US tight oil operators have for several months been depleting their inventory of drilled but uncompleted wells (DUCs) and, amid a slower drilling response, the number of ‘live’ DUCs in the country’s major oil regions slumped to 2,381 wells in June 2021, the lowest level since 2013, a Rystad Energy analysis reveals. SourceContinue Reading
Neptune Energy announced the safe and successful installation and testing of the world’s longest trace-heated subsea production pipeline at its operated Fenja field in the Norwegian sea. SourceContinue Reading
Oceaneering International’s Integrity Management and Digital Solutions segment has won a new multi-year contract in Papua New Guinea with a major operator. SourceContinue Reading
Petroleos Mexicanos is measuring crude production at a warmer temperature than government regulators, inadvertently inflating the oil giant’s output figures, according to people familiar with the practice. SourceContinue Reading
“One of the negatives of this quarter has been some horrible hedging; guys locked in at $42 a barrel,” Paul Sankey, the veteran oil-industry analyst and founder of Sankey Research LLC. SourceContinue Reading
Benchmark U.S. oil futures have advanced 45% this year and at that pace are on track for the biggest annual increase since 2016. In returning so much cash to shareholders, shale drillers are showing they will pass on gains from higher crude prices rather than use them to increase production. SourceContinue Reading
US tight oil operators have for several months been depleting their inventory of drilled but uncompleted wells (DUCs) and, amid a slower drilling response, the number of ‘live’ DUCs in the country’s major oil regions slumped to 2,381 wells in June 2021, the lowest level since 2013, a Rystad Energy analysis reveals. SourceContinue Reading
The Permian basin, the largest oil producing basin in the US, was the most affected play in the country during the COVID-19 pandemic times. However, production of crude oil and natural gas from this play is likely to exceed the pre-pandemic levels by 2022 amid market recovery from the pandemic, says GlobalData, a leading data...Continue Reading
Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the U.S., U.K. and Israel all blamed on Tehran. SourceContinue Reading
ConocoPhillips beat estimates as rising commodity prices led America’s biggest independent oil producer to the highest profit in nearly three years. SourceContinue Reading
