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Category: Shale

U.S. fracking boom added 725,000 jobs -study

By Chris Wysong
November 09, 2015 Category: Shale, Fracking, Economy, Jobs

A recent study shows the U.S. fracking boom added 725,000 jobs nationwide between 2005 and 2012. U.S. fracking boom added 725,000 jobs -study By: Richard Valdmanis (Reuters) A U.S. oil and gas drilling boom fueled by hydraulic fracturing technology added about 725,000 jobs nationwide between 2005 and 2012, blunting the impact of the financial crisis, according to a study released on Friday. The findings could play into a debate over so-called fracking, in which water, sand and chemicals are injected into underground shale formations to produce oil and gas reserves that were otherwise inaccessible. Supporters and opponents of fracking have been debating over the degree to which fracking is benefiting the economy versus affecting the health and environment of our communities, Dartmouth College said in a press release outlining the research, which was led by some of its professors. Drilling activity has declined over the past several months due to sliding oil and gas prices. Researchers

OPEC focuses on rival mega projects, lives with shale swing output

By Chris Wysong
September 25, 2015 Category: Oil, OPEC, Oil Prices, Shale

While shales flexibility makes it volatile to price changes, OPEC is opting for a longer-term strategy that includes big deep water projects. OPEC focuses on rival mega projects, lives with shale swing output By: Rania El Gamal (Reuters) DUBAI, Sept 23 (Reuters) - After almost a year of painfully low oil prices, OPEC members are beginning to believe they are winning against upstart U.S. shale producers in a short-term market share contest. Yet insiders and experts say OPEC is looking for a longer-lasting impact on other high-cost production oil field plans, many in deep oceans, with bigger time scales, even if that means a period of cheap oil prices lasting for years. Privately, OPECs core Gulf members say they have resigned themselves to the idea that the U.S. shale industrys high-tech flexibility means it will respond quickly when prices start rising again, making the United States the new swing producer in world oil, the role held for so long by Saudi Arabia. The oil surplus

New study shows greater potential for Utica Shale

By Chris Wysong
July 20, 2015 Category: Shale, Gas, NaturalGas, Oil

The Utica Shale could hold 782 trillion cubic feet of natural gas and nearly 2 billion barrels of oil according to a new study. New study shows greater potential for Utica Shale By: Laura Legere (Pittsburgh Post Gazette) The Utica Shale and associated hydrocarbon-rich rock zones hold significantly more potentially recoverable natural gas than early estimates predicted, according to research released Tuesday at a workshop in Canonsburg. It turns out, according to the new studys estimates, the total Utica Shale play could hold technically recoverable volumes of 782 trillion cubic feet of natural gas and nearly 2 billion barrels of oil. The estimates from a research partnership organized by West Virginia University represent the average of a wider range of possibly recoverable amounts of oil and gas in the Utica, which stretches beneath parts of Ohio, West Virginia, Pennsylvania and other states and includes neighboring oil- and gas-bearing geologic layers. A 2012 U.S. Geological Survey

Shale Boom Shows Strength as Rigs Gain With Oil Under $60

By Chris Wysong
July 10, 2015 Category: Shale, RigCount, ShaleOil

Shale is showing its resilience as drilling rigs were added in almost every major U.S. oil basin this week. Shale Boom Shows Strength as Rigs Gain With Oil Under $60 By:Lynn Doan and Dan Murtaugh For the first time in almost seven months, Americas shale drillers put rigs in oil fields back to work, and theyre doing it at a lower price. The last time they added rigs, crude futures were trading near $70 a barrel. Now, even after a rebound, theyre under $60. And yet drilling rigs rose in almost every major U.S. oil basin in the country this week, raising the total by 12, according to field-services company Baker Hughes Inc. The sudden rebound is a testament to how resilient U.S. shale has become in the battle for global market share. Spurred by last years collapse in prices, shale explorers have brought down their break-even costs by $15 to $20 a barrel, a Bloomberg New Energy Finance analysis shows. As much as anything else, the rise this week is a testament to break-evens coming down

