New production projects and a fresh shale boom could boost oil output by a million barrels per day (MMBPD) year-over-year and result in an oversupply in the next couple years, according to Goldman Sachs.
The International Energy Agency (IEA) estimated on Wednesday OPEC’s compliance to its deal aimed at cutting output by 1.2 million barrels per day (MMBPD) between January and June stood at 91% in February, Kallanish Energy learns.
Brazilian state-controlled oil and gas company Petrobras saw its output decline slightly in February, on a monthly basis, amid scheduled stoppages at platforms. Total oil and gas output reached 2.82 million barrels of oil equivalent per day (MMMBOE/d) last month, compared to 2.86 MMBOE/d in January.
HOUSTON – The U.S. shale oil and gas industry has moved from acquiring, appraising and holding acreage, while trying to force the business into manufacturing mode, according to one Chesapeake Energy executive.
ConocoPhillips CEO Ryan Lance said Tuesday his company is planning for crude oil at $50-$55 a barrel for the next couple years, prices the world’s largest exploration and production company can still make money at that level.
Austin, Texas-based Ameredev II said Tuesday it closed on a $400 million equity commitment from private equity firm EnCap Investments and members of Ameredev’s management, Kallanish Energy reports.
U.S. coal production is estimated to have declined by 158 million short tons (MMst), or 18% in 2016, to 739 MMst, which would be the lowest level since 1978, the Energy Information Administration states in the latest Short-Term Energy Outlook (STEO).