Rystad

The Organization of the Petroleum Exporting Countries, aka OPEC, and its allies on Friday agreed to reduce overall production levels by another 500,000 b/d from January through March.

In what is called a “remarkable turnaround,” the second quarter was the first three-month period on record for Lower 48 explorers overall to achieve positive cash flow from operations after accounting for capital spending.

Natural gas and oil discoveries around the world have continued to show promising growth this year, with new finds totaling 6.7 billion boe through June, according to an assessment by Rystad Energy.

As spot prices in the region have languished near or below zero, natural gas flaring and venting in the Permian Basin has climbed to an all-time high, according to new estimates published this week by Rystad Energy.

Australia is poised to become the world’s largest producer of liquefied natural gas (LNG) next year and will retain that position until 2024, when Qatar will reclaim the top production spot, according to independent energy research and consulting firm Rystad Energy.

Lower 48 explorers are on track to increase oil production by 16% this year, with growth of around 1.1-1.2 million b/d, according to Rystad Energy.

North American tight oil is emerging as the cheapest source of new global oil volumes, second only to the Middle East onshore market, according to Rystad Energy.

Permian Basin in-basin sand production by one count has reached more than 60 million tons/year, and in-basin operations are growing in other areas, reducing demand for the ever-popular northern white as companies work to reduce costs and improve efficiencies.

Breakeven prices on prime U.S. onshore acreage over the past two years generally have been in the range of $30-40/bbl of West Texas Intermediate (WTI), but the “best performers” are uncovering resources below $20, according to Rystad Energy.