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Reserves Down, Price Up | OutPut by Rig Lynx

May 31, 2018
| Archives

Crude oil prices moved higher today after the Energy Information Administration reported a draw in crude oil inventories of 4.2 million barrels for the week to May 25, a day after the API pressured benchmarks by estimating an unexpected inventory increase of 1 million barrels for the period. Analysts had expected a build of 920,000 barrels for last week, after a 5.8-million-barrelincrease a week earlier. In

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History: The First Dual-Cone Drill Bit Test | OutPut by Rig Lynx

May 31, 2018
| Archives

Baker Hughes history piece for you…. June 1, 1909 – Howard Hughes Sr. Secretly tests Dual-Cone Drill Bit Drilling near Goose Creek, Texas, Howard Hughes Sr. demonstrated his new creation – a dual-cone roller rock bit. The technological advancement would soon bring faster and deeper drilling worldwide, helping to find previously unreachable oil and natural gas reserves. “In the early

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Even in a boom, some are getting out… | OutPut by Rig Lynx

May 30, 2018
| Archives

Abraxas Petroleum Corp.’s chairman and CEO said it’s getting harder for smaller oil companies to compete for land in U.S. shale fields and that drilling in the Eagle Ford Shale isn’t economical for them. Watson said his company is in the process of selling its Eagle Ford land, which totals more than 14,000 acres, according to a March

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Back to Business as Usual- Shale ? OutPut by Rig Lynx

May 30, 2018
| Archives

Over the past year, shale executives have repeatedly proclaimed their commitment to capital discipline, promising not to return to profligate spending in pursuit of growth at all costs. However, oil prices are now at the highest levels since November 2014, with WTI topping $70 per barrel. Current market conditions put a larger number of U.S. shale companies into

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Total, ENI & Novatek Starts Exploration Offshore Lebanon | OutPut by Rig Lynx

May 30, 2018
| Archives

(Reuters) – Lebanon’s search for its first oil and gas reserves began on Tuesday after authorities approved an exploration plan submitted by a consortium of France’s Total , Italy’s Eni and Russia’s Novatek. Energy and Water Minister Cesar Abi Khalil said in a televised statement that exploration started after authorities gave the go ahead on Monday. Lebanon hoped

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Teasing the sleeping bear? OutPut by Rig Lynx

May 30, 2018
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Here’s one under reported factor that may explain Russian and Saudi Arabian willingness to turn their backs on almost 18 months of Opec oil supply cuts — the spread between Brent crude and West Texas Intermediate has reached its widest level in three years: The simple reason for this is that the shale oil boom has left crude sloshing around the U.S.,

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Canada Says, “We Will Just Buy It†to Kinder Morgan | OutPut by Rig Lynx

May 29, 2018
| Archives

-Trudeau government expected to buy pipeline and expansion -Deal to be announced as soon as Tuesday, no value released Canada is likely to buy Kinder Morgan Canada Ltd.’s Trans Mountain oil pipeline and its controversial expansion project in a bid to ensure it gets built amid fierce opposition, according to a person familiar with the talks. Buying the pipeline outright has become increasingly likely

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European Oil Majors Total and BP “Will Not†Test Sanction Waters with Iran | OutPut by Rig Lynx

May 29, 2018
| Archives

  The world’s top oil trader said it will be near impossible to avoid U.S. sanctions on Iran, it may have a bigger impact on the global crude market than many anticipate. “For us it’s a real challenge,†Vitol Group Chairman Ian Taylor said on Friday at the St. Petersburg Economic forum, adding there are unanswered questions about Europe’s

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Eirik Raude Reactivation 110 Million, Potential Work? | OutPut by Rig Lynx

May 29, 2018
| Archives

There’s probably much more behind Ocean Rig’s recent spinoff of the Leiv Eiriksson and Eirik Raude than they’re telling us. Ocean Rig announced today that they’re selling their two harsh environment semisubs, Leiv Eiriksson and Eirik Raude, to a subsidiary called Valiant Offshore. According to the deal, Ocean Rig will receive $110 million from investors in Valiant and

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