An article posted on the Andrew Sullivan blog profiles a well timed book called The Peak Oil Scare and the Coming Oil Flood.
Rigzone has an interesting Reuters article about potential capes cuts in the industry for next year. There were $500b of major projects scheduled for final investment decision next year and the article says that Canadian oil sands, Venezuela heavy oil, and some deepwater projects were most likely to be cancelled.
EIA.gov has come out with their annual US petroleum reserves report for calendar year 2013. The main take away is 10% increase in proved reserves for both oil and gas in the USA during the period. This corresponds to about a 2-1 reserve replacement ratio, which is incredibly high. Most crude reserve increases were in Texas on-shore and North Dakota. The biggest natural gas increase was in Pennsylvania.
Bloomberg has an interesting article about how energy insiders are buying big right now. I must say that I don't find this to be a compelling reason to buy E&Ps yet. In 2010 I went to a meeting of IPAA (Independent Oil and Gas Association of America) in NYC. There were lots of E&P execs saying things like, "We're going to cut back on gas drilling until gas is back in that 5-6 dollar range." This struck me as wishful thinking. Why would should gas go back to that when there is an ocean of the stuff under PA, WV, OH, that can be produced at a profit for $2-3? I am not sure that oil needs to be at $100 to incentivize sufficient supply over the short, medium or long term.
Rigzone has an interesting Reuters article about potential capes cuts in the industry for next year. There were $500b of major projects scheduled for final investment decision next year and the article says that Canadian oil sands, Venezuela heavy oil, and some deepwater projects were most likely to be cancelled.
EIA.gov has come out with their annual US petroleum reserves report for calendar year 2013. The main take away is 10% increase in proved reserves for both oil and gas in the USA during the period. This corresponds to about a 2-1 reserve replacement ratio, which is incredibly high. Most crude reserve increases were in Texas on-shore and North Dakota. The biggest natural gas increase was in Pennsylvania.
Bloomberg has an interesting article about how energy insiders are buying big right now. I must say that I don't find this to be a compelling reason to buy E&Ps yet. In 2010 I went to a meeting of IPAA (Independent Oil and Gas Association of America) in NYC. There were lots of E&P execs saying things like, "We're going to cut back on gas drilling until gas is back in that 5-6 dollar range." This struck me as wishful thinking. Why would should gas go back to that when there is an ocean of the stuff under PA, WV, OH, that can be produced at a profit for $2-3? I am not sure that oil needs to be at $100 to incentivize sufficient supply over the short, medium or long term.
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