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Largest onshore oil find in the UK in over 30 years

by charlie on April 16, 2015

This weekly news column is for the growing number of private investors wishing to keep their finger on the pulse of the ever changing energy business, and is provided as a free informational service.

Industry News

Industry cash flow break-evens down by $20/bbl with rapid strategic response
Rapid and aggressive strategic response by oil and gas companies to low oil prices has driven industry cash flow breakevens down by $20/bbl to $72/bbl, according to a recent analysis of Wood Mackenzie. If oil prices remain at current levels, further cuts would be required to achieve cash flow neutrality, WoodMac said. For some companies, this will mean selling assets, others may suspend or limit dividend and buyback programs. continue

EIA says cheap crude won’t slow US oil fields by much
Surging U.S. shale oil fields could hold the price of international crude below $80 a barrel for the next five years, the U.S. Energy Information Administration said in its annual energy outlook on Tuesday. It said low oil prices would only cut 700,000 barrels from the nation’s daily production in seven years, when U.S. oil fields would otherwise have pumped out 10.4 million barrels. continue

Company News

Shell, BG merger will require cost savings to work
Royal Dutch Shell plc’s $70-billion offer to buy out BG Group will involve job cuts in order to make the first “super merger” of oil companies in a decade work financially, according to industry observers and the two companies involved. continue

Market News

Iran joins OPEC member Libya calling on group to cut oil output
Iran became the second OPEC member this month to call on the group to reduce oil production ahead of its June meeting amid a global oversupply that’s cut crude prices by almost half. The Organization of Petroleum Exporting Countries should trim “at least 5 percent” from its output target of 30 million barrels a day, Oil Minister Bijan Namdar Zanganeh said at a news conference in Tehran Tuesday. Zanganeh’s comment, cited by the ministry’s news agency Shana, indicates Iran is seeking a minimum cut of 1.5 million million barrels a day. continue

E&P News

There are 1,400 wells drilled but not completed in the Eagle Ford Shale play
There are nearly 1,400 wells in the Eagle Ford Shale that have been drilled but not completed, according to new analysis from the firm IHS. Oil prices are hovering around $50 per barrel, down by half since last summer. And some Eagle Ford oil producers have been drilling but not fracking wells. The delay in completing wells avoids sending new barrels of oil into a cheap market. continue

Largest onshore oil find in the UK in over 30 years
UK Oil & Gas Investments announce the finding of a “world-class potential resource” at Horse Hill in the UK’s Weald Basin, with oil in place of 158 million barrels of oil per square mile. The total amount of oil is estimated to be as much as 100 billion barrels in place, although only between five and fifteen per cent of the oil is extractable. continue


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