Proved oil reserves remain sufficient to meet more than 50 years of global production; North American Shale Revolution added 15% technically recoverable oil and gas resources The substantial decline in the value of crude oil at the end of 2014 had very little impact on the amount of proved oil reserves in the world, BP (ticker: BP) said in its
At Today’s Lower Prices China is Adding 70-90 MMBoe to SPR with Strategic Crude Oil Purchases Simultaneously to the Peoples Bank of China intentionally depreciating the Yuan last week, China’s National Energy Administration announced on May 31, 2016 that the country is planning to implement changes to how oil reserves are handled. Private companies will be engaged to build and
Recently enacted laws call for the sale of SPR oil to reduce the budget deficit and fund new infrastructure projects The Strategic Petroleum Reserve (SPR) is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a design capacity of 714 million barrels and store emergency
Low oil prices bring SEC price deck down to $50.13 With the end of 2015 quickly approaching, and companies preparing for a lower Securities Exchange Commission (SEC) price deck for reserves reporting, proved reserves for oil and gas companies are likely to diminish significantly in the near future. The dramatic decrease in oil prices since November of last year has
Extensions of existing fields continues to push reserves higher The Energy Information Administration (EIA) announced today that 2014 was the fourth-highest year on record for crude oil reserves as the United States added 3.4 billion barrels of crude oil and lease condensate to its proved reserves. U.S. total crude oil and lease condensate reserves at year-end 2014 now stand at
PEMEX struggles to replace production Mexico’s proven oil and gas reserves fell by 3.1% last year to 13.02 billion BOE as national oil-major Petroleos Mexicanos (PEMEX) was unable to find enough new reserves to replace production last year, the National Hydrocarbons Commission said. Proved reserves in 1990 stood at 55 billion BOE, but have since been in sharp decline, reports
2014 closed the largest capital program in the history of Bellatrix Exploration (ticker: BXE), and the results were evident on its latest reserves report issued on March 9, 2015. The totals, determined by an independent evaluation, showed proved reserves of 161 MMBOE and proved developed producing reserves of 74 MMBOE – respective increases of 30% and 37% compared to 2013.
Whiting Petroleum (ticker: WLL), the largest producer of the Bakken/Three Forks shale play, announced estimated reserves of 780 MMBOE (83% oil) in a news release on December 22, 2014. The report was independently commissioned by a third party and represents a year-over-year increase of 29%, including the assets of Kodiak Oil & Gas. Whiting completed its $6 billion, all-stock acquisition
Unit Corporation (ticker: UNT) is a unique company in the oil and natural gas industry. The company is a diversified energy company through its subsidiaries Unit Petroleum Co, Unit Drilling Co and Superior Pipeline Co. As such, there are a number of ways to look at how to value UNT. In this write-up, OAG360 will be looking at production and
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