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Our analysis of the budget reconciliation bill found that the hike in the tax credit from $60 to $85 per tonne reduces conventional EOR production breakevens by more than 40%, dropping from $28 to $16 per barrel. “Our This is due to the incremental barrel of oil as well as avoiding lengthy Class VI permitting timelines,” said Jen.
tariffs policy and OPEC+ pumping more barrels, Canada’s oil sands industry finds itself in a position of strength. That means oil sands producers have lowered their overall costs by approximately $10 a barrel in about seven years. bbl between 2017 and 2019, according to BMO. shale costs up. and Canadian company earnings.
Every year billions of barrels of Produced Water (PW) are generated from oil and gas production around the world. In some mature fields, 10 barrels of water are generated for every barrel of oil produced. It was costing up to US$10/bbl to ship PW to out of state SWDs because Pennsylvania had only nine permitted SWDs.
Brent crude will likely retrace to around $60 per barrel by early next year, with the market being well supplied and geopolitical risk abating following the Israel-Iran de-escalation, Morgan Stanley said in a note on Monday.
Global oil demand will continue rising in the next 25 years to reach 120 million barrels per day, which is 24 per cent higher than its current level, according to Haitham El-Ghais, the secretary-general of the Organization of Petroleum Exporting Countries (OPEC). He noted that there is a need for $17.4
CEO Jon Harris reported strong performance so far this year, with gross average production of approximately 44,900 barrels of oil per day (bopd) supported by steady local demand and optimisation efforts. Operational & Financial Strong safety track record, with Zero Lost Time Incidents for over 880 days Gross average production of c.44,900
million barrels per day reduction in Iranian oil exports. “Under this severe outcome, we estimate oil prices could surge to the $120-130/bbl range,” they said. . “Under this severe outcome, we estimate oil prices could surge to the $120-130/bbl range,” they said. per barrel on Thursday, while U.S.
Following the rise in Brent prices to $76-77 per barrel, Goldman Sachs estimates a geopolitical risk premium of around $10 per barrel, the bank said in a note on Wednesday.
million barrels per day (bbl/d), exceeding its quota within the OPEC+ group of oil producers, as Reuters reported. million bbl/d, which takes into account Kazakhstan’s tons per barrel ratio of 7.5. million bbl/d, which takes into account Kazakhstan’s tons per barrel ratio of 7.5.
The bank now expects Brent crude to average $60 per barrel for the rest of 2025 and $56/bbl in 2026 down by $2 from its previous estimate. It has also cut its forecast for West Texas Intermediate (WTI) crude by $3/bbl, now projecting it to average $56/bbl for the remainder of 2025 and $52/bbl in 2026. a barrel.
The eight OPEC+ countries reaffirmed to start gradual increase in production starting from 1 April 2025 by adding 411,000 barrels per day (bbl/d), equivalent to three monthly increments, in May 2025. million barrels per day (mmbbl/d).
Oil forecasts show the immediate market impact from the approximately $10 per barrel drop in April 2025, with banks reducing their 2025 price projection to $58.30 per barrel from $61.89 per barrel in Fall 2024. Looking ahead to 2035, banks predict oil prices will hover in the $56.24-$57.24/bbl
While we reduced our Brent forecast range by $5/bbl to $65-80, we expect oil prices to edge up in coming months, and think that market pricing of volatility and of the upside risk from potentially lower sanctioned supply remains too low, Goldman Sachs analysts wrote in a Tuesday note carried by Reuters.
The bank estimates around $3-4 per barrel of upside risk to its Brent and WTI oil price forecast of $60/bbl and $56/bbl respectively for the rest of [Read more] Goldman Sachs sees upside risk to its Brent and WTI oil price forecast in 2025 and 2026 from recent trade de-escalation, it said in a note on Tuesday.
The bank now expects Brent crude to average $60 per barrel for the rest of 2025 and $56/bbl in 2026 down [Read more] Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday.
Barclays lowered its Brent oil price forecast by $4 per barrel to $66/bbl for 2025 and by $2 to $60/bbl for 2026, citing the decision by OPEC+ to accelerate oil production hikes.
