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Lukoil

Lukoil: 1 Million Bpd OPEC+ Cut Send Oil To $60

OPEC and its Russia-led non-OPEC allies could push Brent Crude prices back to $60 a barrel. This is according to Lukoil.

Last week, OPEC’s leader Saudi Arabia was said to be asking members of the OPEC+ group. The request is to consider an additional collective cut of 1 million bpd.

The Organization of the Petroleum Exporting Countries and its partners will meet in Vienna on March 5-6. They are to discuss additional steps to support the oil market as the spread of the coronavirus risks hurting demand.

OPEC initially called for a cut of 600,000 barrels per day (bpd) to prop up prices. This is in addition to existing cuts of 1.7 million bpd which are expected to be extended.

Over the weekend Russian President Vladimir Putin suggested that Moscow will continue to play ball and cooperate with OPEC, although it sees current oil prices as “acceptable.”

Speaking to Reuters, Lukoil’s Vice President Leonid Fedun said that a collective OPEC+ cut of between 600,000 bpd and 1 million bpd would be sufficient to push Brent back up to $60 a barrel.

The comments of a top executive from Russia’s second biggest oil producer suggest that Russia will continue its cooperation with OPEC.

“We are ready to cut [our oil production] as much as we are told to. Better to sell less oil but at a higher price,” Fedun told Reuters.

On Monday, the executive told reporters he expects the OPEC+ group to reduce more than 1 million bpd of their collective production, with Russia cutting its output by 200,000 bpd-300,000 bpd.

Source: OilPrice.com

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permian basin

Boomtown, Episode 2: The Rise of the Permian

To understand the current shale boom, we take a step back in time to explore the history of oil in Texas… The Permian Basin story.

“Earlier this year, I drove to the site of Santa Rita No. 1. Named after the patron saint of impossible dreams, the Santa Rita was the oil well that launched the first Permian Basin boom and has been fueling the dreams of West Texas wildcatters ever since. The well was a classic Hollywood gusher when Frank T. Pickrell and his partners first struck oil there in 1923, but it’s a lonely site today. The metal derrick stands out like a rusting nail against the yellowed grass and surrounding scrub brush. Wind rattles the tin shack housing the rig’s ancient engine. There are no remnants of the company town that once thrived there. There’s nothing significant about this scene. Just another abandoned well in the West Texas desert. But next to the derrick is a plaque that proclaims that the events that once unfolded there “stretch the imagination.”

Boomtown is a 10-episode podcast series produced in partnership with Imperative Entertainment.

Read the full article here
Source: Texasmonthly.com

If you have further questions about the oil and gas and the Permian Basin, feel free to reach out to us here.

Oil tops $60, settles near 3-month high

Oil prices rose slightly Monday on hopes energy demand will benefit from the trade deal between the United States and China.

Brent crude oil futures rose 16 cents to $65.37 a barrel, while West Texas Intermediate crude rose 14 cents to settle near a three-month high of $60.21 a barrel.

 

 

Read the full article here
Source: CNBC

 

Watch: A conversation about how the oil and gas sector affects Texas

In a state that produces more crude and more natural gas than any other, is it any wonder the sun rises and sets on the price of West Texas Intermediate?

In this live conversation, we sit down with industry professionals and local officials for a conversation on the state of play in Texas’ oil and gas sector, moderated by The Texas Tribune’s Ross Ramsey.

 

 

Read the full article here
Source: The Texas Tribune

The U.S. Dominates New Oil And Gas Production

The American fracking for oil and natural gas boom will continue on through the 2020s. And why not? Since fracking took off in 2008, we have more than doubled our proven oil reserves to ~65 billion barrels.

Natural gas reserves have surged over 80% to ~430 trillion cubic feet.

 

 

Read the full article here
Source: Forbes

U.S. Shale Will Grow Regardless Of Oil Prices

U.S. shale oil production will continue growing.

Despite a decline in the number of drilling rigs in the U.S. shale patch since the start of the year, the number of spudded wells has not fallen significantly.

 

 

Read the full article here
Source: Oilprice.com

 

gas assets

Cowboys Owner Jerry Jones Says He’s Hunting for More Gas Assets

Dallas Cowboys owner Jerry Jones is doubling down on a forlorn corner of the U.S. shale patch. He is calling Louisiana’s Haynesville play the best for low-cost hydrocarbons and saying he’s hunting for more gas assets there.

The billionaire owner of America’s Team is no stranger to contrarian investments. The serial entrepreneur generated enough money in the oil business to buy the National Football League club in 1989 at a time when it was bleeding cash and built it into the world’s most valuable franchise.

When the worst crude-price crash in a generation kicked off half a decade ago, explorers shifted to the pancaked layers of oil-soaked rock in the Permian Basin of West Texas and New Mexico for that field’s relatively lower costs. And although it has become the world’s biggest shale patch, Jones is looking elsewhere for growth.

“The gas in Haynesville is the best-cost hydrocarbons in the industry,” Jones, 77, said in a telephone interview Tuesday with Bloomberg. “My immediate plan is to continue to aggregate long-term reserves to have the most efficient source of natural gas.”

Read the full article here
Source: Bloomberg.com

If you have further questions about the topic of gas assets, feel free to reach out to us here. 

Natural Gas Emerging as the World’s Go-To Fuel

Natural gas is the cleanest, most versatile, and most flexible fossil fuel.

This all explains why gas today provides a rising 30 percent of the energy used in the rich OECD economies.

Now, the still developing countries – which constitute 85 percent of the global population – hope to follow the Western model in making a global “dash to gas.” China and India especially have national strategies to lower their overdependence on coal and lift gas’ 8 percent share of the energy supply to around 20 percent.

Since 2000, global gas reserves have expanded over 50 percent to 7,000 Tcf. In turn, total demand since 2010 alone has risen 25 percent to 380 Bcf/d. The rapidly growing LNG trade is encouraging more gas usage, evolving this longtime regional product into a global and fungible commodity like oil. LNG continues to extend its ~15 percent share of the world’s gas consumption by connecting distant suppliers and buyers. LNG investments hit $50 billion in 2019 alone, with hundreds of billions of dollars more on the horizon.

The U.S. shale revolution itself is at the heart of the global “dash to gas.” Over the past decade, U.S. gas production has risen over 60 percent to 93 Bcf/d. Excess supply has helped the U.S. become the third largest LNG supplier in just a few years, now shipping out over 7 Bcf/d. The growth of destination-flexible, hub-priced LNG exports from the U.S. is establishing a more liquid and flexible gas market. Along with advancing systems like FLNG, this is deepening the pool of importing nations, now at 45 versus 25 five years ago.

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If you have further questions, feel free to reach out to us here.
Source: rigzone.com

Supply and demand

U.S. oil producers have said they plan to slow production to reduce supplies and thus boost the costs.

But experts say that oil production will stay ramped up into 2020, and will slow later next year and after.

 

 

Read the full article here
Source: Toledoblade.com

Rail, frac sand provider expanding in Marcellus shale

Shale Rail released plans to add an additional new track.

The Wysox location has the capacity to transload over 80,000 tons per month of frac sand.

 

 

Read the full article here
Source: northamericanshalemagazine.com