U.S. tight oil production should recover quickly as world energy demand recovers from Covid-19, but Lower 48 output may not again hit its previous forecasts, the Organization of the Petroleum Exporting Countries said Thursday. The Saudi-led oil cartel, aka OPEC, in its flagship 14th annual World Oil Outlook (WOO), cited the “unprecedented scale and impact”…
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BP Impairing Up to $17.5B in Assets on ‘Enduring Impact’ from Covid-19 and Quicker Energy Transition
With an expectation that the energy transition away from fossil fuels may be sooner than expected, BP plc on Monday said it plans to impair up to $17.5 billion on the value of its assets for the second quarter because of limited upside in natural gas and oil prices.
Schlumberger Ltd., the No. 1 oilfield services (OFS) operator in the world, is forecasting a sharp pullback in U.S. and Canadian onshore activity this year, while domestic offshore and overseas activity are on an upward trajectory.
The oilfield services (OFS) sector, slowly returning to normal following the downturn four years ago, now faces more uncertainty, as oil prices continue to decline and Lower 48 producers trim spending plans for 2019.
There are, to be sure, plenty of prolific oil and natural gas basins across North America that onshore operators are plowing successfully. However, all eyes and ears during second quarter calls to discuss results are likely to be trained on potential capacity constraint issues in the Permian Basin, and looming pipeline shortages in the Williston and Anadarko basins, according to analysts.
Permian Basin crude oil production is forecast to reach 5.4 million b/d in 2023, more than current production from any single member of the Organization of the Petroleum Exporting Countries (OPEC) except for Saudi Arabia, IHS Markit said Wednesday.
Still treading water in terms of earnings, Los Angeles-based California Resources Corp. (CRC) has ramped up capital spending plans in response to the continuing positive outlook for global oil prices and after gaining 100% access of California’s large Elk Hills oilfield.
If 2017 proved to be a new beginning for the downtrodden oilfield services (OFS) sector, 2018 is expected to be the year that operators are positioned for future growth in both the onshore and offshore.
Oil and natural gas operators are entering 2018 in the best shape since oil prices collapsed in late 2014, Wood Mackenzie researchers said Thursday.
January natural gas was set to open about 4 cents higher Monday to around $3.102 as projected heating demand increased in the 15-day outlook over the weekend.