Focus

August 18, 2017

18th August 2017

Oil Drilling Activity

Drillers decreased onshore rigs by 1 this week, bringing the total to 927. Across the three major unconventional oil basins, the rig total decreased to 496, the past 10-week average was at 497. Rig growth in the major oil basins has stagnated with crude prices below US$50 WTI.

August 11, 2017

11th August 2017

Oil Drilling Activity

Drillers decreased onshore rigs by 6 this week, bringing the total to 928 and links with reductions in capital spending for the second half of 2017. Taken together, the indications are that the average breakeven price is close to US$50 WTI, plus or minus a few dollars per barrel.

Emerging Trends in Chinese LNG

8th August 2017

GCA's Nick Fulford and Ryan Pereira recently published a short presentation in this month's Global LNG Hub newsletter discussing the emerging trends in Chinese LNG and the key role it plays.

You can read the presentation on the Global LNG Hub site here, or it is reproduced in its entirety below.

Please contact Nick Fulford or Ryan Pereira if you wish to discuss how GCA can advise on the Chinese gas and LNG markets in further detail.

August 4, 2017

4th August 2017

Oil Drilling Activity

Drillers increased onshore rigs by 3 this week, bringing the total to 934. Total (including GOM) oil and gas rigs declined by 4 this week. Gulf of Mexico released 7 rigs, bringing the offshore total to 17. With crude prices below US$50 WTI, US operators continue to show signs of decelerating their drilling activities.  

Benchmarking Oil and Gas Field Recovery Targets and Investment in Norway

2nd August 2017

Introduction and Database

Efficiently defining production targets and the required operational investments to realise them can be aided by drawing on regional and analogue databases of field type and production performance, as a means of setting appropriate benchmarks and establishing examples of “best practice”. 

The Norwegian Continental Shelf is an ideal testing ground to examine models of long term performance of oil and gas field operations, gross investment and actual and future estimated recoveries. It has a long history of discovery, growth and maturity of fields in a diverse set of oil and gas plays, and study is aided by ready access to the comprehensive information set provided by the Norwegian Petroleum Directorate (NPD) through its “factpages” and associated website ⁽¹⁾. 

July 28, 2017

28th July 2017

Oil Drilling Activity

Drillers increased onshore rigs by 8 (6 targeting gas) this week, bringing the total to 931. More evidence is emerging that indicates the US oil shale drilling boom could be slowing; ConocoPhillips, Anadarko Petroleum, Hess Corp. and others announced cuts this week to their 2017 capital spending plans which supports the slower growth in oil rigs over the last 6 weeks. 

July 21, 2017

21st July 2017

Oil Drilling Activity

Drillers decreased onshore rigs by 4 this week, bringing the total down to 924, only the second time this year that drillers have reduced onshore rig count. Weak crude prices continue to push US shale producers to reassess drilling capital; however, this could be a signal that producers are turning their focus (capital) to drilled but uncompleted inventory. The estimated number of uncompleted wells in the Permian has risen by more than 1,000 since June 2016. In most other shale basins, the estimated number of uncompleted wells has been stable. There are now almost 2,250 uncompleted wells in the Permian Basin.  

Float like a Butterfly

14th July 2017

Onshore Rig Update, the Key Driver for US Oil Production

Drillers increased onshore rigs by 1 this week, bringing the total to 928, which is a significant slowdown when compared to the 12 (7 targeting oil) rigs added last week and closer to two weeks ago where the count dropped by 2. The continued weakness in crude prices is forcing US shale producers to reassess the timing of future capital expenditures while continuing to hope for higher prices.