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Global Oil Production Costs Seen Down 35% Since 2014

Global Oil Production Costs Seen Down 35% Since 2014

Breakeven costs for all unsanctioned oil projects have fallen to around $50/bbl on average, down around 10% over the last two years and 35% since 2014.  With oil production less expensive to produce versus six years ago, the “clear cost savings winner” is offshore deepwater development, according to Rystad Energy’s latest assessment.  Rystad’s cost of…

October 21, 2020
E&P, OFS Earnings Season Likely Stronger, but Uncertainty on Covid

E&P, OFS Earnings Season Likely Stronger, but Uncertainty on Covid

Natural gas and oil operators are likely to report a return to normalcy — but not growth — when they unveil their third quarter results in the coming weeks, and demand forecasts may be hazy amid a historic hurricane season and the expanded wave of damaging Covid-19 infections.  Schlumberger Ltd., the world’s largest oilfield services…

October 20, 2020
U.S. Oil Inventories Decline Further, but Coronavirus Threats Lurk

U.S. Oil Inventories Decline Further, but Coronavirus Threats Lurk

Demand for petroleum products mounted early in October, cutting into U.S. inventories of crude and refined products, but a resurgence of the coronavirus pandemic across swaths of the Lower 48 and Europe threaten to thwart the trend and weigh down oil prices. Demand for fuel derived from oil was crushed earlier this year by the…

October 16, 2020
Diamondback’s Stice Cautions E&Ps to Hold Oil, Natural Gas Output Steady ‘Until Commodity Prices Recover’

Diamondback’s Stice Cautions E&Ps to Hold Oil, Natural Gas Output Steady ‘Until Commodity Prices Recover’

Permian Basin pure-play Diamondback Energy Inc. saw its oil and natural gas output bottom in the third quarter, and it is eyeing a slight increase through the end of the year — but not by much until  prices recover. Fourth quarter output is expected to meet a production target of 170,000-175,000 b/d of oil, CEO…

October 14, 2020
Natural Gas in Demand, but Response to Covid Crisis to Reshape Global Energy, Says IEA

Natural Gas in Demand, but Response to Covid Crisis to Reshape Global Energy, Says IEA

Amid the deep disruption and uncertainty caused by the Covid-19 pandemic, global energy demand is set to drop by 5% in 2020, with oil and gas investments falling by an estimated 18%, and the pain could linger into 2023 depending on whether the virus is controlled, according to the International Energy Agency (IEA). The global…

October 13, 2020
Oil Demand, Prices Unlikely to Hit Pre-Covid Levels Before 2022, Says Kansas City Fed Survey

Oil Demand, Prices Unlikely to Hit Pre-Covid Levels Before 2022, Says Kansas City Fed Survey

Oil demand and prices are unlikely to return to pre-Covid levels until 2022 or 2023, according to the latest quarterly energy survey conducted by the Federal Reserve Bank of Kansas City. The Kansas City Fed, as it is known, every quarter surveys current and expected energy activity across the Midcontinent, as well as expectations for…

October 12, 2020
Alberta Natural Gas Industry Considered Integral to Economic Recovery Post Covid-19

Alberta Natural Gas Industry Considered Integral to Economic Recovery Post Covid-19

Natural gas rose to the top of the Alberta government’s economic recovery agenda in a plan announced Tuesday to reverse supply/demand declines that set in well before the Covid-19 pandemic. “For more than 100 years, natural gas has been the cornerstone of Alberta’s energy economy,” said a provincial policy paper titled “Getting Alberta Back to…

October 7, 2020
Navigator Testing Support to Move More Crude from Cushing

Navigator Testing Support to Move More Crude from Cushing

Dallas midstreamer Navigator Borger Express LLC has launched a binding open season on its planned Borger Express crude pipeline system from the Cushing hub in Oklahoma to Borger, TX.  The 90,000 b/d Borger Express would provide transport services by utilizing 180 miles of an existing oil pipeline, and constructing nearly 200 miles of 16-inch diameter…

October 5, 2020
LNG Export Trade in Growth Mode for ‘Some Time,’ Says Yergin

LNG Export Trade in Growth Mode for ‘Some Time,’ Says Yergin

All claims to the contrary, the oil and gas industry is not dying a slow death, with the outlook for U.S. exports looking strong long term, according to one of the energy world’s leading thought leaders. Master storyteller Daniel Yergin, more often the inquirer, had much to share with NGI in a recent conversation about…

October 2, 2020
Mexico, Brazil Energy Fortunes Moving in Opposite Directions, Says Yergin

Mexico, Brazil Energy Fortunes Moving in Opposite Directions, Says Yergin

When it comes to energy policy, Latin American giants Brazil and Mexico are like “two ships of state passing in the night,” according to energy authority Daniel Yergin. Yergin discusses the issues in Latin America in his latest book, “The New Map: Energy, Climate, and the Clash of Nations” published by Penguin Press. According to…

October 1, 2020
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