Pages

Tuesday, July 14, 2020

Only One Well Coming Off The Confidential List Today -- July 14, 2020

OPEC basket, link here: flat at $43.38. Saudi can't survive on $40-oil.

Ouch: oil price crash to cost Middle East producers $270 billion in revenue. 
The economies in the Gulf alone are set to experience a combined contraction of 7.6 percent this year because of the oil price crash, a senior IMF official forecast earlier this month.
This is a sharp downward revision from an earlier forecast by the international lender, which saw the Gulf economies—the six states that make up the Gulf Cooperation Council—experiencing negative growth of 2.7 percent. "
The oil sector will shrink sharply by around 7.0 percent and it will be accompanied by a drop in the non-oil sector also," said Jihad Azour, director of the Middle East and Central Asia department of the International Monetary Fund said at a webinar this week.
Exxon - Guyana: huge problems persist

The bans are coming: no links. Google it. More and more jurisdictions are putting in place laws to restrict the sale of ICEs (gasoline/diesel vechicles) or ban them altogether. One example: Scotland, 2032. The grid can't possibly handle the load, but that's only one of many challenges. This will be fascinating to watch.

****************************
Back to the Bakken

Active rigs:


$39.667/14/202007/14/201907/14/201807/14/201707/14/2016
Active Rigs1156675829


Only one well coming off the confidential list today -- Tuesday, July 14, 2020: 44 for the month; 44 for the quarter, 490 for the year:
  • 36950, drl/NC, Petro-Hunt, USA 153-95-8A-31-2H, Charlson, no production data,
RBN Energy: Cheniere's midship shuffles gas flows east from SCOOP/STACK plays, part 2. Archived.
In the nearly three months since it began initial service, natural gas flows on Cheniere Energy’s Midship Pipeline out of the SCOOP/STACK have ramped up, and now consistently top 700 MMcf/d. This, despite production from the Oklahoma basins declining by close to 10% in that time. In other words, Midship is doing what it was supposed to do — namely, giving producers and shippers incremental capacity to reach relatively more attractively priced markets.
However, the pipeline was also meant to connect that supply region with growing LNG export demand on the Gulf Coast, which has been slashed in recent months as global oversupply and poor economics have marginalized U.S. LNG cargoes. That raises the question, where are Midship flows heading? Today, we provide an update on Midship gas flows.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.