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OPEC and its allies agree to deeper production cuts to prop up oil prices

By Mark Thompson, CNN Business Updated 12:05 PM ET, Fri December 6, 2019 London (CNN Business) - OPEC, Russia and other oil producing nations have agreed to deeper production cuts in an attempt to support crude prices in the face of a looming supply glut mainly due to booming US output. Following a meeting in Vienna, OPEC said Friday the producer group would reduce supplies by an additional 500,000 barrels per day, bringing the total cuts to 1.7 million barrels daily. Led by Saudi Arabia, OPEC and its allies have been limiting their production since 2017. Their existing agreement aimed to remove 1.2 million barrels per day from world markets and is due to expire in March 2020. OPEC’s statement made no mention of extending the cuts through June or even December 2020, as some analysts had expected. Still, oil markets were supported by news of the additional cuts and pushed US crude prices up by 0.8% to $59 a barrel. Read...
Drilling Down: Top 10 drilling rig companies in Texas and their customers

Drilling Down: Top 10 drilling rig companies in Texas and their customers

By Sergio Chapa - Updated 5:30 am CST, Monday, December 2, 2019 Photo: Michael Ciaglo, Staff / Houston Chronicle Helmerich & Payne floor hand Jeremy Lewellyan, left, motor man Domingo Contreras, center, and floor hand Lake Edwards, right, add a section of pipe as they drill for oil and gas on a Diamondback Energy lease outside of Midland. Tulsa-based Helmerich & Payne is the top drilling rig operator in Texas with 117 horizontal rigs deployed across the state. Some 368 horizontal drilling rigs are in operation in Texas, and more than half of them belong to three drilling companies. In figures exclusively provided to the Houston Chronicle, the Austin oilfield data firm Enverus reports that Tulsa-based Helmerich & Payne is the top drilling rig operator in Texas with 117 horizontal rigs deployed across the state. Nabor Industries, a drilling rig operator headquartered in Bermuda with principal offices in Houston, ranks second with 42 active horizontal rigs. Calgary oilfield service company Ensign Energy Services ranks third with 33 horizontal drilling rigs deployed in Texas. Read more…...
Oil gains as optimism returns to US-China trade talks

Oil gains as optimism returns to US-China trade talks

Workers cross walkways between zones aboard an offshore oil platform in the Persian Gulf’s Salman Oil Field, near Lavan island, Iran, on Jan. 5. 2017. Ali Mohammadi | Bloomberg | Getty Images Published Mon, Nov 25 20198:55 PM ESTUpdated Moments Ago Oil prices rose on Tuesday on hopes of progress towards a trade agreement between the United States and China, the world’s biggest oil users, and predictions of a draw on U.S. crude inventories. Brent crude, the international price benchmark, gained 34 cents, or 0.5%, to trade at $63.99, while West Texas Intermediate crude gained 23 cents, or 0.4%, to trade at $58.24 a barrel. Read...
Drilling Down: Shell drills on state-owned lands in Permian Basin

Drilling Down: Shell drills on state-owned lands in Permian Basin

in 360 Articles / Closing Bell Story / Crude Oil News / Energy News   by— Oil & Gas 360- November 25, 2019 - Houston Chronicle   European oil major Royal Dutch Shell filed for six horizontal drilling permits with the Railroad Commission of Texas for projects on five leases split between Winkler and Loving counties in the Permian Basin. Half of those wells target the Wolfcamp geological layer while the others target the Bone Spring formation. Total drilling depths of the projects range from 10,000 to 12,300 feet. Three of the wells are on a pair of leases in Winkler County managed by the state-owned mineral rights company University Lands. Royalties from those three wells will go to the Permanent University Fund, or PUF, a public account supporting the University of Texas and Texas A&M University systems. Read...
Oil hits two-month high on hopes of longer OPEC cuts, continuing US-China talks

Oil hits two-month high on hopes of longer OPEC cuts, continuing US-China talks

A man working in a filling station of Sinopec, China Petroleum and Chemical Corporation, in Shanghai, China, on March 22, 2018. Johannes EIsele | AFP | Getty Images PUBLISHED THU, NOV 21 20195:23 AM ESTUPDATED THU, NOV 21 20193:01 PM EST Oil prices rose more than 2% on Thursday following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020, while fresh signs emerged that China had invited U.S. trade negotiators for a new round of talks. Brent crude futures gained $1.57, or 2.5%, to settle at $63.97 a barrel, while West Texas Intermediate crude futures surged to a two-month high, gaining 2.8% to settle at $58.58, according to Dow Jones. To support oil prices, the Organization of the Petroleum Exporting Countries and its allies are likely to extend output cuts to June when they meet next month, according to OPEC sources. Read...

Analyst: Almost 1,000 more salt water disposal wells needed by 2030

pboilandgasmagazine.com : August 1, 2019 by Bailey LeRoux Raymond James & Associates analyst Marshall Adkins told clients Monday that Permian Basin will need almost 1,000 additional salt water disposal wells by 2030. Recycling efforts currently can’t handle the 17.5 million barrels per day of “dirty” water produced in the Permian Basin, Adkins said. “As crude production grows, produced ‘dirty’ water grows even faster. As the Permian Basin shifts further into manufacturing mode, the water growth we project will create the need for nearly 1,000 additional salt water disposal wells by...