From: Shale SmartBrief Powered by API
To: Scott Jenkins,
Subject: IEA: U.S. shale oil production continues growth despite price drop
Date: Tue Nov 18 17:54:43 MST 2014
U.S. shale revolution to continue amid oil market changes | IEA: Multiple threats to global oil supply disguised by U.S. shale boom | EIA: More crude, petroleum products shipped by rail amid rising Bakken output
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November 18, 2014
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IEA: U.S. shale oil production continues growth despite price drop
Shale oil production in the U.S. continues to grow despite a decline in oil prices, according to the International Energy Agency's monthly oil market report. Oil companies in the U.S. produced 12.2 million barrels of crude oil, natural gas liquids and condensate per day last month, while production of crude oil increased 1% to 9.06 million barrels a day in the first week of November, the report showed. "Efficiency gains in light, tight oil production have been constant, and price pressures would only provide more impetus for producers to cut costs further," the agency said. Bloomberg Businessweek (11/14)
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U.S. shale revolution to continue amid oil market changes
U.S. shale oil production is closely linked to global oil prices and the Organization of the Petroleum Exporting Countries, writes John Kemp, senior market analyst at Reuters. Although market changes, which include oil price declines, will inevitably result in a slowdown in domestic production, the shale revolution will persist and the U.S. will "continue to have a much bigger role in global supply," he notes. Although other plays have already manifested slow growth, North Dakota's Bakken Shale remains strong and could be saved from the worst impact brought by market changes as it "has become a relatively mature play," Kemp writes. Reuters (11/12)
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IEA: Multiple threats to global oil supply disguised by U.S. shale boom
The surge in U.S. shale oil production covers up multiple challenges that could pose risks to the global oil supply, including conflicts in the Middle East and Ukraine and obstacles to unconventional production outside North America, according to an International Energy Agency report. It noted that annual oil investment should amount to about $900 billion by the 2030s to meet the growing demand for oil. Consumption is expected to climb from 90 million barrels of oil per day last year to 104 million barrels per day in 2040, the report said. Bloomberg Businessweek (11/12)
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EIA: More crude, petroleum products shipped by rail amid rising Bakken output
Rail shipments of crude oil and petroleum products from January to October this year increased more than 10% from the same period last year, the Energy Information Administration reported. The growth is partly attributed to the surging crude oil output from North Dakota's Bakken Shale, "where pipeline takeaway capacity is limited in moving the state's growing oil volumes to market," the agency said. United Press International (11/13)
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Halcon plans to slow down drilling in Tuscaloosa Marine Shale, exec says
Halcon Resources has decided to slow down its drilling activity in Louisiana and Mississippi's Tuscaloosa Marine Shale due to high drilling costs and declining crude oil prices, Chairman and CEO Floyd Wilson said. He said the company plans to withdraw its two rigs from the play and concentrate operations in the Williston Basin and the El Halcon in the Eagle Ford Shale. The company, however, intends to maintain investments in some TMS wells that it does not operate, Wilson added. (11/11)
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Marcellus Shale gas output to surpass 16 Bcf/d next month, EIA says
New York Subpoenas Energy Companies
(Fred R. Conrad/The New York Times)
Natural gas output from the Marcellus Shale is expected to reach about 15.9 billion cubic feet per day this month, the Energy Information Administration said in a report. Output will then rise to approximately 16.1 billion cubic feet per day in December, the agency predicted. American City Business Journals/Pittsburgh/Energy Inc. blog (11/11)
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Canadian firm tests waterless fracking at Utica Shale well
Canada-based GasFrac Energy Services said it began testing a fracturing method using gelled propane, instead of water, at a well in Ohio's Utica Shale. Oil and natural gas companies that have interests in the test well are watching whether the method can be applied to other wells. Company executives said the state's drilling regulations could encourage the use of the technique, as a waterless fracking method could mitigate risks for seismic activity. American City Business Journals/Columbus, Ohio/Energy Inc. blog (11/17)
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Ill. regulator publishes final draft of fracking rules
The Illinois Department of Natural Resources has released its final draft of regulations governing hydraulic fracturing. While many hailed the release of the rules, industry groups said some provisions would result in over-regulation. Other groups are concerned that the draft appears to be a weaker, stripped-down version of the previous drafts. Chicago Tribune (tiered subscription model) (11/14)
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Feds release plan to allow fracking in parts of Va. national forest
The U.S. Forest Service has issued a management plan permitting hydraulic fracturing operations in parts of the George Washington National Forest in Virginia. The plan would authorize drilling on 167,000 acres in the forest that have existing private mineral rights and on approximately 10,000 leased acres in Highland County, Va. The agency said companies would need environmental reviews and opportunities for public comment before drilling in the forest. San Diego Union-Tribune/The Associated Press (11/17)
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Bank of North Dakota benefits from fast growth, high returns from shale oil boom
The Bakken Shale oil boom has greatly benefited the Bank of North Dakota through deposits of mineral-rights royalty payments and taxes, with a growth rate that is worthy of comparison with those of larger institutions, according to this analysis. The public bank saw an increase in total assets from $2.8 billion in 2007 to $6.9 billion in 2013, much faster than Bank of America's growth in the same period. The bank's return on equity is also about 70% higher than Goldman Sachs' and JPMorgan Chase's. The Wall Street Journal (tiered subscription model) (11/16)
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When nothing seems to help, I go look at a stone-cutter hammering away at his rock perhaps a hundred times without as much as a crack showing in it. Yet at the hundred and first blow it will split in two, and I know it was not that blow that did it, but all that had gone before."
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