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West Texas Intermediate futures slumped 1.9%, after retreating 4.6% in the previous two sessions. The delta strain of Covid-19 has been detected in almost half of China’s 32 provinces in just two weeks, and at least 46 cities have advised residents not to travel unless strictly necessary. View the full article
US tight oil operators have for several months been depleting their inventory of drilled but uncompleted wells (DUCs) and, amid a slower drilling response, the number of ‘live’ DUCs in the country’s major oil regions slumped to 2,381 wells in June 2021, the lowest level since 2013, a Rystad Energy analysis reveals. View the full article
Neptune Energy announced the safe and successful installation and testing of the world’s longest trace-heated subsea production pipeline at its operated Fenja field in the Norwegian sea. View the full article
Oceaneering International’s Integrity Management and Digital Solutions segment has won a new multi-year contract in Papua New Guinea with a major operator. View the full article
Petroleos Mexicanos is measuring crude production at a warmer temperature than government regulators, inadvertently inflating the oil giant’s output figures, according to people familiar with the practice. View the full article
“One of the negatives of this quarter has been some horrible hedging; guys locked in at $42 a barrel,” Paul Sankey, the veteran oil-industry analyst and founder of Sankey Research LLC. View the full article
Benchmark U.S. oil futures have advanced 45% this year and at that pace are on track for the biggest annual increase since 2016. In returning so much cash to shareholders, shale drillers are showing they will pass on gains from higher crude prices rather than use them to increase production. View the full article
US tight oil operators have for several months been depleting their inventory of drilled but uncompleted wells (DUCs) and, amid a slower drilling response, the number of ‘live’ DUCs in the country’s major oil regions slumped to 2,381 wells in June 2021, the lowest level since 2013, a Rystad Energy analysis reveals. View the full article
The Permian basin, the largest oil producing basin in the US, was the most affected play in the country during the COVID-19 pandemic times. However, production of crude oil and natural gas from this play is likely to exceed the pre-pandemic levels by 2022 amid market recovery from the pandemic, says GlobalData, a leading data and analytics company. View the full article
ConocoPhillips beat estimates as rising commodity prices led America’s biggest independent oil producer to the highest profit in nearly three years. View the full article
Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the U.S., U.K. and Israel all blamed on Tehran. View the full article
The nation estimates it will need as much as $1.3 billion to buy a 37% stake in the Deep Water Tano/Cape Three Points asset operated by Aker Energy AS and 70% stake of the South Deep Water Tano field operated by AGM Petroleum Ghana Ltd., according to a parliamentary proceeding on Monday. View the full article
The virus is clouding the outlook for consumption as China faces a fresh outbreak, Thailand expands its quasi-lockdown measures and infections in Sydney matched a record. Meanwhile, data indicated China’s economic activity eased in July and U.S. manufacturing data also showed some weakness. View the full article
Devon Energy and ConocoPhillips are among potential suitors studying Royal Dutch Shell's portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter said. Chevron is also among companies considering bids for the assets, which are largely located in West Texas, the people said. View the full article
New Mexico’s oil production surged to a record in May highlighting the Permian basin’s role as the shale industry sees some recovery from the pandemic. View the full article
Russia’s Lukoil PJSC is retracting its decision to sell its stake in West Qurna-2 field in the south to Chinese companies, according to Iraqi state-run newspaper Al-Sabah. View the full article
Exxon Mobil’s knockout second-quarter results did little to entice investors because much of the extra cash coming from soaring energy and petrochemical prices will be used to pay down debt rather than reward shareholders. View the full article
Israel’s prime minister said Iran was “unequivocally” to blame for a deadly attack on an Israel-linked oil tanker off Oman on Thursday, just after Tehran denied responsibility. View the full article
Six weeks after a federal judge ordered the Biden administration to resume selling oil and gas leases on federal land, there’s no sign it has, and Interior Secretary Deb Haaland struggled Tuesday to explain why. View the full article
CGG S.A. and Topicus.com Inc. announced that CGG has entered into an agreement with Topicus and Vela Software, for the sale of CGG’s GeoSoftware business. The closing of this transaction remains subject to mutually agreed closing conditions. View the full article
A Romanian and a U.K. citizen died on the 600-foot oil tanker Mercer Street when the vessel came under attack on Thursday while sailing from Tanzania’s Dar es Salam to Fujairah in the United Arab Emirates, said Zodiac Maritime Ltd., the manager of the tanker. View the full article
Europe’s largest oil and gas companies are showing confidence that the era of big profits is back by significantly boosting returns to shareholders. View the full article
Tata Consultancy Services has helped Neptune Energy successfully build a cloud-native data and analytics platform, embrace automation to transform its IT operations and accelerate its cloud transformation journey. View the full article
French oil company TotalEnergies SE and Norway’s Equinor ASA are exiting a key venture in Venezuela, adding to an exodus of foreign firms in recent years as the country’s energy industry has withered. View the full article
APA Corporation announced drilling success and updated the status of its appraisal program offshore Suriname in Block 58. The primary objective of the first phase of the appraisal drilling program is to deliver a fast-track, black oil development. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
