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20th Latin Upstream Conference 2014This event has a discount code!

Monday, September 1, 2014 until Wednesday, September 3, 2014  |   Posted by Glopac Pacific & Partners

SAP Operations and Maintenance Forum

Thursday, September 4, 2014 until Thursday, September 4, 2014  |   Posted by Absoft

Petroleum Innovation Expo

Tuesday, September 9, 2014 until Thursday, September 11, 2014  |   Posted by Petroleum Innovation Expo

Deep Sea Mining Summit

Monday, September 15, 2014 until Wednesday, September 17, 2014  |   Posted by evvnt

HR and Talent Management in Oil & Gas 2014

Monday, September 15, 2014 until Tuesday, September 16, 2014  |   Posted by Inside Intelligence

Next Generation Outsourcing & Shared Services World 2014

Monday, September 15, 2014 until Friday, September 19, 2014  |   Posted by InVida Events

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Introduction to Open Hole Log Analysis

Monday, September 1, 2014 until Friday, September 5, 2014  |   Posted by HOT Engineering

The Essentials of Oil and Gas Commercial Contracts and Negotiations in London

Monday, September 8, 2014 until Wednesday, September 10, 2014  |   Posted by Warren Business Consulting

Offshore Marginal Field DevelopmentThis event has a discount code!

Monday, September 15, 2014 until Friday, September 19, 2014  |   Posted by School of Energy & Corporate Leadership

Petroleum Economics and Risk Analysis

Monday, September 15, 2014 until Friday, September 19, 2014  |   Posted by OPC

Risers, umbilicals and flexibles

Tuesday, September 16, 2014 until Friday, September 19, 2014  |   Posted by Jee Ltd

Global LNG Markets - one day training course

Thursday, September 18, 2014 until Thursday, September 18, 2014  |   Posted by MJMEnergy Limited

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Opinion & Commentary

Oil and friction in Iraq

Friday, August 29, 2014

Oil continues to be a cause of considerable friction between Baghdad and Irbil, and is most definitely not lubricating relationships. The game of “Texas Hide and Seek” of Kurdish crude continues somewhat bafflingly in the warm waters of Houston, against the backdrop of entrenched political thinking in Baghdad. Yesterday, Reuters reported that the signal for the United Kalavrvta - loaded with 1m barrels of Kurdish crude – had disappeared from the Automatic Identification System (AIS) satellite tracking system. Reuters reported “The AIS ship tracking system used by the U.S. Coast Guard and Reuters ... Read more

Oil price, Afren, Hunting, Lamprell, Sundry catch up-Tullow-GKP-SOCO-Ophir-Chariot-Salamander and finally...

Friday, August 29, 2014

Oil price The market is quiet ahead of the Labor Day holiday on Monday, WTI went a bit better on the inventory data which showed a 2.1m barrel draw, higher than the analysts consensus of 900/-. Much is being made of the proximity to $100 for Brent and the chances of falling through that psychological level, I wouldn't bet on it happening as next week we head into September with all that that brings in terms of the change in demand patterns and volumes. However, economic conditions particularly in Europe are not helping things and today we have inflation and employment data in the EU which are unlikely to boost demand ... Read more

Help needed - to figure out the EU's Energy Strategy!

Thursday, August 28, 2014

I quite like to try the puzzles that you find in newspapers, often on the back pages – the Sudoku ones for example that are labelled either “Easy”, “Hard”, “Fiendish” or “Super Fiendish”. Here’s something that is “Beyond Super Fiendish” – trying to figure out what the EU’s energy Strategy is! Why don’t you try? In my effort to be helpful, here is the link you need to get started: http://ec.europa.eu/policies/energy_natural_resources_en.htm And to give your mulling over, your detective work, some context, let’s stop and consi... Read more

North Sea Oil and Scottish Independence: where does the truth lie?

Thursday, August 28, 2014

How much oil and gas is left in the North Sea? 16 billion barrels oil equivalent (boe) according to Sir Ian Wood or 24 billion boe according to Oil and Gas UK? The correct answer for official proved+probable reserves is between 8 and 9 billion boe, a figure that both DECC and Oil and Gas UK agree on. With over 9 different classes of reserves, this debate is sterile and this is not the correct question to ask. How wealthy will oil make Scotland? In 2013, the direct tax take from oil and gas production for the whole of the UK was £4.67 billion and falling. This compares with annual spending of the Scottish governmen... Read more

Oil price, Cape, Caza, Petrofac, Plexus plus sundry follow up etc, And finally...