The agency in its March 2025 Short-Term Energy Outlook report forecasts Alaska’s crude production to rise by “16,000 barrels per day (bbl/d) in 2026 to 438,000 [Read more]
The International Energy Agency (IEA) announced that global oil demand growth forecast for 2025 has been revised down to 730,000 barrels per day (bbl/d), a decrease of 300,000 bbl/d from the March report. million barrels per day (mmbbl/d) year on year (YoY), which is the strongest rate since 2023.
This press release contains various references to the abbreviation boe which means barrels of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of crude oil. Tourmaline) for $291.5 Strathcona has $5.5
We are focused on delivering more affordable and reliable energy from this region, building our capacity to over 400,000 barrels of oil equivalent per day (bbl/d) by the end of the decade, he added. million barrels of oil equivalent (mmboe) in 2030, with further capacity expected by 2035.
This is expected to add about 7,500 barrels per day (bbl/d) and increase the total production of Ras Gharib fields to 9,000 bbl/d, driven by the efforts of GPCs engineers and technicians. It supports GPCs efforts and aims to maximize the utilization of its capabilities, ultimately contributing to a reduction in the import bill.
Conventional / Mississippian Development Highlights Saturns 11-04 Frobisher Mississippian well at Browning in southeast Saskatchewan realized a record initial production rate after 30 days ( IP30 ) of approximately 340 barrels per day ( bbls/d ) based on a sample set of approximately 100 wells. GJ to $3.35/GJ.
Forecast: With companies securing three to seven years of viable inventory at $70/ bbl oil, M&A activity is expected to remain a cornerstone of strategy through 2025. Current estimates suggest that at $70/ bbl oil, companies hold three to seven years of drilling inventory in core zones. Currently, at $2.75/MMBtu,
BCF/1000 feet (‘) of perforated interval) and between 160,000 and 240,000 barrels of condensate, equivalent to a total range of 0.827 to 1.24 million barrels of oil equivalent (“boe”) for the well. The Company hedged a total of 18,000 barrels of oil (“bbls”) in Q1.
bbl Natural gas: $1.35/Mcf bbl Cash and Capital Metrics: Cash capex : $501 million Adjusted operating cash flow : $961 million Net cash from operations : $898 million Controllable cash costs : $7.54/boe The upside in natural gas was driven by elevated ethane rejection. Realized Pricing: Oil: $70.48/bbl Mcf NGLs: $23.90/bbl
These discoveries have contributed to adding a total expected reserve (proven and probable) estimated at approximately 35 million barrels of oil equivalent (mmboe). Among the most prominent of these discoveries are the West Fewebs-1X well with a production capacity of 6,400 barrels of oil per day (bbl/d) and 25.5
Financial Summary The combined company’s production forecast at closing is 370,000 boe/d (63% liquids) and based on commodity prices of US$70 /bbl WTI and C$2.00 /GJ AECO, the forecast annualized funds flow is $3.8 After annual capital investments of $2.6 billion 4 , free funds flow is forecast at $1.2
Results summary ($ million unless stated) 2024 2023 Average Brent oil price ($/bbl) 81 82 Average realised price per barrel 35 47 Production (bopd, working interest) 19,650 12,410 Revenue 74.7 Genel Energy has announced its audited results for the year ended 31 December 2024. Production costs (17.6) (18.0) EBITDAX1 1.1 Total debt 65.8
oil production resilience depends on two pillars: An inventory of low-cost projects (sub-$40/bbl) Sustained operational activity to avoid decline and cost inflation Insights from the top oil & gas CEOs reinforce this modelbut they also reveal growing concern about capital discipline and production headwinds. Takeaway : U.S.
This was part of a global 20% increase in production, fueled by: The Pioneer Natural Resources acquisition Continued development in the Permian Basin Structural cost savings and operational efficiencies Permian production alone helped add 767,000 barrels of oil equivalent per day (boe/d) to Exxons total output, a significant portion of its 4.55
So w hat to do when your client says “but I really want a Canadian-style, non-field erected, engineered, shop-built 2,500 Bbl tank”? API 650 Guideline 2,500 Bbl tanks and then truck them to site. Are you interested in building tanks in-country using Canadian expertise with transportable API tanks up to 3,000 Barrels?