BP's chief economist sees U.S. shale weathering oil surplus

By Chris Wysong
July 07, 2015 Category: , Shale, ShaleWeathering, OIlSurplus

By Barbara Lewis BRUSSELS (Reuters) - Shale output in the United States will prove resilient to low oil prices likely to be prolonged by the prospect of half a million barrels per day of Iranian crude making its way back to the market, BPs (BP.L) chief economist said on Tuesday. Talks in Vienna between world powers trying to end sanctions on Tehran in return for limits on Irans most sensitive nuclear activities could bring a significant increase in Iranian oil exports. BPs Spencer Dale, however, told Reuters that it would probably take time for any easing of sanctions to filter through to oil markets if an Iran deal is agreed. His hunch was that the outcome of the talks would be closer to U.S. demands that restrictions should be eased after a period of monitoring rather than the rapid change sought by Iran. U.S. and European Union sanctions ban their companies from buying Iranian oil. Of the 1 million barrels per day (bpd) of Iranian supplies that left the market since sanctions

IHS examines next big deal in U.S. shale

By Chris Wysong
July 01, 2015 Category: Shale, IHSdeals

Emerging Texas shale basin still in its infancy, but a good bet amid downturn. IHS examines next big deal in U.S. shale By Daniel J. Graeber HOUSTON, June 24 (UPI) -- The Wolfcamp Delaware basin, a shale play straddling the Texas border with New Mexico, could be the next big deal, analysis published Wednesday from IHS found. The Wolfcamp Delaware has promise, but right now, it is considered an adolescent in terms of its maturity, Reed Olmstead, manager of the North American analytics at IHS Energy, said in an emailed statement. The U.S. Energy Information Administration said in a drilling productivity report output from key shale basins is expected to dip lower starting in July. Low crude oil prices leaves companies with less money to spend on exploration and production and many key shale states are feeling the impact. North Dakotas rig count is hovering near all-time lows and production from April, the last full month for which data are available, is down nearly 2 percent from

Why OPEC can't stop the shale oil industry

By Chris Wysong
June 12, 2015 Category: Shale, OPEC, OilProduction

George Perry weighs in on why it is unlikely that OPEC will be able to permanently eliminate U.S. shale from the global oil picture. Why OPEC cant stop the shale oil industry By: George Perry (Fortune) OPEC is not what it used to be. The cartel of major oil producing nations, dominated by Saudi Arabia, used to meet to collude on cutting production in order to support prices. Now they meet to try to get someone else to do the cutting, and their target is the shale oil industry. In the 2000s, a growing demand for oil coming from China and other emerging economies had driven oil prices from around $20 a barrel to over $100 before the Great Recession in 2008. Rising prices had pushed producers to find new conventional oil fields (they did not get very far) and develop technologies that would profitably mine tight oil sources tar sands and oil shale. By the time the U.S. economy started recovering, fracking oil shale had become commercially feasible. And just in time. All of the 5 million

U.S. Ousts Russia as Top World Oil, Gas Producer in BP Data

By Chris Wysong
June 11, 2015 Category: Oil, Gas, Shale, Production

The shale boom has caused major shifts in the global energy market as evidenced by the U.S. overtaking Russia as the largest oil and gas producer in the world. Rakteem Katakey of Bloomberg reports on the implications of this. U.S. Ousts Russia as Top World Oil, Gas Producer in BP Data By: Rakteem Kataskey (Bloomberg Business) The U.S. has taken Russias crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from Americas shale fields. U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according to BP Plcs Statistical Review of World Energy released on Wednesday. Gas output also climbed, putting America ahead of Russia as a producer of the hydrocarbons combined. The data showing the U.S.s emergence as the top driller confirms a trend thats helped the worlds largest economy reduce imports, caused a slump in global energy prices and shifted the countrys foreign policy priorities. We

