. By adding reserves of 1.5 billion barrels of oil equivalent (boe), the company was able to replace 104% of… Read More
Record Drop in Oil Rig Count
“World Oil” reports that for a record eleventh straight week, the U.S. oil rig count dropped again last week to 1,019. Over this period 556 rigs have been idled, bringing the rig count to the lowest level since 2011. Gas rigs also decreased by 48 to 1,310. World-wide, the response to the collapse in crude… Read More
World Oil’s 2015 Overview
John Higgins, the publisher of “World Oil” magazine was the speaker at the February meeting of the Houston Chapter of the American Petroleum Institute (API). Predictably, his comments were quite interesting and provocative. While they are not at great variance with what many other analysts have forecast, his are backed up by a wealth of… Read More
The Wisdom of Chairman Aubrey
Aubrey McClendon, previously chairman of Chesapeake, and currently of American Energy Partners (AEP), recently addressed the February meeting of the Houston Association of Petroleum Landmen. While he has his admirers and detractors, no one can deny that he is articulate and charismatic. He began his remarks with the observation that it was nice to be… Read More
Has ND Oil Production Peaked?
The good news is that North Dakota oil production hit an all-time high of 1.23 million barrels per day in December. The bad news is that this level will probably not be surpassed any time soon. “Rigzone” reports that Lyn Helms, the head of the state’s Department of Natural Resources, indicated that while this record… Read More
