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Tag Archives: u.s. shale production

U.S. and Russian gas exporters square up over Europe

MILAN/ BRUSSELS – The first export of U.S. gas to Europe will head for Lithuania, two industry sources say, a gesture to the Baltic states, reliant on Russia for supply, and the likely first shot in a price war over market share in Moscow’s backyard. The February delivery will be of U.S. liquefied natural gas (LNG) transported by sea to ...

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Oil majors see low prices persisting for months ahead

ABU DHABI – The global oil glut is likely to take longer than expected to clear and may depress oil prices for many more months if not years despite steep investment cuts and project cancellations around the world, executives from oil majors said on Tuesday. The views from the top ranks of Exxon Mobil, BP and Total were given at ...

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Oil price to rise only gradually to $80 by 2020: IEA

LONDON – Oil is unlikely to return to $80 a barrel before the end of the decade, despite unprecedented declines in investment, as yearly demand growth struggles to top 1 million barrels per day, the International Energy Agency said on Tuesday. In its World Energy Outlook, the IEA said it anticipates demand growth under its central scenario will rise annually ...

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OPEC ready to make needed investments to respond to future needs: secretary general

DUBAI – OPEC Secretary General Abdullah al-Badri said that despite uncertainties, OPEC members were ready to make the necessary investments to respond to the world’s future energy needs. Badri also said that a wave of project cancellations and deferrals in the industry was a “clear demonstration that wide price fluctuations have a detrimental effect on investments and can sow the ...

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U.S. shale producers see big budget cuts for 2016

HOUSTON/NEW YORK – U.S. shale oil producers, having slashed fat from 2015 budgets after a 50-percent drop in crude prices, risk cutting to the bone next year as they pare spending further and get ready for a prolonged downturn. Top shale companies including Devon Energy Corp, Continental Resources Inc and Marathon Oil Corp this week released preliminary 2016 plans for ...

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State approves Rogersville Shale test well in Putnam County

CHARLESTON, W.Va. — Hard Rock Exploration has received a state permit to drill a test well into the Rogersville Shale in Putnam County. The Charleston Gazette-Mail reports that the Department of Environmental Protection approved the permit for the vertical test well on Monday. Hard Rock plans to drill the well just south of Winfield’s town limits. The Rogersville Shale underlies ...

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Mideast money – Cheap oil eats into Saudi corporate profits, more pain ahead

DUBAI – Saudi Arabian corporate earnings shrank during the third quarter of this year as low oil prices began hurting the wider economy, and are unlikely to achieve anything more than modest growth while the energy market languishes. The slowdown comes at an awkward time for the world’s top crude exporter, which has so far made little headway in attracting ...

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Top 5 Bakken stories of the week

Just in case you missed them, here are the top headlines from Bakken.com for the week of October 25th through the 31st. Happy Halloween! 5. North Dakota energy: Big brother, dirty air, and oil exports It’s North Dakota’s energy industry versus the federal government and low oil prices, but state and federal officials are confident that despite mounting regulations and ...

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Volatility and flash events in the oil market: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Crude oil prices have been more volatile this year than at any time since the financial crisis of 2008/09 and before that 1991, according to standard measures of price variability. Some of the increase in volatility is more apparent than real, however, as every $1 ...

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