Shell Expects Oil Rebound as Shale Fails to Fill Supply Gap

By Chris Wysong
June 05, 2015 Category: OilPrices, OilDemand, Shale, ShaleSupply

Global oil consumption is growing by 1 million bpd every year. With shale unable to meet this extra demand, analysts expect oil prices to rise in response. Shell Expects Oil Rebound as Shale Fails to Fill Supply Gap By:Firat Kayakiran and Jonathan Ferro (Bloomberg) Royal Dutch Shell Plc sees oil prices rising because supply from shale drilling in the U.S. wont be enough to satisfy growing global demand. The industry needs to find an extra 4 million barrels to 5 million barrels a day every year to meet demand and replace depleted fields, Shell Chief Financial Officer Simon Henry said in an interview on Tuesday. Lower oil prices increase demand and reduce investment, and it already has, Henry said after a conference organized by Chatham House in London. Global consumption of about 93 million barrels a day is increasing by 1 million every year, he said. Oil producers are delaying or canceling projects and cutting costs after crude slumped about 40 percent over the past year as the

Eagle Ford sees modest drilling activity increase

By Chris Wysong
June 04, 2015 Category: RigCount, Oil, Drilling, Shale

The latest Baker Hughes rig count has shown an increase in Eagle Ford but decreases across the rest of Texas and the U.S. Eagle Ford sees modest drilling activity increase By: Sergio Chapa (San Antonio Business Journal) The Eagle Ford is seeing a modest rebound in new drilling activity, but other shale basins have not been as lucky. West Texas Intermediate crude prices are trading above $60 per barrel but higher prices have not meant more drilling activity for everyone. Figures from Houston-based Baker Hughes Inc.s (NYSE: BHI) rig count released on May 29 show a modest drilling increase in the Eagle Ford but decreases in the Permian Basin, the rest of Texas and across the United States. The number of active rigs rose from 107 to 110 in the Eagle Ford, a shale oil region just south of San Antonio. To read the rest of this article, visit Houston Business Journal.

The U.S. Shale Boom Takes a Break

By Chris Wysong
May 29, 2015 Category: Shale, ShaleDrilling, Fracking, Crude, CrudePrices

Jim Krane and Mark Agerton of Foreign Affairsexamine the anatomy of Americas shale boom. The U.S. Shale Boom Takes a Break By: Jim Krane and Mark Agerton (Foreign Affairs) Texas used to be the worlds swing producer of oil. In the first half of the twentieth century, the Texas Railroad Commission enforced production quotas to balance markets and keep prices and profits stable. Texas lost that job to OPEC in the 1970s, though, and never gained it backuntil now. The momentous shift became evident in the weeks after OPECs November decision to hold oil production steady in the face of weakening prices. It was time, Saudi oil minister Ali Naimi said, for another producer to idle his rigs. With Saudi Arabia standing firm, prices plummeted. Crude lost half its value between June and December 2014. Within a few weeks, it became apparent that someone would heed Naimis command, and that OPECs do-nothing strategy would succeed, at least in the short term. Starting in January, scattered roughnecks

EIA: Shale Oil Production Cuts to Get Bigger Next Month

By Chris Wysong
May 14, 2015 Category: Shale, Oil, ShaleOil, Drilling

Crude prices continue to rise amidst falling shale oil production. One analyst says there arent enough rigs in operation to offset legacy declines. EIA: Shale Oil Production Cuts to Get Bigger Next Month By: Lynn Doan (Bloomberg) (Bloomberg) -- The U.S. lost about 1 percent of the oil production flowing from its shale formations this month, and the decline is just starting. Output from the prolific tight-rock formations such as North Dakotas Bakken and Texass Eagle Ford shale will slide 54,227 barrels a day this month, based on Energy Information Administration estimates. Itll fall another 86,000 barrels in June to a five-month low of 5.56 million, the agency said Monday. Last years plunge in crude prices led to the steepest and most prolonged retreat from U.S. oil fields on record. Drillers have idled more than half the countrys rigs and eliminated tens of thousands of jobs. Some of the countrys largest shale producers including ConocoPhillips and EOG Resources Inc. have said spending

