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Last week, we talked about the Eagle Ford Shale, and what a blessing it is for Texas and Texans. In this piece, we will expand that discussion to talk about how the massive production coming out of the Eagle Ford and other oil and gas shale plays in Texas are affecting the national and international supply and demand picture.
I want to tell you about a new development in fracking that’s getting some press down in the US. This is actually pretty simple, but if I’m correct in interpreting this, it would be quite important in the global oil patch.
A recent report by the U.S. Government Accountability Office estimated that if half of the oil bound up in the rock of the Green River Formation could be recovered it would be "equal to the entire world's proven oil reserves."
The Federal Reserve Bank of Dallas reported that oil & gas companies in the 11th district, which includes Texas, expect further growth in 2014.
In just a few short years, a surge in U.S. oil production has propelled the United States from a country largely dependent on oil imports to one that could soon become the world’s top oil producer. The goal of North American energy self-sufficiency, the holy grail of American politics since the Arab oil boycott of 1973, seems within reach.
Over the years, Statoil has made enormous strides in various oil recovery methods, ranging from water injection for pressure support through various advanced procedures for improving oil recovery.
Mr. Gharib has used oil and gas investments in his clients' portfolios since 2008 and believed that such an investment could be a good fit for this client. He also knew that the strategy was uncommon, so he started by explaining exactly how the investment would work.
The options to take a share of these opportunities through smaller-scale deals, such as join ventures or private equity investments, offer these non-traditional investors a means of participating in the growth of the sector—and the returns it offers—without taking on all the attendant risk.
The U.S. government has done much to ease the tax burden for those trying to save for retirement. Several major pieces of legislation are geared toward creating tax incentives for workers to just start saving for retirement. Even the capital gains tax rules have been overhauled, allowing for cheaper disposal of appreciated assets.
U.S. crude oil production could reach approximately 10 million barrels per day (MMbopd) between 2020 and 2040, the U.S. Energy Information Administration (EIA) reported Friday.
First is a new projection from the US Energy Information Agency showing that the United States will likely become the world’s largest producer of petroleum products and natural gas hydrocarbons in 2013.
The Cline Shale, thousands of feet underground in a roughly 10-county swath, is just one of many little-tapped shale formations in Texas and across the nation, geologists say. That means the potential for oil and gas discoveries is theoretically huge, and the reason is technology. The rock-breaking process known as hydraulic fracturing, coupled with the ability to drill horizontally underground, has allowed drillers to retrieve oil and gas from previously inaccessible areas.
A decade or 2 from now, we will undoubtedly understand the Marble Falls far better than we do today. In the meantime, a lucrative period of development awaits those who dare.
West explains how likely constitutional change in Mexico will spur momentous industry growth, along with new deepwater targets opening up in offshore China. Meanwhile, decent commodity prices and economic improvement in Eastern Europe are creating powerful oil price tailwinds. But the best news is closer to home, in North America. Find out which companies are positioned to thrive in the year ahead.
Halliburton is promoting CleanStim, a fracking fluid with additives made, it says, almost entirely of enzymes from fruit and vegetable compounds. While the delivery method “doesn’t quite call for the downhole delivery of fruits and vegetables, it does rely on some of the same acids and enzymes present in those items,” Halliburton states on its website.
Last month, the US only imported 37% of its oil consumption. That’s down from 50% late last year and almost 70% just four years ago.
Exploration in shale formations in the Permian Basin and Eagle Ford have created “hundreds of thousands” of new jobs, TIPRO said it its report.
Looking ahead, Chesapeake sees more than 3,400 future drilling locations meaning production growth out of this Texas oil field isn't about to slow down anytime soon.
There is no doubt that the U.S. provides opportunity for the layman to transform himself into an "oilman". And, there are reputable operators who are more than willing to let you join them. There are risks aplenty, but if you've got the stomach and the cash to play, you too might join in a few verses of "Ole Jed's a Millionaire".
According to the Texas Railroad Commission, the Lone Star produces about 1.7 million barrels of oil a day. That's more than 52 million barrels a month. The American Enterprise Institute said that if the Texas were a sovereign nation, it would be the world's tenth largest oil producer.
Deep in the rolling tree-clad hills of Pennsylvania, on a hilltop close to a group of barns and farmhouses, Chevron's Kikta well pad can be found at the end of a narrow country lane. This is part of the Marcellus shale, 250,000 sq km (96,500 square miles) of gasfields stretching across Pennsylvania, West Virginia and New York state.
This report is the result of an extensive survey drawn from ICD Research's exclusive panel of leading global oil and gas industry executives; it provides data and analysis on buyer expenditure, procurement, and developments within the global oil and gas industry.