Baker Hughes has reported that the number of oil and gas rigs in the United States fell for yet another week, this time dipping 11 rigs—most of which was a loss to the number of oil rigs—the largest decline in the number of oil rigs this year. WTI and Brent continue on their upward trend… Read more »
Posts By: Olivia Cao
Will The Third Great Energy Revolution End The Oil & Gas Industry?
The history of crude oil and natural gas is a history of technological innovation. Until recently the innovation supported crude oil and natural gas. Now, it challenges it, causing structural changes in the crude oil and natural gas markets. Originally, crude oil was only used for lighting. This changed following the invention of the internal… Read more »
How Many Barrels Of Oil Are Needed To Mine One Bitcoin?
The Bitcoin boom is well and truly underway, and investors are constantly looking for new ways to gain an advantage in this space. The best way to do this, it seems, is by cutting the energy costs of mining this precious commodity. The Bitcoin mining industry consumes 22.5 TWh of energy annually, which amounts to… Read more »
Saudi Rhetoric Sends Oil Prices To Two-Year High
Comments made by Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS), sent Brent crude to its highest in more than two years, to US$59.30 a barrel, Reuters reports. West Texas Intermediate was more impervious to the comments, but it also gained a few cents, to close at US$52.64 a barrel—the highest in six months. The… Read more »
UK North Sea Oil Faces Quickening Decline If No Brexit Deal
(Bloomberg) — The U.K. oil and gas industry faces a faster decline if Prime Minister Theresa May fails to agree to a trade deal with the European Union, as restrictions on the movement of workers and equipment would increase costs. A “no deal” Brexit, which has become a stronger possibility after talks ended in a deadlock… Read more »
Cost Control Key to North Sea Production Growth
The North Sea is back. Again. Having already been written off once in the 80s and survived, North Sea production is now seen to be recovering even in the Era of Shale thanks to the lower cost structures brought by independent operators. Those were part of the assessments presented by S&P Global Platts at the… Read more »
ExxonMobil ‘Puts Guyana on the Map’ with Discovery
Exxon Mobil Corp. on Thursday reported its fifth new oil discovery after drilling the Turbot-1 well offshore Guyana with the Stena Carron drillship. “The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana,” ExxonMobil Exploration Co. President Steve Greenlee said in a company announcement. “ExxonMobil, along… Read more »
Scotland Rejects Fracking, Citing Overwhelming Public Opposition
EDINBURGH, Oct 3 (Reuters) – Scotland will block fracking indefinitely after a public consultation found overwhelming opposition to the practice, the British region’s energy minister said on Tuesday in a victory for environmentalists. Scotland imposed a moratorium on fracking, the process of fracturing underground shale rock to release gas and oil, in 2015 and that… Read more »
Taxpayers Likely To Pick Up The Growing Tab For DAPL Protests
The months-long protests against the construction of a section of the Dakota Access crude oil pipeline will cost the state of North Dakota around US$39 million, after the state’s Emergency Commission voted to borrow an additional US$5 million to pay for policing services provided by as many as 11 other states—and taxpayers may likely be… Read more »
DOE Seeks To Boost Usage Of Carbon Capture Tech
Secretary of Energy Rick Perry has approached the National Petroleum Council to help find effective applications of carbon capture technology in oil and gas production, Reuters reports, citing a meeting of the 200-member industry body with Perry and Interior Secretary Ryan Zinke. While carbon capture technology is certainly “exciting”, to use the Secretary of Energy’s… Read more »
