The Weekly USA Oil & Gas Update: 16th June 2015
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The Oil & Gas Weekly is compiled by Todd Erickson. Todd is a veteran executive manager in the North American E&P market.
He has management experience in high-growth oil & gas service organizations performing a leadership role in operations, strategy, and corporate development with a track record of identifying opportunities and best-practices, creating execution plans, then developing effective teams and leaders to execute them.
Learn more about Todd here
Rig Counts - select states with key plays |
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Oil & Gas Prices - Bloomberg/EIA |
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General News |
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International Energy Agency sees global demand for crude rising The agency's most recent Oil Market Report shows global demand for crude oil up 1.6 million barrels per day on the year, 400,000 barrels over last month's estimate. The agency forecasts demand to average 94 million barrels per day for the year. "Since bottoming out at a 5-year low in second-quarter 2014, global oil demand growth has steadily increased, as additional economic growth, colder-than-year-earlier European winter weather conditions and more recently price effects have filtered through," the agency said. Global crude production fell 155,000 barrels per day last month to 96 million, still a sizable surplus over current demand. Article here
Cheniere expands LNG export project The company announced that it plans to add two additional production units to its Corpus Christi LNG export project. The expansion increases planned production levels to 60 mmcfd. Cheniere expects to begin construction in 2017, and finish four years later. Article here |
Unconventional Oil & Gas News |
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Crude output falls in shale plays as OPEC maintains production levels According to analyst Standard Chartered, crude oil production in the Eagle Ford and the Bakken will shrink in June and July, with overall shale oil output falling by 86,000 barrels per day in June and 105,000 barrels per day in July. "In our view, US oil supply is still falling, and it is likely to carry on falling for the rest of this year," said Standard Chartered's Nicholas Snowdon. The EIA agrees that a decline is coming but estimates it will be slightly less than Standard Chartered's forecast. Article here |
Environment and Safety News |
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Remember those satellite photos of the Bakken's flares? New study says they were "inaccurate" and "manipulated" Two years ago, satellite images showing the North Dakota sky lit up by natural gas flares made their way around the internet, raising the pitch on the outcry against flaring in the Bakken. Researchers at the University of North Dakota recently took a closer look at these photos, and came to the conclusion that they were highly processed to inaccurately portray the impact flaring had on the night sky. Chris Zygarlicke, the deputy associate director of the University of North Dakota's Energy & Environmental Research Center drove through the oil patch after seeing the photos, and had questions. "There's no way that we're lighting up the land like you see people talking about everywhere," he said. Upon closer examination, the researchers found that the publicized photos were actually a representation of head sources, not light, and amplified up to 100 times. "These images are misleading in that they give the uniformed public the idea that flares are literally lighting up many square mile of prairie countryside, creating visible light similar to large metro areas," the study states.Side-by-side comparisons of the manipulated photos against unaltered photos show a stark contrast, with unaltered photos showing a largely dark representation. Article here |
Mergers and Acquisitions News |
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Hess sells 50% of Bakken midstream assets to equity firm |
