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Oil Well Strippers Suffering From Low Oil Prices

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With OPEC breaking down and any kind of coordination among its members on price cuts looking increasingly unlikely, it now appears that oil prices could remain below $50 a barrel for a year or more. A stripper is a small operator of very old oil wells that frequently produce less than five barrels per day of oil.

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IHS Markit: conventional oil & gas discoveries at lowest levels in 70 years; major rebound unlikely

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Conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades and a significant rebound is not expected, according to a new report by global business information provider IHS Markit. —Keith King, senior advisor at IHS Markit and a lead author of the IHS Markit E&P trends analysis.

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Oil Jobs Lost: 250,000 And Counting; Texas Likely To See Massive Layoffs Soon

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Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb.

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Lux: Total is leading example of oil supermajor expanding into solar plus storage and distributed generation

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France-based Total is the first oil supermajor aggressively to enter new areas of business including solar plus storage and distributed generation, notes Lux Research in a new report : “Superpower Darwinism: What Big Oil Can and Cannot Do About Total’s Billion-Dollar Battery Move.”. Asia challenges loom for battery acquirers.

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Sasol bails on $13-$15B US GTL project, divests from Canadian shale; no new greenfield GTL

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At the company’s Capital Markets Day 2017 in Johannesburg, South Africa, Sasol management said that the company will no longer pursue its proposed ) project in the US ( earlier post ) and furthermore will not invest in additional greenfields gas-to-liquids (GTL) projects. —Stephen Cornell.

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Opinion: OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

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If You’re a Free Range Oil Producer. Despite low oil prices, Saudi Arabia is maintaining its investment in its oil industry. as the drop in oil prices over the last year has put a strain on the nation’s finances.". for 2015 (based on actual average monthly prices through August of 53.97

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Opinion: Could WTI Trade At A Premium To Brent By Next Year?

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A flood of bearish news has pushed down oil prices to their lowest levels in months, with WTI nearing $45 per barrel and Brent flirting with sub-$50 territory. With a bear market back, there is pessimism throughout the oil markets. Also, the ban on oil exports kept oil stuck within US borders.