The Weekly USA Oil & Gas Update: 25th August 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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Iran plans to raise its oil output "at any cost" Despite plummeting crude oil prices worldwide, Iran feels the need to defend its market share in the global crude oil market. According to Iran's Oil Minister Bijan Namdar Zanganeh, "we will be raising our oil production at any cost and we have no other alternative." Iran is already OPEC's second largest producer, so the increased production could provide a material impact on world markets. Article here
More US crude oil pumped in July than ever recorded According to a monthly report from the American Petroleum Institute, crude oil production was up 8.8% from a year ago in July, making it the highest producing July on record since 1920, the first year production data was collected. This is despite the recent plunge in crude prices and subsequent decline in drilling operations. "There's a lot of momentum in the system," said John Felmy, chief economist at the API in Washington, with previously-drilled wells still coming on line. Crude stockpiles are also up 25% from a year ago, to 460 million barrels at the end of July. Article here |
Unconventional Oil & Gas News |
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Analyst expects US to lift crude oil export ban in 2016 According to analysts at Evercore ISI, it is "60 percent likely" that the ban on US crude oil exports will be lifted by the end of 2016's first quarter. It might come with strings attached however, likely in the form of restrictions in export volumes. "Obama and his regulators are likely to have a more positive view of an oil export ban repeal that empowered regulators generally to decide oil export levels," said Evercore's Terry Haines. "That sort of repeal also would be attractive to congressional Republicans and Democrats that would see it as a compromise alternative that overturns the ban and is a significant step on the road to full unregulated repeal." With WTI still selling at a discount of over 10% compared to world crude prices, the relief would be welcomed by many in the US industry, especially those producing sweet, light crude from shale formations, which is generally desirable in foreign markets. Article here |
Environment and Safety News |
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Shell granted final permit for this summer's Arctic drilling program The company began work last month on the well but was only allowed to drill the top sections. The offshore well, located in the Arctic Ocean off the north coast of Alaska, has drawn significant resistance from environmental groups. This final permit will enable Shell to drill into oil-bearing rock. So far, Shell has invested over $7 billion into the multi-year effort with no oil to show, but remains confident that large quantities of crude lie in the region. Article here |
Mergers and Acquisitions News |
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Accenture acquires Schlumberger's management consulting division |
