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.Read more
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.Read more
Onshore Rig Update, the Key Driver for US Oil Production
Drillers increased onshore rigs by 12 this week (includes 4 Alaska and 5 gas target rigs), bringing the total to 927. Onshore rigs now stand 510 above the same period a year ago, 412 of which are targeting oil. However, despite the increase overall, rigs in the three major unconventional oil basins declined with the Permian down 1, and the Eagle Ford and Williston flat. These three major basins contribute around 50% of US oil production and 90% of US unconventional oil production.Read more
Oil prices staged a modest recovery this week, with WTI improving six days in a row, its longest upward trend in two months. This coincided with drillers taking a pause with onshore rigs staying flat at 915, after 23 straight weeks of increases. Onshore rigs now stand 507 above the same period a year ago, 415 of which are targeting oil.Read more
China's Gas & LNG Markets - An Industry Breakfast Briefing
On Tuesday 27th June 2017, GCA’s Nick Fulford and Ryan Pereira, co-hosted a breakfast briefing along with Interfax Energy’s Global Gas Analytics Team (Catriona Scott and Peter Stewart, in their London office). This attracted various stakeholders with different interests in the Chinese gas and LNG market including lawyers, financiers, producers, LNG suppliers and major LNG players.
Interfax Energy produced a summary article that captured some of the themes. The article was published in Natural Gas Daily on 28 June, 2017 and we thank Interfax for permitting us to share a copy below or through this link.
These themes will be explored further in the GCA Monitor of 30th June, 2017.
Please contact email@example.com or firstname.lastname@example.org if you wish to discuss how GCA can advise on the Chinese gas and LNG markets in further detail.Read more
GCA would like to congratulate Dr John Barker, winner of the 2017 Society of Petroleum Engineers (SPE's) North Sea Regional Award for Reservoir Description and Dynamics.
All your friends and colleagues here at GCA are delighted for you and proud of this deserved recognition.
The SPE's wide-ranging interview with Dr Barker (who is GCA's Technical Director for Reservoir Engineering) can be be found on page 10 of the June 2017 edition of SPE London Section Review.Read more
Oil prices suffered again this week with WTI hitting a 10-month low (US$42.13 per barrel) while drillers continued their advance, adding 7 onshore rigs bring the total to 915 and increasing activity for a 23rd week in a row. Onshore rigs now stand 518 rigs above the same period a year ago, 428 targeting oil.Read more
While oil price suffered this week (WTI down to under US$45 per barrel, and Brent around US$47), drillers continued their upward march adding 6 onshore rigs, increasing activity for a 22th week in a row and bringing the total to 908. Onshore rigs now stand 510 rigs above the same period a year ago, 410 of this targeting oil.Read more
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