Utica Play Economics Are Middleweight, Enverus Says
Enverus Intelligence Research said in a report that the Utica shale in...
Enverus Intelligence Research said in a report that the Utica shale in Ohio is not the best or the worst U.S. oil play. It's right there in the middle.
Enverus reported that a new well performance analysis shows that Utica’s economics demonstrate “competitiveness” with established oil plays in the Lower 48.
"A relatively small and consistent proven fairway for Utica oil achieves economics that rank below the Midland, Delaware and Denver-Julesburgbut above theBakken and Eagle Ford,” said Mah Noor Imtiaz, an associate at Enverus.
Enverus said recent wells in the Utica need longer laterals to achieve production rates in the first six months comparable to those in the Delaware Basin in Texas and New Mexico. Operators are drilling step-out wells around the main part of the Utica that may extend the play.
Shell, Equinor JV to Create UK's Largest Independent Oil, Gas E&P
Shell said on Dec. 5 that Equinor and Shell's U.K. subsidiaries will...
Shell said on Dec. 5 that Equinor and Shell's U.K. subsidiaries will combine their offshore oil and gas assets to form a new company that would be the country’s largest North Sea producer.
Shell said the joint venture will produce more than 140,000 boe/d in 2025. Subsidiary Equinor UK Ltd. currently averages 38,000 boe/d, and Shell U.K. Ltd. 100,000 boe/d.
Financial details about the transaction weren’t disclosed. The deal, expected to close by the end of 2025, will form a new, independent producer owned 50-50 by Equinor and Shell.
Saudi Arabia is losing its oil dominance as US eyes more domestic production
While the kingdom has long dominated the OPEC alliance and wants to...
While the kingdom has long dominated the OPEC alliance and wants to keep oil prices high to fund its trillion-dollar infrastructure projects, other member nations are pushing back ahead of an OPEC+ meeting today. (The US is not a member of either coalition.) They want to make as much money as possible before President-elect Trump returns to office and his “drill, baby, drill” plans further dent Americans’ need for foreign oil. The Wall Street Journal reported that US officials anticipate the US will produce an average of 13.2 million barrels of oil per day this year, which was 47% higher than Saudi Arabia’s average in October.
French PM Michel Barnier ousted by no-confidence vote. Three...
French PM Michel Barnier ousted by no-confidence vote. Three months after being appointed by French President Emmanuel Macron, the conservative Prime Minister Barnier got booted by members of left- and right-wing parties after he bypassed the lawmakers to force a budget bill through Parliament. Macron has asked Barnier to stay in a caretaker role while the president finds a replacement PM, which will be tricky since no party in the lower house has a working majority. The BBC reports that Macron will be acting quickly because President-elect Trump will be in Paris this weekend for the reopening of Notre-Dame Cathedral, and it would be kinda embarrassing for him to discover the nation got a new golden rooster but…doesn’t have a functioning government.
Fed Chair Jerome Powell said he isn’t concerned about the central bank losing its independence under a Trump presidency while speaking at the DealBook Summit.
Coca-Cola drastically scaled back its plastic-reduction goal.
Jared Isaacman, the billionaire who became the first private astronaut to complete a spacewalk earlier this year, has been chosen by President-elect Trump to head NASA.
Mercedes gave Pope Francis the first all-electric Popemobile.
Oil prices rise with all eyes on OPEC+ supply decision
TOKYO (Reuters) - Oil prices rose on Thursday...
TOKYO (Reuters) - Oil prices rose on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring tension in the Middle East.
Brent crude futures climbed 12 cents, or 0.2%, to $72.43 a barrel by 0103 GMT while U.S. crude futures were at $68.70 a barrel, up 16 cents, or 0.2%. Both benchmarks fell nearly 2% on Wednesday.
The Organization of the Petroleum Exporting Countries and its allies in OPEC+ are likely to extend their latest round of oil production cuts by at least three months from January when it meets online at 1100 GMT on Thursday, OPEC+ sources told Reuters, to provide additional support for the oil market.
