China Sets World Record For Deep-Sea Drilling In Disputed South China Sea
China Sets World Record For Deep-Sea Drilling In Disputed South China Sea
China has set a world record for deep-sea drilling in the South China Sea, Chinese state media reported, while tensions in the disputed area are rising.
2021/04/10 16:58
The largest oilfield in Libya Sharara
Libya’s Largest Oilfield Could See Exports Interrupted
The largest oilfield in Libya, the 300,000-bpd Sharara field, could see crude oil exports from it disrupted if members of the Petroleum Facilities Guard (PFG) follow through with their threat to shut down exports if their demands for pay are not met.
2021/04/09 10:31
Oman's State-owned Oil Company
Oman's State-owned Oil Company OQ Mulls IPO
Oman is looking at several options to plug the holes in its budget, according to anonymous sources that disclosed the information to Bloomberg—and it’s taking a hard look at state-energy company OQ to do that.
2021/04/09 09:07
China's 'Official' Oil Imports Drop As It Buys More Iranian Crude
China's 'Official' Oil Imports Drop As It Buys More Iranian Crude
China’s crude oil imports are estimated to have declined by 8.81 percent month over month in March to stand at 11.26 million barrels per day (bpd), energy analytics services provider OilX said, noting that its assessment doesn’t show massive crude flows from Iran into China last month.
2021/04/08 18:59
Russia cuts forecast for 2021-2022 crude oil production
Russia cuts forecast for 2021-2022 crude oil production
According to the latest amendments to the Russian government's energy development plan, Russia has drastically cut its forecasts for domestic crude oil, natural gas and coal production in 2021 and 2022.
2021/04/07 18:42
U.S. energy consumption
U.S. Energy Consumption Saw Biggest Decrease Ever Last Year
Total U.S. energy consumption last year fell to just 93 quadrillion BTUs, down 7% from the year prior, according to data from the Energy Information Administration (EIA).
2021/04/06 08:34
Major oil-producing countries agree to gradually increase production from May
Major oil-producing countries agree to gradually increase production from May
The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries agreed on the 1st to gradually increase oil production in the three months starting in May.
2021/04/05 16:24
suck rod pump
U.S. Govt. Says Federal Land Drilling Program Is “Broken”
The federal program that grants companies the right to drill for oil and gas on federal land is “fundamentally broken” and will be reviewed, according to Interior Secretary Deb Haaland.
2021/04/03 09:13
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Zhongyuan Oilfield opens a new mode of intelligent brain 2.0 for oil wells
On June 17, at the Wen 72-129 well site of Wenliu Oil Production Plant in Zhongyuan Oilfield, production workers were debugging the parameters of the wellhead multi-parameter sensing device.
2020/06/17 16:40
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＂High-pressure oil pushing technology＂ is popularized and applied
Recently, "high-pressure oil pushing technology" has been promoted and applied in the completion center of the Northwest Oilfield.
2020/06/16 15:52
National Energy Administration: vigorously promote oil and gas exploration and development to ensure oil and gas
National Energy Administration: vigorously promote oil and gas exploration and development to ensure oil and gas
Recently, the National Energy Work Conference in 2020 was held. Compared with the content of the National Energy Work Conference in 2019, the tone of the key tasks of energy work in the new year has been adjusted.
2020/03/13 16:00
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A great deal of oil was discovered in the desert
The area where the oil was found is in the Karakum Desert, which is rich in oil reserves but as yet untapped.
2020/01/14 14:51
China Sets World Record For Deep-Sea Drilling In Disputed South China Sea
China Sets World Record For Deep-Sea Drilling In Disputed South China Sea
China has set a world record for deep-sea drilling in the South China Sea, Chinese state media reported, while tensions in the disputed area are rising.
The largest oilfield in Libya Sharara
Libya’s Largest Oilfield Could See Exports Interrupted
The largest oilfield in Libya, the 300,000-bpd Sharara field, could see crude oil exports from it disrupted if members of the Petroleum Facilities Guard (PFG) follow through with their threat to shut down exports if their demands for pay are not met.
Oman's State-owned Oil Company
Oman's State-owned Oil Company OQ Mulls IPO
Oman is looking at several options to plug the holes in its budget, according to anonymous sources that disclosed the information to Bloomberg—and it’s taking a hard look at state-energy company OQ to do that.
China's 'Official' Oil Imports Drop As It Buys More Iranian Crude
China's 'Official' Oil Imports Drop As It Buys More Iranian Crude
China’s crude oil imports are estimated to have declined by 8.81 percent month over month in March to stand at 11.26 million barrels per day (bpd), energy analytics services provider OilX said, noting that its assessment doesn’t show massive crude flows from Iran into China last month.
Russia cuts forecast for 2021-2022 crude oil production
Russia cuts forecast for 2021-2022 crude oil production
According to the latest amendments to the Russian government's energy development plan, Russia has drastically cut its forecasts for domestic crude oil, natural gas and coal production in 2021 and 2022.
U.S. energy consumption
U.S. Energy Consumption Saw Biggest Decrease Ever Last Year
Total U.S. energy consumption last year fell to just 93 quadrillion BTUs, down 7% from the year prior, according to data from the Energy Information Administration (EIA).
Major oil-producing countries agree to gradually increase production from May
Major oil-producing countries agree to gradually increase production from May
The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries agreed on the 1st to gradually increase oil production in the three months starting in May.
suck rod pump
U.S. Govt. Says Federal Land Drilling Program Is “Broken”
The federal program that grants companies the right to drill for oil and gas on federal land is “fundamentally broken” and will be reviewed, according to Interior Secretary Deb Haaland.
loading...
Zhongyuan Oilfield opens a new mode of intelligent brain 2.0 for oil wells
On June 17, at the Wen 72-129 well site of Wenliu Oil Production Plant in Zhongyuan Oilfield, production workers were debugging the parameters of the wellhead multi-parameter sensing device.
loading...
＂High-pressure oil pushing technology＂ is popularized and applied
Recently, "high-pressure oil pushing technology" has been promoted and applied in the completion center of the Northwest Oilfield.
National Energy Administration: vigorously promote oil and gas exploration and development to ensure oil and gas
National Energy Administration: vigorously promote oil and gas exploration and development to ensure oil and gas
Recently, the National Energy Work Conference in 2020 was held. Compared with the content of the National Energy Work Conference in 2019, the tone of the key tasks of energy work in the new year has been adjusted.
loading...
A great deal of oil was discovered in the desert
The area where the oil was found is in the Karakum Desert, which is rich in oil reserves but as yet untapped.

