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2015-10-06 19:45:00

U.S. OIL WILL DOWN

U.S. OIL WILL DOWN

U.S. oil production growth will stop this month and begin to decline early next year due to low oil prices, the former head of oil firm EOG Resources, Mark Papa, said on Tuesday.

Papa, now a partner at U.S. energy investment firm Riverstone Holdings LLC, told an industry conference in London that the U.S. shale oil industry needed oil prices of at least $80 a barrel to resume production growth.

"We are about to see a pretty dramatic decline in U.S. production growth," said Papa, who was a key figure helping to spur the U.S. shale oil boom when he was at EOG Resources.

U.S. oil production has been growing by around 1 million barrels per day (bpd) year-on-year since mid 2012, thanks to the introduction of new drilling techniques that have released oil and gas from shale formations.

But output in North America has started to slow in recent months as prices have fallen sharply.

Papa said U.S. oil production would stall this month and begin to decline from early next year. He said the main reason for the decline would be the lack of bank financing for new shale developments.

If U.S. light crude oil prices went back up to $75 a barrel, Papa said U.S. oil production would resume growth at around 500,000 bpd - or around half the record growth rates observed in the past few years.

"I see the United States as a long-term growth producer," he said. "If low oil prices prevail - then the correction in oil prices will be much more severe.

Papa said the depth of the U.S. oil resource base was extensive and could guarantee production growth at a rate of 500,000 bpd for at least 7-9 years in the future.

This could potentially reduce U.S. oil imports from abroad to insignificant levels, he said.

reuters.com

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More: 

LOW OIL PRICES: $1.5 TN 

U.S. OIL WILL DOWN 80,000 B/D 

U.S. CHALLENGING TIMES 

U.S. CUTS BUDGETS 

U.S. OIL KILLING

 

Tags: USA, SHALE, OIL,

Chronicle:

U.S. OIL WILL DOWN
October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

U.S. OIL WILL DOWN
October, 20, 12:05:00

ЦЕНА URALS: $ $55,55881

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2017 года составила $55,55881 за баррель, или $405,6 за тонну.

U.S. OIL WILL DOWN
October, 18, 19:10:00

OIL PRICE: ABOVE $58

Brent crude futures, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

U.S. OIL WILL DOWN
October, 18, 19:05:00

РОССИЯ: БОЛЬШЕ НЕФТИ И ГАЗА

Александр Новак отметил рост основных показателей всех отраслей энергетики в прошлом году: «Мы имеем рекордные показатели за прошлый год по добыче нефти, угля. Идёт рост добычи и экспорту газа, в том числе в Европу на уровне 15 процентов. По углю мы наблюдаем рост добычи даже больше уровня прошлого рекордного года. Также отмечается рост производства электроэнергии на 2%, что говорит об оживлении экономики».

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