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Without the U.S. shale revolution, the global economy would’ve faced a ‘deep crisis,’ said OPEC Secretary General Mohammad Barkindo.
IEA’s report predicts that rising global oil demand will outpace producer increases by 2022 unless investment increases sharply and soon.
Check out the latest news briefs from around the world.
Positive results indicate that refracking in a low commodity price environment makes sense.
What do the production cuts mean for the balancing of the market?
According to WoodMac, its analysis of 2,222 oil fields suggests that if Brent crude falls to US $40/barrel, which is entirely possible, 1.6% of global oil supply could turn cash negative on an operating cost basis.
At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve.
BHP Billiton, fresh from signing a joint venture to develop an oilfield off Mexico, remains on the lookout for more oil assets, as it is more bullish on oil than gas over the next few years.
KOGAS would be "interested" in participating in U.S. shale gas projects, with such investment curbing any potential trade pressure on South Korea from the U.S. government, CEO says.
In addition, BP raised the oil price at which it can balance its books this year to $60/bbl on Feb. 7 due to higher spending following a string of investments as annual earnings fell for a second consecutive year.
Dealmaking in the oil and gas sector has been muted for more than two years due to collapsing oil prices, but as crude prices recover buyers and sellers are starting to agree on price tags.
New biological methodologies are being tested to improve the success rate in challenging fields.
OPEC oil producers increasingly favor extending beyond June a pact on reducing crude supply to balance the market, sources within the group said, although Russia and other non-members need to remain part of the initiative.
Benchmark Brent crude futures were down 55 cents at $51.21/bbl at 7:19 a.m. CT (12:19 GMT). U.S. West Texas Intermediate crude futures were trading 73 cents lower at $48.05/bbl.
Eleven non-OPEC oil producers that joined a global deal to reduce output to boost prices delivered 64% of promised cuts in February, an industry source said, still lagging the higher levels of OPEC itself.
Oil prices rose March 17, helped by a weaker dollar, as investors weighed the impact of OPEC production cuts against rising U.S. shale oil output and persistently high inventories.
The International Energy Agency said global inventories rose in January for the first time in six months despite OPEC output cuts, but said if it stuck to its production curbs the market should see a deficit of 500,000 barrels per day (bbl/d) in the first half.
Energy sector emissions of 32.1 gigatonnes were unchanged from 2015 and 2014 even though the global economy grew by 3.1%, the IEA estimated.
Gordon Birrell, who previously headed BP in Azerbaijan, will become COO for production, transformation and carbon in the BP upstream segment, reporting to Looney. Andy Krieger will become the new head of drilling. Krieger, previously vice president for drilling in the Gulf of Mexico, will report to Birrell.
Investors also are assessing the potential outcome and impact of a gathering of G20 finance chiefs, U.S. President Donald Trump's first budget, and a tense election in the Netherlands, Reuters reported.
The Offshore Technology Conference (OTC), which takes place May 1-4 in Houston, has named 17 technologies that will receive the 2017 Spotlight on New Technology Award.
As things stand, Shell could dethrone Exxon as the biggest publicly-traded oil producer by the end of the decade with projected output of 4.23 MMboe/d in 2021.