The oil production targets agreed to in Iraq’s service contracts with international oil companies in 2009 were unrealistic from the start for technical and political reasons, and it now appears output thresholds at several of the country’s largest fields will be scaled back. [Wall Street Journal] A small bankrupt energy company is seeking to force… Keep reading →
Amid all the uproar over the US’s surprising oil production growth of the last few years, some oil market watchers may have inflated expectations of just how well-supplied the market is. US onshore oil supply growth has helped to boost global oil market supply, helping to insulate prices from the impact of disruptions, such as… Keep reading →
By: Daniel Yergin, vice chairman of IHS The great controversy playing out over oil reform this month in Mexico will be central to Mexico’s economic future. Can declining oil production be turned around in order to support an expanding industrial economy rivaling the BRICs and become a global manufacturing hub? This oil reform is so… Keep reading →
Apparently very little, according to traders and analysts polled by Bloomberg last week. The poll of 24 oil market observers had 22 predict Opec members would leave the current 30 million barrel per day production limit unchanged when they meet in Vienna on December 4th. Much has been made of the light, sweet barrels pushed… Keep reading →
Technology start-ups and Russian oil companies are partnering up to turn flared gas into an economic benefit through gas-to-liquid generation Satellite data from the National Oceanic and Atmospheric Administration (NOAA) shows that Russia flared 35 billion cubic meters of gas in 2011 and is on par with the amount they’ve previously burned into the atmosphere.… Keep reading →
Several Colorado communities recently made news for placing temporary moratoriums on fracking. Booming oil and gas production and an active environmental community has the state divided on hydrocarbon development issues. The National Journal details the situation with a balanced piece that presents both points of view. When asked if fracking can be done safely, Fort… Keep reading →
The oil and gas industry builds some of the world’s largest, most technically-challenging and expensive projects, especially now as companies are pushed further offshore, into the Arctic and into unconventional resource opportunities. As such, capital expenditure is closely watched by investors and there is consistent discourse around how much cash should be deployed to increase… Keep reading →
A music video of the 80’s classic song “Africa” by Toto reportedly made by oil field workers aboard the “Bourbon Peridot” vessel in Equatorial Guinea is making the internet rounds, and while it’s very entertaining, little information about the operation is available. The You Tube post states, “Our own version of the music video for… Keep reading →
Although the US does not yet export crude oil or LNG from the lower 48, the oil and gas production boom that exploded onto the scene in the past few years is having knock-on effects in other countries. So which ones benefit and which are getting left behind? Industry experts discussed the geopolitical implications associated… Keep reading →
Timing of Iraq’s Oil Production Target Cuts No Coincidence
By Jared AndersonAmid much hype and excitement, international oil companies that had been chomping at the bit for years to get into Iraq finally got their chance in 2009 when the country hosted its first post-Saddam Hussain oil field development bid rounds. After much confusion and a generally failed first bid round, the second resulted in several… Keep reading →