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$1 Billion a Day Bottleneck? | OutPut by Rig Lynx

June 8, 2018
| Archives

More than $1 billion a day. That’s how much value a Permian Basin pipeline crunch wiped out from the explorers most focused on the booming U.S. shale region in two weeks. Eight of the Permian’s so-called pure-play drillers lost $15.6 billion in combined market value in the 15 days through Tuesday, as shipping constraints devour the profit they can fetch

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$4 Million for Arctic Refuge Construction | OutPut by Rig Lynx

June 8, 2018
| Archives

  ANCHORAGE, Alaska – The Trump administration said on Thursday it would spend $4 million on construction projects in the Arctic National Wildlife Refuge in preparation for oil drilling in the nation’s biggest wildlife park. In an announcement that touted planned improvements to U.S. Fish and Wildlife Service visitor facilities, the Department of the Interior said it has approved

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Crude Headed Out of Kenya for the First Time | OutPut by Rig Lynx

June 5, 2018
| Archives

  Kenya sent on Sunday the first trucks transporting crude oil from the oil-rich but landlocked northern region of Turkana to the port of Mombassa, for the country’s first oil exports as part of a pilot export scheme. As early as in the middle of May, Kenya had 70,000 barrels of oil stored in Turkana, waiting to be trucked to the Mombasa port

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Sri Lanka Coming Back? | OutPut by Rig Lynx

June 5, 2018
| Archives

Interest in oil and gas exploration in Sri Lanka is showing signs of rebounding, according to oil and gas analysts at BMI Research. “After years of muted exploration activity amid a global oil price downturn, appetite for oil and gas exploration in Sri Lanka is gradually returning, alongside stronger prices and improving market fundamentals,†the analysts said in

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Shale Drillers Tech Worrying OPEC | OutPut by Rig Lynx

June 5, 2018
| Archives

Interesting article below from Wall Street Journal on the technology our friends in the Permian are using… What doesn’t kill you makes you stronger. Two years ago, it looked like Saudi Arabia was winning its fight against the U.S. shale oil industry by furiously pumping crude to drive down prices. Some drillers went bust and many more flirted with

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Mass Exodus from Iran | OutPut by Rig Lynx

June 4, 2018
| Archives

The threat of U.S. sanctions has prompted Russian oil giant Lukoil to put its plans to develop projects in Iran on hold while the Indian company that owns the world’s largest oil refining complex plans to stop buying oil from Iran, Reuters reported on May 30. Both developments showed the difficulty faced by governments like Russia, France, and

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No Oil to Carry, Where to Go? | OutPut by Rig Lynx

June 4, 2018
| Archives

The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations. Workers pull a rope tied to a decommissioned oil rig to dismantle it at the Alang shipyard in Gujarat, May 29, 2018.

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