U.S. crude oil production is expected to rise more than previously expected to 12 million barrels per day by the fourth quarter of 2019, the U.S. Energy Information Administration said on Tuesday in a monthly report.
The agency forecast that U.S. crude oil output will rise by 1.14 million barrels per day (bpd) to 11.86 million bpd on average next year, according to the short term energy outlook. Last month, it expected a 750,00-bpd year-over-year increase to 11.44 million bpd. Overall, the agency's forecast has increased by more than 1 million bpd since January.
The forecast projects that U.S. crude output could reach 12 million bpd by the fourth quarter of 2019, nearly 500,000 bpd above previous estimates for production in that quarter.
The agency lifted its 2018 production estimate to 10.72 million bpd, expecting growth of 1.37 million bpd, according to the report.Unfortunately it's the wrong kind of oil.
Morocco gas discovery "significantly exceeds" estimates -- Rigzone. Link here.
North Africa focused oil and gas company, SDX Energy Inc, has made a conventional natural gas discovery at its LMS-1 exploration well on the Lalla Mimouna permit in Morocco.
LMS-1 was drilled to a total depth of 3,799 feet and encountered 54 feet of net conventional gas pay sands. The well is now being completed as a conventional natural gas producer and will be perforated and tested approximately 30 days after the drilling rig has left the site.
The latest discovery on Lalla Mimouna follows SDX’s previous conventional natural gas find on the permit, which was announced on April 20. This discovery was made at the company’s LNB-1 well, which was drilled to a total depth of 6,105 feet and encountered 984 feet of gas bearing horizons.Shell to sell stake in Canadian Natural for about $3.3 billion -- Reuters. Link here.
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