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Pipelines Save Permian
The Permian Basin of West Texas and Southeastern New Mexico has seen its share of ups and downs over its long history dating back to the 1920’s. “Rigzone” reports that production from the area the size of the state of South Dakota peaked in 1973 at 2 million barrels of oil per day (bopd), dropped… Read More
Goodrich Sells Interest
“Rigzone” reports that Goodrich Petroleum Corp. is selling assets in LaSalle and Frio counties, Texas, for $118 million. These Eagle Ford shale properties include production averaging 2,850 barrels of oil equivalent per day (75% oil) as well as an undeveloped block. Analysts at Raymond James contend that the value of the reserves was such that… Read More
Morgan Stanley Now More Bearish
For some time now Morgan Stanley has not had any illusions about oil prices for the rest of 2015. However, they had faith that there would be a recovery thereafter. Now “World Oil” reports that the investment firm has downgraded their projections for the future. Previous forecasts were based on four factors: demand would rise… Read More
False Hope
“World Oil” reports that as of last Friday, the number of rigs looking for oil increased by 21 to 650 according to the Baker-Hughes count. This was the largest increase in oil rigs in 15 months. Recently, the count has been on the rise in three of the last four weeks, but is still well… Read More
Solar Generated Steam for EOR
According to a recent article in “World Oil”, Petroleum Development Oman (PDO), and Glass Point Solar plan to build one of the world’s largest solar power plants. The Miraah (meaning mirror in Arabic) project will produce 1,021 megawatts of electricity. This power will be used to generate steam for injection into the Amal field for… Read More
