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Permian is larger than all OPEC nations except one? | OutPut by Rig Lynx

June 14, 2018
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  Oil production from West Texas’ booming Permian Basin will more than double from 2017 to 2023, soon surpassing the crude oil volumes of every OPEC nation except Saudi Arabia, according to a new report from the research and consulting firm IHS Markit. Even with pipeline constraints and labor shortages in West Texas and New Mexico, IHS Markit still

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“Coordinate with the military to avoid interference on the part of oil companies†on US Atlantic Coast | OutPut by Rig Lynx

June 14, 2018
| Archives

  WASHINGTON – With southern politicians lining up against oil drilling off the Atlantic coastline, oil lobbyists are making another push to change their minds. The American Petroleum Institute has recruited Jim Webb, the former secretary of the navy and Democratic senator from Virginia, and Jim Nicholson, the former Secretary of Veterans Affairs under the George W. Bush administration,

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Shelf Expanding the Fleet? | OutPut by Rig Lynx

June 13, 2018
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OSLO, June 12 – Shelf Drilling, the world’s largest contractor of shallow water rigs, plans to add one or two premium rigs to its fleet after announcing plans for an initial public offering on the Oslo bourse, the firm said on Tuesday. The Dubai-headquartered company plans to raise $200-250 million via a new offer, pricing its new shares

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Exploration Hungry for Super-Spec Rigs | OutPut by Rig Lynx

June 13, 2018
| Archives

  Oil drillers added more rigs in the U.S. this week, undaunted by pipeline bottlenecks that are hindering efforts to ship crude from the nation’s busiest field. U.S. working oil rigs rose by one this week to 862, the highest since March 2015, according to data from Baker Hughes. The American rig fleet has expanded on an almost-uninterrupted streak

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The Gap from the Permian to the Coast | OutPut by Rig Lynx

June 13, 2018
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(Bloomberg Opinion) — Energy dominance carries its own backlash, it turns out. Ground zero is the Permian basin in west Texas, where oil production has run ahead of pipeline capacity to get it to market, forcing some U.S. barrels to price at wide discounts. Thankfully, new pipelines should fix the problem by early 2020. Apparently, though, the futures

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Shift Work Strain? | OutPut by Rig Lynx

June 12, 2018
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  UK unions Unite and RMT, which represent energy workers in the UK, have condemned the three-week-on three-week off shift rota present within the UK Continental Shelf. “Many workers might say that [three-weeks-on three-weeks-off] doesn’t sound too bad … The reality for oil workers is so different,†Tommy Campbell, Aberdeen-based Unite regional officer, told Rigzone. Campbell said this “punitive†system

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History Should be the First Checkbox | OutPut by Rig Lynx

June 12, 2018
| Archives

Some years ago, an academic colleague referred to an older economist as ‘a historian,’ which was clearly intended as an insult, given the fetishism among American academic economists for higher-level mathematics.  I can’t count the number of time economists have said to me that they simply cannot read the American Economic Review anymore because the math is impenetrable to

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Well Flipping, What’s That Cost? | OutPut by Rig Lynx

June 12, 2018
| Archives

  Last year the fracking company Halcón Resources announced a new strategy that was sold as the path to profits for the previously troubled shale oil and gas firm. The company had sold its stake in the Bakken oil fields in order to double down on the Permian shale in Texas. At the time, Reuters touted the deal as a “stunning turnaround†for CEO Floyd Wilson,

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US Withdrawal from Iran Deal, India and Iran Trade Will Take a Hit | OutPut by Rig Lynx

June 11, 2018
| Archives

President Donald Trump withdrew from the landmark Iran nuclear deal in May following months of speculation. Formally titled the “Joint Comprehensive Plan of Action†(JCOPA), the multilateral accord was aimed at limiting Tehran’s disputed nuclear program in exchange for relief from international sanctions targeting Iran’s lucrative oil trade with countries like India. Shortly after the agreement was

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