CERAWeek: Regulatory hurdles still threaten US shale, CEOs say

By Chris Wysong
April 28, 2015 Category: Crude, Shale, Policy

At CERAWeek, several shale CEOs called for crude export bans to be lifted. CERAWeek: Regulatory hurdles still threaten US shale, CEOs say By: Matt Zborowski (OGJ) Leaders of prominent US shale producers came together on Apr. 21 to drive home whats emerged as a primary theme during this years IHS CERAWeek in Houston: The urgent need to lift the export ban on US crude oil. Its time to give the green light to US oil exports, stated John Hess, chief executive officer of Hess Corp., during an upstream panel discussion alongside two other prominent US-based chief executives. Hess emphasized that the US already exports high quantities of petroleum products3.8 million b/d in 2014 according to the US Energy Information Administrationso why not crude? Mexico and Canada export crude, he said. Why not the US? Harold Hamm, chief executive officer of Continental Resources Inc., echoed those sentiments, but thinks its going to take a while to change the mindset of Americans from one of scarcity

CERAWEEK-U.S. fracking costs falling fast, may keep fields in play

By Chris Wysong
April 28, 2015 Category: Shale, Fracking, Costs

Fields that once looked uncompetitive after the oil price crash are still active as fracking costs are falling faster than expected. CERAWEEK-U.S. fracking costs falling fast, may keep fields in play By: Anna Driver (Reuters) HOUSTON, April 22 (Reuters) - U.S. oil and natural gas companies have pushed down costs of fracking a shale well faster than expected, and if the trend holds up it could allow producers to keep working in oilfields that just months ago looked uncompetitive after the oil price crash. A more than 50 percent fall in the price of crude oil since June has left oil and gas producers insisting on steep price cuts from oilfield service companies that provide everything from drilling rigs to hydraulic fracturing. Oil is trading around $55 a barrel, and most U.S. shale fields are seen as having break-even costs of $40-$70 a barrel. In fourth-quarter earnings calls, operators initially were looking for prices cuts for services like fracking of around 20 percent. Now those

'Ducks' and Oil: No Need to Fear US Crude Supply Deluge

By Chris Wysong
April 21, 2015 Category: Shale, Oil, Production

A pending tax break in North Dakota and rising oil prices are stirring fears of another over-supply of shale, but producers are denying that this has any impact on their plans. Ducks and Oil: No Need to Fear US Crude Supply Deluge By: Anna Driver Ernest Scheyder (Reuters) HOUSTON, April 20 (Reuters) Conventional wisdom holds that come June a pending $5.3 billion tax break in the No. 2 U.S. oil producing state, combined with a modest uptick in oil prices, will unleash a tsunami of new shale crude supply so big that prices may slump again. Just one problem with that scenario: oil producers say this is not going to happen. The fear of a worsening supply glut, a recurring theme of many industry research reports and conferences over the past two months, is based on a view that U.S. shale producers have built up a heavy backlog of drilled but uncompleted wells (DUCs) that can be turned on quickly. The assumption is that oil firms will finish work on those wells, known as ducks in the

Shale as World's swing Producer Signals 'Jagged' Future for Oil

By Chris Wysong
April 21, 2015 Category: Shale, Oil

U.S. shale has been named as the worlds new swing producer but several challenges remain. Shale as Worlds swing Producer Signals Jagged Future for Oil By: Lynn Doan Dan Murtaugh (Bloomberg) (Bloomberg) -- With OPEC ceding control for the first time since the 1980s, U.S. shale oil has been anointed the worlds new swing producer by everyone from ConocoPhillips and Goldman Sachs Group Inc. to former Fed Chairman Alan Greenspan. But can Americas oil really swing it? Producers cut billions in spending, idled half the countrys rigs and kept more than 3,000 wells off the market, and it still took five months for U.S. production to start dropping. Analysts and banks say a recovery in production will also prove slower and more difficult than it would be for a single producer like Saudi Arabia. When you think of a swing producer, you think of OPEC and you think of spare capacity that can be turned on and off, said Trisha Curtis, director of oil and gas research at Energy Policy Research

