From Reuters U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. Energy Information Administration forecast in its monthly drilling productivity report on Monday. The largest change is expected in the Permian Basin of Texas and New Mexico, where output is seen
Takeaway: 3 full supertankers can take away about six million barrels of U.S. crude oil production On Monday the U.S.’s first and only deepwater crude oil port announced that it had loaded U.S. crude oil into three supertankers in just the past seven days and sent the cargoes abroad. The offshore oil terminal is called LOOP, which stands for Louisiana
Magellan Midstream Partners, L.P. (NYSE: MMP) announced an additional expansion of the western leg of its refined petroleum products pipeline system in Texas. Magellan had previously announced its plans to expand the capacity of this line segment to approximately 150,000 barrels per day (bpd) from its current capacity of 100,000 bpd. Based on additional committed volume received as part of
Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the Company”) today announced that it has supplemented its Delaware Basin takeaway position with an additional firm sales agreement which will result in the Company’s crude oil reaching the Gulf Coast. The five-year agreement provides for firm gross sales of at least 10 thousand barrels of oil per day (MBbl/d) beginning in
From Reuters As pipelines out of the largest U.S. oil field reach capacity in the coming months, further depressing West Texas crude prices, smaller producers will have to slow or shut-in production, according to oil executives. Soaring production in U.S. shale fields has driven output to a record 10.47 million barrels per day (bpd) this year and any cutbacks would
We are starting to layer in projects … to move our various products to the markets: Christmann Pipeline bottlenecks have begun to plague producers in the U.S.’s top producing oil basin. For one thing the price they can get for a barrel of oil in West Texas is falling, compared to the price paid in Cushing, Oklahoma. Analysts believe the
Permian E&P Lilis Energy, Inc. (ticker: LLEX) has entered into a crude oil gathering agreement with Salt Creek Midstream, LLC. Salt Creek’s system will be constructed, managed and operated by ARM Midstream Management, LLC. Construction of the project is expected to commence immediately with service to begin in 2019. No volume commitments, Salt Creek provides all capital Salt Creek is
Companies in the Wattenberg can’t accurately evaluate the performance of wells that are continuously choked back or temporarily shut in due to lack of pipeline capacity Producers forced to constrain production During their recent Q1 earnings calls, Bart Brookman, president and CEO of PDC Energy (ticker: PDCE), Lynn Peterson, chairman and CEO of SRC Resources (ticker: SRCI) and Wouter van
Inadequate pipeline capacity to U.S. and no pipelines to move oil to tidewater ports forces Canadian oil to sell at a big discount Canada’s shortage of pipeline capacity is continuing to drive down the price of Canadian oil and it’s going to cost Canada’s energy sector billions, according to a new study from Canadian think tank Fraser Institute. “Without adequate
Canada’s PSAC Cuts Canadian Drilling Activity Forecast for 2018 Without adequate pipeline capacity or forthcoming export projects for Canada’s crude oil and natural gas, there is a tough energy economy in Canada that is going to be taking an economic toll on oil and gas development activity. Canada is besieged by pipeline turmoil between provinces on top of the withdrawal of
Elk Petroleum Limited (ticker: ELK) has commenced production on its Grieve CO2 EOR Project. The company said it expects initial gross oil production of 1,100-1,200 BOPD. CEO Brad Lingo commented, “I’m exceedingly pleased to announce the start-up of oil production from the Grieve CO2 EOR project. Reaching this point has been the result of the commitment and dedication of the
Ares Management, L.P. (ticker ARES) and ARM Energy Holdings, LLC have partnered up to develop Salt Creek Midstream, LLC in the Delaware Basin. The company is owned by funds managed by the Ares Private Equity Group and ARM Energy. ARM Midstream Management, LLC, a subsidiary of ARM Energy, will serve as operator of the project. 260 MMcf/d of expandable processing
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