The UK shale industry is gaining momentum as oil and gas explorers Cuadrilla and Third Energy also move closer to drilling their wells, IGas Energy’s CEO Stephen Bowler said on Wednesday in an update to the market.
OPEC and non-OPEC vows to do “whatever it takes” doesn’t seem good enough to rebalance the global oil market before 2018, the International Energy Agency said on Wednesday in its monthly report disclosing for the first time an outlook into next year.
OPEC reported on Tuesday its largest production increase since November, an addition of 336,000 barrels per day (BPD) to a month average in May of 31.14 million barrels per day (MMBDP), Kallanish Energy learns.
The U.S. Department of Energy believes domestic oil production will smash the daily production mark by 400,000 barrels (Bbl), reaching 10 million barrels a day (MMBPD) in 2018, Kallanish Energy reports.
The U.S. oil industry exported a record 1.3 million barrels per day (MMBPD) of crude during the week of May 21 — just 500,000 Bbl fewer than the cuts OPEC and Russia and other producers agreed to make to daily production, Kallanish Energy reports.
Independent exploration-production company Vesta Energy said Wednesday it’s secured C$295 million ($216.91 million) in equity financing priced at C$4.50 ($3.31) a share, co-led by energy private equity firms Riverstone Holdings and JOG Capital.
Brazilian oil and gas company Petrobras has posted its highest quarterly earnings in two years, a BRL 4.45 billion profit in the Jan-March period vs a loss of BRL 1.25 billion a year ago, Kallanish Energy learns.
U.S. dry natural gas production will average 74.1 billion cubic feet per day (Bcf/d) in 2017, a 1.8 Bcf/d increase from the 2016 level, the Energy Information Administration’s monthly Short-Term Energy Outlook (STEO) projects.
Royal Dutch Shell reported on Thursday a “strong” first-quarter earnings with profit attributable to shareholders at $3.53 billion, compared to $1.54 billion in the previous quarter and $484 million in the first quarter 2016.
Spanish oil major Repsol reported Thursday a 59% increase in its 2017’s first-quarter earnings, with a net profit of €689 million ($756 million) vs €434 million ($476 million) in the same period in 2016, Kallanish Energy learns in a conference call.