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Shale Gas “veritable revolution†is an understatement | OutPut by Rig Lynx

July 8, 2018
| Archives

The shale gas revolution is turning ten years old and is apparently only just getting started. A new report by the business information provider IHS Markit traces the remarkable rise of the shale gas in the United States over the past decade and projects that natural gas production will grow by another 60% over the next 20 years. “To say that the ‘Shale

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Citgo trying to dodge a $2 billion bullet from Conoco | OutPut by Rig Lynx

July 8, 2018
| Archives

ConocoPhillips has won a court ruling allowing it to depose Citgo, the U.S. unit of troubled Venezuelan state oil company PDVSA, Reuters reports. The move is part of Conoco’s offensive against PDVSA in a bid to enforce a court ruling that awarded it US$2 billion in compensation for the forced nationalization of company assets in Venezuela. So far, as

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How fast can you loose $5 billion? OutPut by Rig Lynx

July 7, 2018
| Archives

John Fredriksen’s stake in Seadrill Ltd., once worth more than $5 billion, was virtually wiped out in the oil-market crash. Now, the Norwegian-born shipping tycoon is placing a new wager on offshore drilling after overcoming a bondholder rebellion and pushing through the most complicated restructuring ever for the industry. After more than two years of negotiations with banks, new

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US Rig count rises by 5 this week | OutPut by Rig Lynx

July 7, 2018
| Weekly Rig Count

Rig counts in the U.S. rose by five last week, the Houston energy services company Baker Hughes reported. In the U.S. 1,052 rigs are working, a figure that is 100 rigs higher than a year ago. The five added rigs were all in oil drilling. That count stands at 863. Texas lost four rigs while Alaska and Utah lost two.

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Energy independence, is it worth it? | OutPut by Rig Lynx

July 7, 2018
| Archives

In January 1977, the awful day arrived: U.S. petroleum imports rose above the magical 50% mark. Yet somehow the world failed to end. Now, with U.S. net imports comprising only 20% of our usage (including natural gas liquids), the supposed energy dominance of the United States finds us still turning to Saudi Arabia rather like Dicken’s Oliver Twist asking, “Please,

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Mid 2020 before new Nigerian refinery comes online | OutPut by Rig Lynx

July 7, 2018
| Archives

Africa’s richest man Aliko Dangote, who is financing the construction of one of the world’s largest oil refineries, believes that the 650,000-bpd facility could be near its full capacity by the middle of 2020, which would be some one and a half years later than the originally planned startup date. Back in 2016, Dangote, a construction and concrete magnate

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Oil primed for a super spike? | OutPut by Rig Lynx

July 6, 2018
| Archives

Oil investors may regret urging companies to cough up cash now instead of investing in growth for later as the dearth of exploration is setting the stage for an unprecedented crude price spike, according to Sanford C. Bernstein & Co. Companies have been compelled to focus on boosting returns and shareholder distributions at the expense of capital expenditures

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Aramco is changing the formula | OutPut by Rig Lynx

July 6, 2018
| Archives

Saudi Arabia has turned its oil market fortunes around over the past 1 ½ years. From facing potential financial collapse due to a historic supply overhang of crude on the back of U.S. shale oil production and Riyadh’s late 2014 decision to turn on the oil production spigot to flood markets, retain market share and drive prices

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