Tag: shale

Oil prices retreat after OPEC reports 810,000-barrel boost in March

OPEC predicted output from U.S. oil fields would stall out and eventually fall later this year as producers park hundreds of drilling rigs.  More »

Shale output is falling faster than expected

Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since 2013.  More »

Cheap crude won’t slow U.S. oil fields by much, EIA says

The EIA said low oil prices would only cut the nation’s daily production by 700,000 barrels from 2022’s projected 10.4 million barrels.  More »

Shale boom to start busting as U.S. output set to fall

The shale oil bonanza that made millionaires from Texas to North Dakota is slowing down for the first time in years, a sign that painful industry cutbacks are starting to have an impact.  More »

Return to $100 oil seen unlikely by Saudis amid shale surge

Brent oil, the global benchmark, declined almost 50 percent in the past year as Saudi Arabia and others in the Organization of Petroleum Exporting Countries committed to maintain output amid a global surplus.  More »

Oil production falling in three big shale plays, EIA says

Crude production at three major U.S. shale oil fields is projected to fall this month for the first time in six years, the U.S. Energy Information Administration said Tuesday.  More »

CGG open to Technip partnership after spurning takeover approach

CGG has lost more than half its market value in the past year as oil majors including Total SA slash spending on exploration.  More »

Get ready for oil deals: shale is going on sale

Sellers will be companies handicapped by heavy debt and lacking the cash reserves or hedging contracts that would have provided some insulation from the market crash  More »

$1.1 billion in fast-track funding disbursed to North Dakota communities

Gov. Jack Dalrymple signed the bill last month at a ceremony at the state Capitol.  More »

OPEC official says oil market to return to balance later this year

OPEC Secretary-General Abdalla El-Badri also urged OPEC nations to diversify their economies, many of which rely mostly on oil revenue.  More »

Oil bust threatens mortgage-backed securities in Wall Street-funded shale towns

Wall Street analysts are poring over commercial-mortgage backed securities for signs of distress as the oil crash weighs on demand for real estate in energy hubs.  More »

Chevron pulls out of shale gas exploration in Romania

The company began drilling for shale gas at its exploration well in northeastern Romania in 2014, a project that drew protests. It is also ending its three other concessions in Romania.  More »

Drilling contractor may cut 2,000 field jobs as rigs idle

Since October, when the active U.S. land rig count had reached its peak, some 400 rigs have been cut loose by the oil producers struggling to make money in the once-lucrative U.S. shale plays.  More »

U.K. lawmakers urge fracking moratorium

Hydraulic fracturing in shale for oil and gas should be put on hold in the U.K. because of risks to public health and the environment, a panel of lawmakers said.  More »

Venezuela’s Maduro sees U.S. wielding oil as weapon to ‘destroy’ nation

Venezuelan President Nicolas Maduro has avoided substantial cuts to social programs amid the slide in crude, the commodity that provides 97 percent of Venezuela’s dollars.  More »
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