Oil Hit $67 Monday Morning
In early trading in London on Monday, May 4, the price of oil hit $67 per barrel and then declined to $66, according to Reuters. The price is linked to "current supplies and weak Chinese factory...
View ArticleHigh Grading Drilling Rigs
Shale oil drilling rigs are being moved to more productive areas in the Permian Basin and Eagle Ford Play. Goldman Sachs analysts said the process is called high grading, and Baker Hughes...
View ArticleOPEC Loses Control of Oil Price
Oil industry analysts say that OPEC has lost control of the price of oil. In a CNBC interview on Tuesday, May 5th, Saudi Arabian oil minister Ali Al-Naimi said, "No one can set the price of oil — it's...
View ArticleOil Price Up
Tuesday morning the North Sea Brent on the London Market jumped over $1 from Monday's closing to $67.65 per barrel. U.S. crude oil jumped $1.39 to a high of $60.32 per barrel. The rise is attributed to...
View ArticleNo $100 per Barrel Oil for a Decade
In an OPEC report in early May, that the Wall Street Journal had access to, OPEC says that the price of oil is unlikely to reach $100 per barrel in the next 10 years. "The report predicts that oil...
View ArticleIntelligent Subsea Clamping Solution
Red Marine in conjunction with FMC Technologies has developed a modular umbilical clamp system designed for deep water intervention in the Gulf of Mexico. The built for purpose system uses six...
View ArticleT. Boone Pickens Advice to Young People
In an interview on May 12, Pickens discussed his advice for young people entering the oil and gas industry. Pickens quoted his father's advice to him in 1949, “‘you better get a plan.’ He said ‘a fool...
View Article4D Integrated Study Using Geology, Geophysics, Reservoir Modeling & Rock...
The objectives of this project are to understand the conditions in central Oklahoma that have increased the seismicity and potentially generated induced seismicity, via an innovative and highly...
View ArticleOil Crash Cycle
Market analysts at Wells Fargo look at how the price of oil has impacted the stock market since 1980. Crude oil plunged 54% in 2014 and the 1st quarter 2015. Since 1980 there have been four other...
View ArticleOffshore Seismic Survey Starts in Mexico
Petroleum Geo-Services ASA (PGS) announced that the 1st Multi-Client 2 D seismic program for offshore Mexico began on May 16, 2015. Vessels, the Atlantic Explorer and Sanco Spirit will acquire seismic...
View ArticleShale Boom Over
Morgan Stanley analysts met in Houston recently with representatives of the oil and gas industry. They conclude that the oil boom is over because it has become more efficient. Operators and service...
View ArticleSaudi Arabia War against U.S. Shale
Saudi Arabia has ramped up the war on U.S. shale production with the March exports reaching their highest level in 12 years. Production is also at record level, 10.29 million barrels per day in March....
View ArticleRPSEA Onshore Technology Workshop & Field Trip
Preliminary Agenda Interactive Workshop Focusing on Environmental Issues FacingShale Gas Developers in the U.S. Rocky Mountain Region Oil and gas production from shale formations in the United States...
View ArticleMaritime Employment Future
The employment situation for the oil and gas maritime industry may be reaching a "perfect storm" condition in the next three to five years. "In the United States, demand for skilled/technical labor...
View ArticleIraq Plans to Flood Market with Oil
An editorial in Market Watch comments that the recent plan by Iraq to flood the market with oil to "bring U.S. shale producers to their knees" is a poor idea. Iraq has announced that they will boost...
View ArticleFUGRO Extends Contract in the Middle East
Furgo has been awarded a three year extension on their contract with McDermott Middle East, Inc. Furgo provides offshore survey, positioning, remotely operated vehicles and diving services for...
View ArticleRig Count Continues Decline
In the past two months the price of oil has recovered nearly 40%, but the rig count continue to decline, setting a record for falling for 25 straight weeks. Baker Hughes says the fall in rig count is...
View ArticleOPEC to Meet, What to Expect
OPEC members will meet in Vienna on Friday. The pre conference rhetoric suggests a change in attitude towards U. S. shale producers. OPEC Secretary-General, Abdullah El-Badri told delegates to a...
View ArticleOPEC Intentions
Saudi Arabia told the recent OPEC Summit that in May the Kingdom produced a record 10.33 million barrels a day. ”OPEC decided on June 5 to persist with a strategy of maintaining production, insisting...
View ArticleRussian Reserves Rise
According to the annual BP Statistical Review of World Energy, just released by BP Petroleum, Russia has added 10 billion barrels to reserves in the past year. Russian reserves jumped above 100 billion...
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