Business/economics
Lower operating expenditures and a changing asset mix helped UKCS operators cut average production costs by 9% year over year, despite relatively flat production levels, according to the NSTA.
The deal adds 40,000 B/D of production and epands Cenovus’ SAGD footprint with three Alberta assets.
The Federal Reserve Bank of Dallas’ third-quarter energy survey reflects industry views on the drawdown of the US Strategic Petroleum Reserve, the outlook for Persian Gulf crude exports, and expectations for oil prices.
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Many column inches are filled with discussion of how companies need to operate in the lower-for-longer market that the upstream oil and gas industry continues to face. -
Governments, companies, service providers, and many other stakeholders in the industry have realized the oil-price outlook may remain low for longer than expected and the need to plan accordingly.
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Surplus production in the oil markets is likely to grow in 2017, and long-term oil prices will track with costs and not revert to the margin-inflated patterns of the shale boom.
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The world’s developing countries will lead economic growth and consume an increasing share of energy production globally over the next quarter-century.
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This week the US Geological Survey (USGS) reported that the Wolfcamp shale holds 20 billion bbl of technically recoverable oil. This builds on other active formations in the Permian Basin, where nearly half of US active rigs are operating.
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The US Energy Information Administration argues "downturn" may no longer be the right term.
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Since the recent oil price downturn, the offshore MMO market has witnessed a significant decline in global expenditure. The most severe decline in total regional expenditure is anticipated to occur in North America, with modifications expenditure forecast to drop by 56% between 2014 and 2016.
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The five top offshore producing nations produce 43% of all the oil offshore.
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The outlook for the US onshore oil business is looking better, which is not to say it is looking up. Recent surveys by the Federal Reserve banks of Kansas City and Dallas indicated the industry had stabilized after a long period in critical condition.
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The world’s developing countries will lead economic growth and consume an increasing share of energy production globally over the next quarter-century,according to Rob Gardner, manager of economics in corporate strategic planning at ExxonMobil.