Wednesday, August 27, 2014

Oil price Brent crude broke upwards through $103 last night but couldn't hold it and fell back to finish lower at $102.50. Brent is seriously range bound and I remain bearish for the time being with outside influences creating downward pressure. This will not last forever though and one should be considering when to start considering buying the contract again. WTI bounced a touch as the API inventory stats revealed a further draw, this time of 1.3m barrels, EIA numbers tonight may keep that slightly more buoyant feeling going. Cape Cape have produced interims this morning and the first half was in line with expectat... Read more

US companies benefit from move from natural gas to oil production

Tuesday, August 26, 2014

The last few years have seen many of the oil and gas companies in the United States change their strategy away from natural gas and focus on oil producing assets due to low gas prices. Despite the steady and gradual recovery in the Henry Hub benchmark gas price in the US since the middle of 2012, second quarter data from a group of US oil and gas producers in the Evaluate Energy database shows that this move towards oil production has still been very worthwhile. Source: Evaluate Energy - The Henry Hub gas price shows a gradual increase on average from Q2 2012 ($2.29/mcf) to Q2 2014 ($4.60/mcf) while the WTI oil price has... Read more

Update on US natural gas, coal, nuclear, and renewables

Tuesday, August 26, 2014

On August 6, I wrote a post called Making Sense of the US Oil Story, in which I looked at US oil. In this post, I would like to look at other sources of US energy. Of course, the energy source we hear most about is natural gas. We continue to be a net natural gasimporter, even as our own production rises. Figure 1. US natural gas production and consumption, based on EIA data. US natural gas production leveled off in 2013, because of the low level of US natural gas prices. In 2013, there was growth in gas production in Pennsylvania in the Marcellus, but many other states, including Texas, saw decreases in production. In ... Read more

Oil price, Sundry round up, And finally...

Friday, August 22, 2014

Oil price As one might expect on the day before the August Bank Holiday weekend company news is a bit thin on the ground. I have just come back from a couple of days in Aberdeen (more later) where business is still booming. One interesting point came out whilst I was up there and that was in comments made by oil legend Sir Iain Wood, in an interview with an industry paper he confounded the hopes of the Yes campaign on future potential of 'Scotland's oil'. As mentioned in this blog earlier in the week when I looked at the findings of the N-56 group, Sir Iain also said that there was nothing like the amount of o... Read more

Yet another suspect Keystone 'study' hits the stage

Thursday, August 21, 2014

In the future, honest historians (if such a thing still exists in the future) will look back on the green movement's demonization of the Keystone XL Pipeline as perhaps the single most dishonest advocacy campaign in American history. Never has such a mass quantity of misinformation and outright lies been distributed by activists and parroted by clueless and/or sympathetic media outlets about a single inanimate object as has been directed at this pipeline project. The latest example comes from U.S.-based researchers affiliated with the Stockholm Environment Institute. The report absurdly claim that increased carbon emi... Read more

Deep Water Fields - the end or the end of the beginning?

Thursday, August 21, 2014

For the last 20 years - or much longer if you rightly include the Gulf of Mexico and Brazil - the discovery of Deep Water Fields has been the target of much exploration spend and even more development Capex, and as a result production from them now represents a significant slice of global non-Opec production. But today it's possible to take a gloomy view: Discoveries appear to be drying up, with several high profile dry holes in the South Atlantic for example: perhaps we have simply run out of prime geology? The cost of deep water exploration and appraisal wells has exponentiated: let's face it, economics goes ... Read more

Oil price, Chariot, Sundry + catch up, And finally...

Wednesday, August 20, 2014

Oil price The Brent/WTI differential you may have noticed, is swinging around a lot at the moment, yesterday it was down to Brent rallying and WTI weaker ahead of the expiry today. Brent actually looked technically very dodgy during the day, traders are watching the $101.40 support very carefully and at one stage it touched $101.07 but bounced off it and at the moment we are at last nights close levels. WTI looks a little better after the API inventory stats showed a draw of 1.4m barrels, slightly higher than forecasts. Underlying of course things do remain bearish as I have been suggesting for some time (see the IG vide... Read more


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Opinions & Commentary

Oil price, Sundry round up, And finally...

by Malcolm Graham-Wood

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