Industry News

U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia

The U.S. will remain the world's biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation's economic recovery, Bank of America Corp. said.

U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world's largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids...

Read the full article at Bloomberg

Halliburton: Boom Will Last Another 70 Years

New predictions about the length of the current oil boom have been released by Halliburton and they far exceed all previous estimates. One Halliburton executive says that at the current rate of drilling, the Permian Basin could sustain oil production for the next 70 years. And even if the drilling stops, there are still thousands of wells that would need servicing.

According to Guy Andrews, Economic Development Director with the Odessa Chamber of Commerce, this information gives investors a sense of security.

Oil prices could hit $150-$200: Pickens

If Iraq's oil supply goes offline, crude prices could hit $150-$200 a barrel, T. Boone Pickens, founder of BP Capital Management, told CNBC on Friday.

"That's where you have to kill demand with price. That's the only way you can do it, because oil won't be there," Pickens said in an interview with "Street Signs."

Crude hit a nine-month high Friday as fears intensified over the conflict in Iraq and its potential to disrupt country's the oil supply. U.S. crude - West Texas Intermediate (WTI) - hit a session high of $107.68 a barrel early Friday. Brent rose to an intraday high of $114.69...

Read the full article at CNBC

Texas Upstream Petroleum Economy Sustains Record Run

Record Increase by more than $2.85 billion in the past year to $10.63 billion. The upstream oil and gas economy in Texas ventured further into uncharted territory in February, as rapidly increasing production, higher wellhead prices, and revised statewide employment numbers boosted the Texas Petro Index (TPI) to a record 300.6.

"Texas producers increased oil output by more than 22 percent in February compared to February 2013, and natural gas production was up about 1.0 percent," said Karr Ingham, the economist who created the TPI and updates it monthly. "Combined with higher wellhead prices for both commodities, the value of oil and gas produced in Texas during February increased by more than $2.85 billion in the past year to about $10.63 billion."...

Read the full article at RIGZONE

The Wolfcamp Shale Could Be A Goldmine

MIDLAND - New information says the Wolfcamp Shale, which also overlaps the Cline Shale, could be the second biggest oilfield in the world. It's estimated that there are 50 billion barrels of oil in the Wolfcamp Shale just waiting to be drilled for. If you figure the price of oil at $100 dollars per barrel, that comes to $5 trillion....

Read the full article at Permianbasin360.com

Exxon: More 'Major' Moves In The Permian Basin Shale Oil Play

In the latest news in the Permian Basin, supermajor Exxon Mobil (XOM) has inked a deal with Endeavor Energy Resources to access the Permian's shale oil action. Exxon has been viewed as being late to the shale oil boom, with a primary focus on shale gas. But there seems to be a slight rebalancing occurring. American Energy Partners, the new Aubrey McClendon start up, will "access" 30,000 Utica acres from XTO, Exxon's unconventionals subsidiary. Exxon will roll those proceeds over for development of the Permian acres...

Read the full article at Seeking Alpha

OPEC Says Will Lose Oil Market Share To Shale, Rivals

LONDON/VIENNA, Nov 7 (Reuters) - OPEC could lose almost 8 percent of its oil market share in the next five years as the shale energy boom and other competing sources boost rival supply, offering the exporter group little benefit from rising world demand. The Organization of the Petroleum Exporting Countries has been slower than some to acknowledge the impact that hydraulic fracturing, or fracking, is having on supply. Earlier this year, it decided to carry out its own research into shale oil. In its annual World Oil Outlook, OPEC said it expected global demand for its crude oil to average 29.2 million barrels per day (bpd) in 2018, down 1.1 million bpd from 2013, because of increasing supply outside the 12-member group...

Read the full article at RIGZONE

Gusher In Pecos County Expands Bounds Of Horizontal Wolfcamp To South

A single horizontal well has expanded the reach of the Wolfcamp play in Texas, according to Wells Fargo Securities. The well is located in Pecos County, and "significantly expands the play's reach to the south/east of where recent horizontal activity has been focused," according to a release from Wells Fargo. The rest of the release is below:

"The well, drilled by private operator PT Petroleum, tested at 1,322BOE per day (95% oil), a very impressive rate that compares favorably to some of the best wells we've seen to date in the southern Delaware Basin. We estimate that the well is at least 40 miles east of current horizontal activity in southeast Reeves County, where operators are primarily targeting the upper Wolfcamp. EOG, WLL, FST, CXO, and XOM (XTO) all have acreage in mid- to central Pecos County, but the real winner appears to be KWK, with ~58,000 net acres located just west of where well was drilled in what the company refers to as Leon Valley. For those looking to pick out the well on a map, it was drilled 10 miles SW of Fort Stockton, according to the RRC filing."