Oil And Gas Companies Set For Record Free Cash Flow This Summer

2021/06/25 15:28
Oil And Gas Companies Set For Record Free Cash Flow This Summer

With oil trading above $70 per barrel while investment activity remains low, the world’s publicly traded exploration and production (E&P) companies are set to generate record-breaking free cash flows (FCF) in 2021, a Rystad Energy report projects. Their combined FCF is expected to surge to $348 billion this year, with the previous high being $311 billion back in 2008.

Rystad Energy estimates that total gross revenue for all public upstream companies is expected to increase by almost $500 billion in 2021, or 55% compared to last year (excluding hedging effects). At the same time, the investment level of these companies is only expected to grow by around 2% in 2021, resulting in significantly higher profits.

A key reason for the all-time-high FCF is the turnaround in the US tight oil industry. Historically, this industry has struggled to generate positive returns, but this could change in 2021. We estimate that all public tight oil companies will to make close to $60 billion in FCF this year, before hedging effects.

The conventional onshore supply segment is in line to earn the highest level of FCF this year at close to $160 billion – but is still behind the record touched in 2011. Both deepwater and offshore shelf are recovering this year, each ending up with close to $60 billion in FCF. However, tight oil is expected to surpass both these offshore segments in 2021.

“Oil demand has gradually increased after the initial shock of the Covid-19 pandemic, and OPEC+ continues to hold back volumes from the market. The consequent high price movement has been further supported by a slow ramp-up in US tight oil activity. In conjunction with the persisting low investment environment, E&Ps are enjoying super-profits,” says Espen Erlingsen, head of upstream research at Rystad Energy.

The FCF comeback means more surplus cash for E&P companies and historically there has been a strong link between FCF and activity levels. Merger and acquisition (M&A) activity has recovered in 2021, with transaction values increasing by around 30% compared to 2020. New projects are also making a comeback: The amount of greenfield investment that has been sanctioned as of June has already matched the full year 2020 total, and we expect the full 2021 level to be double that of last year.