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The 3rd Annual Frac Sand Supply & Logistics Conference

Wednesday, August 20, 2014 until Friday, August 22, 2014  |   Posted by The Petroleum Connection

Oil and Gas Offshore Support Vessels Summit

Monday, August 25, 2014 until Wednesday, August 27, 2014  |   Posted by IQPC

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

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Petroleum workers Emergency First Aid

Thursday, August 21, 2014 until Thursday, August 21, 2014  |   Posted by Allstar Enviro Safety

The 4 Day MBA in Oil and Gas in Kuala Lumpur

Monday, August 25, 2014 until Friday, August 29, 2014  |   Posted by Warren Business Consulting

Effective Materials Management

Monday, August 25, 2014 until Friday, August 29, 2014  |   Posted by Tabor Energy Solutions

The Power of Persuasive Business Writing (OBW)This event has a discount code!

Monday, August 25, 2014 until Wednesday, August 27, 2014  |   Posted by 360 International Limited

Introduction to Open Hole Log Analysis

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

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

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Opinion & Commentary

The Clair Oilfield - distilling facts from fiction

Tuesday, August 19, 2014

In an email last week: Recently a number of friends of mine have been telling me that the largest oil field in the world has been discovered encompassing BP Clair Ridge. They further tell me that the UK government has ordered BP to stay quiet about this until after the independence referendum. Now this seems unlikely to me to say the least but I wonder if you have any comment. I agreed to write a short post setting out the facts as I understand them. I do not own any shares in BP, but many years ago I was involved in geochemical and mineralogical characterisation of the reservoir that led to the development of techniques... Read more

Two myths associated with U.S. shale oil

Monday, August 18, 2014

Myth Number 1: The U.S. is approaching energy independence. There is no doubt we are in the midst of a shale oil revolution. But the growth of production has led to reporting that might charitably be described as overly optimistic. In fact, the Wall Street Journal reported last week, in an article entitled Democrats Warming to the Energy Industry, “Since March 2008, oil production has increased 58% and natural-gas output has risen 21%, making the U.S. the world’s largest producer of both fuels, according to federal and international agency statistics.” I don’t know which federal statistics tha... Read more

Oil price decline - to what price?

Monday, August 18, 2014

Triple Digit Prices are Not Forever In what is only superficially amazing at a time when Islamic insurgency, including Boko Haram in Nigeria and ISIS in Iraq may be threatening the state, civil society and the oil sector in major exporter countries, oil prices are declining quite rapidly. The “magic three digit” price level for oil - $100 a barrel come rain or shine – has been seriously eroded for US WTI and may soon also be attacked for Brent. The major reason for this decline is sharper than expected and forecast decline in leading economic indicators for many large importer countries, including Japan ... Read more

Oil price, Sundry news items- Rosneft-Genel-Salamander-Fastnet-Apache and finally...

Monday, August 18, 2014

Oil price Its the silly season alright and with lots of people away its not easy finding much to get ones teeth into. The oil price is without doubt under pressure indicated by the Brent contango and by fairly random movements dictated by news such as the Ukraine attack on a Russian convoy on Friday night. Brent had fallen sharply with the new contract on Thursday rallied on Friday and drifted off to below $102 last night. Today it is back at $102.46 but the traders tell me that any strength is mainly bear closing. Libya is without doubt increasing exports quite sharply adding to the Atlantic glut whilst Opec is well over... Read more

Energy and the economy - twelve basic principles

Monday, August 18, 2014

There is a standard view of energy and the economy that can briefly be summarized as follows: Economic growth can continue forever; we will learn to use less energy supplies; energy prices will rise; and the world will adapt. My view of how energy and the economy fit together is very different. It is based on the principle of reaching limits in a finite world. Let me explain the issues as I see them. Twelve Basic Principles of Energy and the Economy 1. Economic models are no longer valid, as we start getting close to limits. We live in a finite world. Because of this, the extraction of energy resources and of resources ... Read more

Using clusters as a regional development strategy for marginal fields in the North Sea

Friday, August 15, 2014

The UK North Sea is a mature basin with an extensive and well-developed network of production infrastructure consisting of platforms, pipelines and onshore processing plants and terminals. The basin has so far produced around 42 billion barrels of oil equivalent (boe), and it is estimated that up to 21 billion boe could be further produced[1]. Over the past four decades, this production capacity has been built up using 'daisy chains' of infrastructure that was originally installed to support large offshore projects, but which has since unlocked new opportunities. Each ‘cluster’ of fields typically start... Read more

Oil price, Shell, Caza, sundry and finally…

Thursday, August 14, 2014

Oil price There was a small rally in the oil price yesterday ahead of the expiry of the Brent contract today but traders tell me that it was a lot of puff and this morning there is already a 50 cent retreat. The EIA stats gave some hope as like the API numbers, analysts were wrong-footed and the forecast draw of 2m barrels turned into a build of 1.4m barrels. Economic data in the Eurozone is poor this morning with the German economy contracting and France stagnating, not good for oil demand. Internationally there is even more crude around to compete with Brent as in Libya the Ras Lanuf terminal re-opened after a year ou... Read more

Oil price, Petrofac, President, EnQuest, Talisman and finally...

Wednesday, August 13, 2014

Oil price - Picnic time for oily bears... The oil market really is well supplied at the moment with everybody who can sell crude doing so, even the speculative traders who normally punt the market with other peoples money have disappeared from the scene. At the risk of repeating the same old story on a daily basis all the pointers are directing the prices lower. Economic stats from China this morning were bearish as output growth unexpectedly slowed as did money supply growth. All the reporting agencies are producing stuff at the moment, its almost too much to assimilate but further to the IEA report they expect US oil s... Read more

Oil price, Mexico, Ithaca Energy, Trapoil, Lamprell and finally...

Tuesday, August 12, 2014

Oil price Weakness in the oil price persists, especially in Brent crude which fell yesterday and this morning has dropped below $104, traders yesterday saw it in the $104.40-105.40 range, but the support just isn't there. There is no doubt that supply is trumping geopolitics at the moment and for those looking for a breakout, such as at IG where I talked last week, the downside has the upper hand. Market fundamentals are in the IEA monthly report out this morning, in July, Opec production was at a five month high of 30.44m b/d and Saudi Arabia was up at 10m b/d so even with high summer domestic demand it was filling t... Read more

Making sense of the US oil story

Tuesday, August 12, 2014

We frequently see stories telling us how well the United States is doing at oil extraction. The fact that there are stories in the press about the US wanting to export crude oil adds to the hype. How much of these stories are really true? If we believe the stories, the US is now the largest producer of oil liquids in the world. In fact, it has been the largest producer since the fourth quarter of 2012. Figure 1. US Total Liquids production, including crude and condensate, natural gas plant liquids, “other liquids,” and refinery expansion. Oil “Extenders” One of the issues is that a few years ago... Read more

Tech Talk - Rig counts in the Middle East

Monday, August 11, 2014

In recent posts about the situation in the Middle East, I have noted the need for Aramco to increase the number of drilling rigs that it must use, since it is now looking for natural gas in their tight sand deposits rather than finding the large reserves that they had hoped in the shale reservoirs. It is interesting in this regard to plot the number of rigs that have been working in the Middle East. Getting the overall data from Baker Hughes the rig count can be plotted, over time, to give the following: Figure 1. Rig Counts in the Middle East (Baker Hughes) If one looks at the trend for the last twelve months, it h... Read more

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Opinions & Commentary

Oil price, Amec, Northern Petroleum, Gulf Keystone, Sundry and finally...

by Malcolm Graham-Wood

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