Shale Wells Are Turning Into Cash Gushers

By Chris Wysong
April 20, 2015 Category: Shale, Drilling

As costs continue to fall and new techniques allow producers to draw 30 percent more oil or natural gas from each well, some shale wells are showing large profits through the downturn. Shale Wells Are Turning Into Cash Gushers By: Bradley Olson The profitability of some U.S. shale wells at current prices will almost double as cost cutting and technology turns them into cash gushers despite oils crash. A report by Citigroup Inc. highlights what companies such as EOG Resources Inc. have been saying for months: that belt-tightening across the industry and more strategic drilling in prolific areas would deliver ample profits even at $50 crude. The improvement is driven by costs that are expected to fall by 20 to 30 percent and techniques that allow rigs to wring 30 percent more oil or natural gas from each well compared with a year ago, according to the Citigroup report on Wednesday. That might bring some surprises when shale producers begin reporting first-quarter financial results

Shale Output Is Falling Faster Than Expected

By Chris Wysong
April 17, 2015 Category: Shale, Production, Output

Joe Carroll of Bloomberg reports on the economic effects of decreasing U.S. shale production. Shale Output Is Falling Faster Than Expected By: Joe Carroll (Bloomberg Business) Shale drillers will see production drop sooner than expected under a U.S. government forecast, a momentum change that hints at an eventual price rally. 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 U.S. officials began weighing output in 2013. The projected production drop is small, just 1 percent. Yet investors took note, pushing oilfield stocks to the top five spots in the Standard Poors 500 Index on Tuesday, led by rig operators Ensco Plc and Diamond Offshore Drilling Inc. The decline lags the idling of rigs because of a backlog of already-drilled wells that have gradually been coming online. OPECs plan is playing out and price is correcting the oversupply, said Michael Scialla,

U.S. Seen Becoming Net Energy Exporter on Shale Output

By Chris Wysong
April 16, 2015 Category: Energy, Exports, Imports, Crude, Shale

New EIA estimates on crude output are fueling predicitions that U.S. energy exports will exceed imports within 15 years. U.S. Seen Becoming Net Energy Exporter on Shale Output By: Mark Shenk (Bloomberg Business) The U.S. government said for the first time that the nation will become a net energy exporter within 15 years as the shale boom bolsters crude oil production. U.S. energy exports will exceed imports from 2029 through 2032, and from 2037 through 2040, the Energy Information Administration said Tuesday in its Annual Energy Outlook. The agency raised its oil output forecasts for 2025 and 2040, while cutting total energy demand estimates for the same years. The forecast doesnt anticipate any change in U.S. law that bans most exports of crude. Advanced technologies are reshaping the U.S. energy economy, EIA Administrator Adam Sieminski said in an e-mailed statement. With continued growth in oil and natural gas production, growth in the use of renewables and the application of

Douglas-Westwood: US Shale Gears Up for Price Recovery

By Chris Wysong
April 08, 2015 Category: Shale

There is a growing trend among U.S. shale producers of drilling wells but waiting to complete them. This move positions shale players to move quickly once prices recover. Douglas-Westwood: US Shale Gears Up for Price Recovery By: Douglas-Westwood Douglas-Westwood (DW), UKs energy business strategy, reserach and commercial due-diligence services provider, commented on U.S. Shale - Gearing up for a price recovery in its latest edition of DW Monday. OPEC members (predominately Saudi Arabia) have traditionally been the only countries with the ability to ramp-up production through spare oil supply capacity. Nowadays, however, following the shale revolution, the U.S. onshore market is widely being touted as the industrys new swing producer. DW expects significantly reduced oil field services (OFS) activity in the U.S. in 2015, with 30 percent fewer wells drilled, and expenditure down 36 percent relative to 2014. In the current low price environment, there is a growing trend amongst operators

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