Libya: irrelevant. One million bopd taken out of production and Brent? Drops 1.43%; trading near $64. WTI? Below $58.
Groundhog day: from April 11, 2017:
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:Iraq: BP pulls out of Iraq's Kirkuk oil field as expansion plans stall.
WTI: futures. Down slightly. Obviously Libya force majeure has no effect on the oil market.
- Libya declares force majeure over this stoppage
- unclear why the pipeline was shut down
- Sharara was pumping 200,000 bopd
Back to the Bakken
Back to the Bakken
Wells coming off confidential list today -- Tuesday, January 21, 2020: 74 for the month; 74 for the quarter, 74 for the year:
- 36289, drl, Rimrock, Two Shields Butte 3-24-12-3H3A, Mandaree,
- 34989, 681, Nine Point Energy, Gibbins 154-103-11-2-7H, Painted Woods, t8/19; cum 78K 11/19;
- 36288, drl, Rimrock Two Shields Butte 3-24-12-3HA, Mandaree,
- 36154, 1,825, Whiting, Martell 34-36HU, Glass Bluff, t7/19; cum 66K 11/19;
- 33155, SI/NC, BR, Mathistad 7-8-35 MBH, Croff, no production data,
- 362728, drl, WPX, Pheasant 33-28HTL, Spotted Horn,
- 35880, 532, Whiting, Meiers 12-17-3H, Sanish, t9/19; cum 41K 11/19;
- 35015, 738, Nine Point Energy, Gibbins 154-103-11-2-8H, Painted Woods, t8/19; cum 72K 11/19;
- 33154, SI/NC, BR, Croff 8-1-2 UTFH, Croff, no production data,
- 36199, drl, WPX, Pheasant 33-28HD, Spotted Horn,
- 35996, 1,533, Whiting, Martell 34-36-3H, Glass Bluff, t7/19; cum 61K 11/19;
- 35904, 2,768, CLR, Honolulu 6-15H, Indian Hill, t7/19; cum 123K 11/19; 43K month;
- 35506, 2,046, CLR, Weisz 8-11H, Pleasant Valley, t11/19; cum 38K 11/19; a 38K month;
- 34175, 1,286, CLR, Ravin 7-1H, Dimmick Lake, t8/19; cum 112K 11/19; a 36K month;
- 32780, SI/NC, BR, Cleoff 8-1-2 MBH-ULW, Croff, no production data,
- 36397, SI/NC, Rimrock, Two Shields Butte 4-24-11-1HU, Mandaree, no production data,
- 36200, drl, WPX, Pheasant 33-28HZ, Spotted Horn,
- 35687, SI/NC, BR, Tailgunner 1B TFH, North Fork, no production data,
- 35686, SI/NC, BR, Tailgunner 1A MBH, North Fork, no production data,
- 35505, 1,620, CLR, Weisz 7-11H1, Pleasant Valley, t11/19; cum 29K 11/19;
- 34826, drl, Hess, HA-Nelson A-152-95-3427-9, Hawkeye,
- 32779, SI/NC, BR, Veederstad 8-8-35UTFH-ULW, Blue Buttes, no production data,
Canadian oil and natural gas producers were dancing very much to the same tune as their U.S. counterparts in 2019: reduce capital spending, live within cash flow and improve returns to investors. The only major difference for Canadian gas producers is that they were forced to dance even faster due to abysmal natural gas pricing during the summer of 2019, which cast a very negative pall over the whole sector for the remainder of last year. Although the focus on spending restraint, cash flow and returns has not changed for these producers upon entering 2020, there are encouraging signals that Canadian gas pricing will be materially improved this year, especially during the summer months, supporting higher cash flows and a cautious expansion in capital spending. Today, we examine the drivers behind what might increase capital spending by gas producers and lead to an increase in supplies.