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Oil price, Premier Oil, Sundry, And finally...

Oil price Its the last working day of the month and whilst for Brent its been quite good, up 13% over the period, for WTI it has not been so much fun, indeed at $48.17 it is flat, only three cents higher than at the beginning of the month. This has had its effect on the differential which you can s...
» Written by Malcolm Graham-Wood on Friday, February 27, 2015

Oil price crash update

In the fast moving oil market much of the fundamental data only becomes available for general consumption at least one month in arrears. But EIA oil price data and Baker Hughes rig counts are available weekly and with much action going on it is worthwhile updating. The price plunge seems to have re...
» Written by Euan Mearns on Thursday, February 26, 2015

Role of Wages of the Common Worker in Oil Prices, Collapse

In their book Secular Cycles, Peter Turchin and Surgey Nefedof point out the important role falling wages of the common workers played in early collapses. I got to thinking that this might be an issue with our current situation as well, including the low level of oil prices. I explain this in two p...
» Written by Gail Tverberg on Thursday, February 26, 2015

Oil price, Petrofac/Ithaca, Gulf Keystone, San Leon, Petroceltic, Providence Resources, And finally...

Oil price Another late and brief blog, much to expand on later in the week I hope. With Janet Yellen doing her testimony to the Senate Banking Committee markets waited to hear news of US recovery and growth, overall it was good news but only just, instead of being at least two fed meetings away int...
» Written by Malcolm Graham-Wood on Wednesday, February 25, 2015


Why reservoir depth matters for steam flooding

When you are checking out the screening criteria for a successful steam flood, the fact that there is a depth limitation might seem a little surprising. You would expect to see the reservoir quality and thickness limits and we all know steam flooding is most effective with heavy oils; but why does d...
» Written by Stephen A. Brown on Wednesday, February 25, 2015

Oil price, Bowleven,Sundry-Wentworth-LGO- And finally...

Oil price Another fairly short blog today as company news is a bit thin on the ground, this is about to change with the results season almost upon us. Petrofac tomorrow and Premier on Thursday will see me up and about early to attend meetings, for the former, btw, its almost a Capital Markets Day w...
» Written by Malcolm Graham-Wood on Tuesday, February 24, 2015

Oil price, Tower/Premier/Taipan, Gulfsands, UK onshore. And finally...

Oil price With such little company news around I wasnt going to do a blog today but there a few things going on with the oil price worth commenting on. The prices reflect Friday's news and of course include reaction to the rig count numbers which disappointed some of the bulls. On the macro side th...
» Written by Malcolm Graham-Wood on Monday, February 23, 2015

What is Saudi Arabia not telling us about its oil future?

It is popular these days to speculate about why Saudi Arabia cajoled its OPEC allies into maintaining oil production in the face of flagging world demand. As the price the world pays for oil and oil products has plummeted, the price OPEC members are paying in terms of lower revenues is high, even un...
» Written by Kurt Cobb on Monday, February 23, 2015

Here today, gone tomorrow!

To those of us 'of a certain age', the phrase 'here today, ... , gone tomorrow' is redolent of an interview on the BBC in which Sir Robin Day quizzed Sir John Nott, then UK Defence Secretary, immediately following the Falkland's crisis in the early 1980's. Sir Robin's use of this phrase to describe ...
» Written by David Bamford on Friday, February 20, 2015

Oil price, Chariot, Sound Oil, Sundry-BP- And finally...

Oil price It's rig count day so later on we shall see if the significant fall is continuing, no reason why not I suspect. However, looking at the API and EIA inventory stats it should be obvious that rig count falls do not a production cut make, at least not in the short term. Having been spooked b...
» Written by Malcolm Graham-Wood on Friday, February 20, 2015

Oil price, Wood Group, Sound Oil, Egdon/EOG/Union Jack- Sundry-Jupiter-Tangiers- And finally...

Oil price The honeymoon for the oil price came to an abrupt end last night and again this morning after the API announced their inventory numbers. With analysts expecting a build of around 3m barrels the stock build of 14.3m barrels shocked the market which fell as you can see above and again in sp...
» Written by Malcolm Graham-Wood on Thursday, February 19, 2015

UKCS Projects at Break (Even) Point

When the oil price is in three figures there isn't too much angst about what price it takes to payback the investment in a project, but flirt with forty dollars a barrel for a fortnight and suddenly breakeven price is the metric in vogue. So, if you aren't a petroleum economist, how do you work tha...
» Written by Stephen A. Brown on Wednesday, February 18, 2015

Tech Talk: enjoy it while you can

It is perhaps an odd time to be writing about oil shortages. The price of gas in our town has just moved above $2 a gallon up significantly from the $1.64 it was at its recent lowest point, but still very reasonable. Debate still rages as to whether the global price of a barrel of oil has found a bo...
» Written by David Summers on Tuesday, February 17, 2015

Fit for $50 oil: will the boom go bust?

Africa has seen enormous successes in the exploration for hydrocarbons over the last decade, which has seen the entry of new country players in East Africa joining the ranks of their West African neighbours. In 2013 alone, six of the top 10 global discoveries by size were made in Africa - including ...
» Written by Chris Bredenham on Tuesday, February 17, 2015

Three Men in a Boat and Hot Air Exhibition?

When I first saw this headline, I thought perhaps it was a slightly tongue in cheek reference to the three leaders of the main UK political parties publishing a joint on the UK's forward policy on emissions but, no, it was an article about attractions in the Dundee area! A pity!! Anyway, to repris...
» Written by David Bamford on Tuesday, February 17, 2015

Oil price, Hunting, Trinity, Afren, Bahamas, Sundry-EOG-Tangiers-Wood Group-, And finally...

Oil price The Baker Hughes rig count almost went into three figures on Friday afternoon giving bulls a welcome run into the Holiday weekend. The US is shut today for Presidents Day, Happy Birthday Mr Washington. So, the rig count fell by 98 units, 84 of them being in oil and 56 in Texas which unsur...
» Written by Malcolm Graham-Wood on Monday, February 16, 2015

Dealing with the dual challenges of obsolescence and extended life operations

Obsolescence is not a new issue for the offshore energy industry. It can be likened to a stealthy but destructive plague, which hides in the wake of new and changing technologies to take everyone by surprise around a decade into the system life cycle. The increasing significance of obsolescence is a...
» Written by Martin Belshaw on Monday, February 16, 2015

A climate of opinion!

First of all I have to introduce four or five interesting threads.... The most recent one is from the (new) CEO of Shell, asserting that oil&gas companies need to become more fully engaged in the debate about climate change; and I introduce one quote which is: "What can we as an industry do t...
» Written by David Bamford on Friday, February 13, 2015

Oil price, Victoria Oil&Gas, Sundry-Ruspetro-Afren, and finally...

Oil price More fun and games for the oil bulls after taking their feet off the pedals for the last couple of days. Brent celebrates the new contract by being over $60 this morning, as I write it is actually $61.23 buoyed by export shortages from the Middle East primarily. Yesterday I mentioned bad ...
» Written by Malcolm Graham-Wood on Friday, February 13, 2015
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