Just A Matter Of Time: "Every Arab For Himself" -- May 11, 2017

On April 30, 2017,  I posted a a commentary that could have been titled: "every Arab for himself." Compare that post with this op-ed over at CNBC: This oil rebound is just another fake-out. Here's where prices are really headed."

It's Just A Matter Of Time, Randy Travis

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The Never-Ending Story

The Kashagan is followed here.  

The EIA provided an update today:

Kazakhstan is a major oil producer. The country’s estimated total petroleum and other liquids production was 1.698 million barrels per day (b/d) in 2016. Oil field development in Kazakhstan reached two milestones in 2016.

In October 2016, Kashagan field resumed production after years of delays. In July 2016, the Tengizchevroil consortium made a final investment decision on a project to increase liquids production at the Tengiz field by about 260,000 b/d. --- EIA

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Indonesia

Had it not been for the blogging, I would not have known (for quite some time) that Indonesia is now a net importer of oil. This is not a new story. But apparently for some it is a new story but this article provides a bit of background. From Bloomberg:

Red tape, rising costs and declining crude prices are throttling exploration in Indonesia, the former OPEC member that now produces less oil than it uses.

Only 20 percent of the 287 onshore rigs operated by contractors for local and foreign explorers are at work, compared with 60 percent in 2012.

Four out of six offshore rigs are operational. The decline in drilling reflects uncertainty over regulation, a complicated permits system as well as high production costs that have deterred investments for new exploration.

It’s a challenge the government needs to tackle for success in its plan to overhaul the nation’s energy policy and lure as much as $200 billion to the sector over the next decade as domestic demand rises. A 2015 auction of oil and gas blocks failed because the terms offered weren’t attractive for bidders.

Much more at the link. Including Bloomberg's masthead.