The Energy And Market Page, T+80 -- April 11, 2017

Updates

April 13, 207: this is why I generally don't blog about (or, for that matter, care about) Libya: today, it is being reported that Libya's Wafa oil and gas field reopens; force majeure lifted. Libya's daily ups and downs are simply background noise.

Original Post

Break-even prices: consider the source (contributor: Art Berman). Read the few comments. Archived.

Libya: I generally don't blog about (or, for that matter, care about) Libya but this was the top story over at Rigzone today and the headline got my attention: Libya halts Sharara oil loadings as biggest field shuts down. Now the question is: why did the field shut down? I assume Libya is complying with OPEC decision to cut production. LOL. Data points:

• Libya declares force majeure over this stoppage
• unclear why the pipeline was shut down
• Sharara was pumping 200,000 bopd

WTI: futures. Down slightly. Obviously Libya force majeure has no effect on the oil market.

Update: the production for this Bakken well was posted yesterday. Overnight a reader sent me a note providing some background regarding a neighboring frack. The 8,808 bbls over 18 days extrapolates to 15,000 bbls over a 31-day month which is the best production this well has ever had. The first full month of production after its frack in late 2011 was 14,500 bbls, and then dropped, consistent with the well-known Bakken decline.

North Sea: decommissioning costs are looming on a scale not seen before anywhere in the world. An estimated 500 fixed installations must be removed from the North Sea, along with more than 500 subsea production systems. The plugging and abandoning of more than 10,000 wells is also anticipated.