Read the full article at http://www.ugcenter.com/Permian-Basin/

The 2nd Largest Oil Discovery in the History of the World

I don't know if anything you've read or heard about the current American energy boom is even half-way accurate. I'm certain you've heard of the "American Energy Renaissance" - or seen headlines about new oil discoveries in places like the Bakken and Marcellus shale formations. For most of the past decade, it's been tough to ignore the hype, hysteria and misleading information out there. But the truth about soaring oil and gas production hasn't been explained or investigated in very much depth by most of the mainstream press and media....

Read the full article at NASDAQ

Saudi Billionaire Prince: Fracking Competitively Threatens 'Any Oil Producing Country in the World'

(CNSNews.com) – Saudi Arabia's Prince Alwaleed Bin Talal, a billionaire businessman and nephew of Saudi King Abdullah, said the production of shale oil and natural gas in the United States and other countries, primarily done through fracking, is a real competitive threat to "any oil-producing country in the world," adding that Saudi Arabia must address the issue because it is a "matter of survival." New shale oil discoveries "are threats to any oil-producing country in the world," said Prince Alwaleed in an interview with The Globe and Mail. "It is a pivot moment for any oil-producing country that has not diversified. Ninety-two percent of Saudi Arabia's annual budget comes from oil. Definitely it is a worry and a concern." Alwaleed also commented that many Saudi leaders did not comprehend the threat posed by oil and natural gas production from shale. However, he said he would use his influence to keep pressing the issue.....

Read the full article at The Wall Street Journal

Companies Expect to be in the Permian for Decades

Though the historic basin was in decline a decade ago, new recovery techniques have given it new life. Experts say it holds more recoverable oil and gas than everything it produced over the last 90 years, according to the Texas Railroad Commission. The basin is now the most productive onshore field in the country, pumping more than 1.3 million barrels per day. It has helped doubled output over the last few years in Texas, which is pumping 35 percent of the nation's oil as the United States becomes the world's top crude producer, according to the Energy Information Agency. The Permian is different from other oil producing rock formations like the Bakken in North Dakota because it is made up of many different layers of rock, most of which are oil bearing....

Read the full article at Rigzone

U.S. oil production outlook hiked to near record high -EIA

U.S. crude oil production will surge faster than expected to a near historic high by 2016, according to the Energy Information Administration (EIA), which sharply raised its annual output forecasts on Monday due to the breakneck speed of shale oil development....

Read the full article at Reuters

EIA: Texas Crude Oil Production Hits Monthly Record

Texas produced oil at a record rate, according to data by the Energy Information Administration (EIA). Daily crude oil production in the Lone Star State for the month averaged 2.7 million barrels of oil, the highest figure since the EIA began tracking monthly figures in 1981....

Read the full article at Rigzone

Pioneer Drills Monster Well in the Cline Shale

Pioneer Natural Resources (PXD), soared today on news of record exploratory results in the Permian Basin, rising to as high as $225.88 in after-hours trading, before dropping back to $215....

Read the full article at Fuel Fix

US oil production outstrips imports for first time in decades

US crude oil production overtook imports for the first time in 18 years in October, according to US government data, marking a milestone in the US march to self-sufficiency in energy....

Read the full article at ft.com

Shale explorers outperforming international oil titans

Oil explorers focused on high-margin shale drilling from Texas to North Dakota are set to outperform Big Oil this year...

Read the full article at FuelFix

Texas pumping more oil than some OPEC countries

We all know oil production in Texas has soared in recent years. But putting the rise in graphic form shows just how phenomenal the energy turnaround has been: The surge looks exponential....

Read the full article at FuelFix

U.S. to become world's top oil producer

The International Energy Agency is forecasting that the U.S. -- not Saudi Arabia, not Russia -- will become the biggest oil producer in the world by around 2020 in a new report out this morning. By 2030, the agency expects the U.S. will be a net exporter of oil...

Read the full article at Marketplace Business

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