Bcf/d, while oil output from the formation has increased by 26,000 barrels per day ( bbl /d). That total included: 26,200 bbl /d of crude 22,100 bbl /d of NGLs 140 MMcf /d of gas The Chalk is the backbone of Magnolias portfolio, comprising 93% of its total operated gas volumes and 80% of liquids production last year.
Drilling rig operation report also called daily drilling report or DDR contain several acronyms. These acronyms minimize drilling report size and make it easy to read and understand. Without these abbreviation drilling report will look massive text contents and reader will feel boring.
Sub-$40 Inventory Is a Strategic AdvantageIf You Use It Many top operators hold decades of drilling inventory with breakevens under $40/bbl. We have decades of inventory below our $40 per barrel WTI cost of supply threshold Ryan Lance, ConocoPhillips Over a third of our production comes from short cycle U.S. Its looking like [U.S.
Bcf/d, while oil output from the formation has increased by 26,000 barrels per day ( bbl /d). That total included: 26,200 bbl /d of crude 22,100 bbl /d of NGLs 140 MMcf /d of gas The Chalk is the backbone of Magnolias portfolio, comprising 93% of its total operated gas volumes and 80% of liquids production last year.
Crude oil recorded yet another record high, increasing over $4 per barrel to nearly $80. Bbl UP $4.11 Bbl UP $4.11 Commodity Price or Volumes Change since last % Change Natural Gas Spot (Henry Hub) $6.13/MMBtu MMBtu UP $0.32 West Texas Intermediate Spot $79.85/Bbl
Crude oil was up over $2 per barrel. Bbl UP $2.22 Commodity Price or Volumes Change since last % Change Natural Gas Spot (Henry Hub) $5.81/MMBtu MMBtu UP $0.17 NYMEX (September deliveries) $5.805/MMBtu UP $0.22 Natural Gas in Storage 3,005 Bcf UP 36 Bcf 10.4%
Equinor Q1 2025 Performance Total Equity Production: 2,123 mboe/day Equinors total equity production in the first quarter of 2025 was 2,123 thousand barrels of oil equivalent per day (mboe/d). In the first quarter of 2025, BP reported liquids production of 1,086 thousand barrels per day (mb/d), a 2.8% billion, down from $10.3
In 2025, crude and condensate output is projected to rise by 200,000 barrels per day (b/d), reaching 6.6 million b/d by 2035 assuming a real oil price of US$70 per barrel (WTI). million b/d by 2035 assuming a real oil price of US$70 per barrel (WTI). million b/d. million b/d of production before reaching a plateau of 7.7
Exxon, Chevron, and Shell Are Betting on Carbon CaptureIs It the Future? oil and gas industry is experiencing one of its most transformative periods. Over the past two years, 2023 and 2024, production levels have soared, investment strategies have shifted, and new regulatory frameworks have emerged. 2023 Production: ~6.0 2024 Production: 6.3
bbl, with prices stabilising in a range of c.$27-$28/bbl 27-$28/bbl in H2 2024 2025 year to date (to 18 March 2025) gross average production of c.46,400 bbl (2023: $40.9/bbl) bbl) Gross operating costs per barrel decreased 21% to $4.4/bbl bbl (2023: $5.6/bbl), bbl (2023: $40.9/bbl) bbl (2023: $5.6/bbl),
I am sometimes asked whether there are any potential scenarios in which crude oil rises to $200 a barrel (bbl) and I typically say “That could happen if war broke out in Saudi Arabia and it took that country’s oil production offline.”
(BOE Report) – Following the rise in Brent prices to $76-77 per barrel, Goldman Sachs estimates a geopolitical risk premium of around $10 per barrel, the bank said in a note on Wednesday. million barrels per day (bpd) of crude oil. a barrel on Wednesday, while U.S.
million barrels per day (bpd) this year, lower by 260,000 bpd than the growth expected last month, the International Energy Agency (IEA) said on Tuesday, citing lower-than-forecast production from the United States and Venezuela. (Oil Price) –Global oil supply is set to rise by 1.2 have sent oil prices plummeting this month.
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