Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead.
The worldwide rig count for June 2016 was 1,407, up 2 from the 1,405 counted in May 2016, and down 729 from the 2,136 counted in June 2015.
Estimated U.S. oil well completions decreased by 69 percent in the second quarter of 2016 compared to year-ago levels, according to API's 2016 Quarterly Well Completion Report, Second Quarter.
The Association of Southeast Asian Nations’ 10 fast-growing members, with a combined $2.6 trillion economy, dire energy needs and rising military budgets, are a prime market for Russia’s top exports: hydrocarbons, energy technology and weapons.
"The Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company," said Chevron Chairman and Chief Executive Officer John Watson. "The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."
About $5 trillion in ship-borne trade passes every year though the energy-rich, strategic waters of the South China Sea, where China's territorial claims overlap in parts with Vietnam, the Philippines, Malaysia, Brunei and Taiwan.
The United States holds more recoverable oil reserves than Saudi Arabia and Russia thanks in large part to its shale oil, Norwegian consultancy Rystad Energy said in a report.
Indonesia's state-owned oil and gas company Pertamina will seek partners to build a strategic petroleum reserve of about 25 million barrels to ensure energy security.
US crude oil production during April amounted to 8.933 million b/d, a decline of 2.5% from the March average and 7.9% from the April 2015 average.
U.S. Rig Count is up 10 rigs from last week to 431, with oil rigs up 11 to 341, gas rigs down 1 to 89, and miscellaneous rigs unchanged at 1. Canadian Rig Count is unchanged from last week at 76, with oil rigs down 1 to 35, gas rigs up 1 to 40, and miscellaneous rigs unchanged at 1.