Changes seen in hydrocarbon trade as countries compensate for Russian supply losses
Global oil and gas trade traffic has started to change with the West looking more to the Middle East and West Africa in a bid to reduce reliance on Russian supplies, and as Russia directsmore exports to Asia.
Liberty CEO warns of tight U.S. frac market, will not add new fleets
DENVER- U.S. hydraulic fracturing firm Liberty Oilfield Services on Thursday warned that demand for fracking services will outpace availability, adding that it has no plans to build new frac fleets.
Liberty Oilfield Services reports quarterly loss, sees tight frac market
Liberty said the U.S. hydraulic fracturing market is nearing full utilization as demand has increased but supply is limited due to labor shortages, supply chain constraints, and continued equipment attrition.
Replacing Druzhba p/line flows poses difficulties for EU’s Russian oil phase-out plan
The European Union (EU) could phase out 80% of Russian oil by the year-end and 100% by the end of 2023 with an orderly plan supported by further releases of strategic petroleum reserves (SPR) to fill the supply gap, according to energy experts.
Texas Natural Gas, Oil Drilling Permitting Jumps 38% in February
The Railroad Commission of Texas (RRC) reported that it issued 38% more original drilling permits year/year across the Lone Star State in February.
The natural gas and oil industry regulator granted 836 drilling permits in February, compared to 606 during the same month last year.
Texas, particularly the Permian Basin, has been leading “the U.S. onshore in completion activity,” Primary Vision’s Mark Rossano, partner/lead analyst, told NGI. “The Permian is operating at levels we saw in 2018/2019 given the pricing and proximity to the coast, but we are currently running at or near full utilization rates in the area.”
US oil, gas rig count drops one to 780 on week; Eagle Ford growth strongest: Enverus
The US oil and gas rig count shed one rig in the week ended March 23, leaving 780, energy analytics and software company Enverus said March 24, with the Eagle Ford Shale now at its highest level since March 2020.
Solaris Oilfield Infrastructure: Technology Led Margin Expansion On The Cards
The surge in fracturing and completions activities will encourage Solaris Oilfield Infrastructure (NYSE:SOI) to increase proppant fleet in 2022, after a steady ramp-up in 2021.
The number of active drilling rigs in the United States rose by 5 this week—the 18th straight weekly increase to the number of oil and gas rigs in the United States.
U.S. Rig Count See Massive Climb On Higher Oil Prices
The number of active drilling rigs in the United States rose by 22 this week—the 16th straight weekly increase to the number of oil and gas rigs in the United States, and the largest single-week rise since February 2018.
Unless you have been living under a rock, you will know that crude oil prices have soaring on geopolitical concerns, speculation that quite a few OPEC suppliers simply can’t open up the taps further and questions about how quickly US shale oil production can ramp up.
U.S. Rig Count Rises For 15th Straight Week As WTI Nears $93
The number of active drilling rigs in the United States rose by 3 this week—the 15th straight weekly increase to the number of oil and gas rigs in the United States. The total rig count now sits at 613 as the price of a WTI barrel continues to climb to levels not seen since 2014—an attraction to drillers that could find too hard to pass up despite the push to maintain capital discipline and return money to shareholders.
The number of active drilling rigs in the United States rose by 6 this week, bringing the total rig count to 610, as oil prices continue to climb to attractive levels for drillers.