EXXON INCREASES COMPETITIVENESS
BLOOMBERG - Exxon Mobil Corp. is drilling shale wells that stretch farther than the length of New York's Central Park.
The world's biggest oil explorer by market value recently finished four wells in North Dakota's Bakken region that extend sideways for 3 miles (4.8 kilometers), Barclays Plc analyst Paul Cheng said in a research note after meeting Exxon executives, and it's closing in on the 4-mile mark.
That would be "a game changer that could potentially allow the company to leap frog the competition in unit cost and return metrics," Cheng wrote.
In the Permian Basin that stretches beneath Texas and New Mexico, the company's horizontal wells are approaching the 2 1/2-mile threshold, Cheng wrote, about the length of Central Park in Manhattan from north to south.
Although famously late to the shale revolution that's disrupted the global oil industry, Exxon now appears to be transferring breakthroughs it made in the icy Russian Far East a decade ago to its North American fields. In 2007, from a perch on remote Sakhalin Island, the company drilled a total of 7 miles down and then sideways to reach a cluster of oil fields beneath the Sea of Okhotsk.
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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.