04-28-2015, 10:47 PM
What is remarkable is that US drillers can produce a third more natural gas today with 280 rigs than they did in 2009 with 1,200 rigs. Total shale output has soared to over 350 BCM from almost nothing a decade ago. It now makes up half of US gas production.
US to launch blitz of gas exports, eyes global energy dominance - Telegraph
America's parallel drive for shale oil is equally breath-taking. Scott Sheffield, head of Pioneer Natural Resources, said his company has discovered huge reserves in the vast Permian Basin of West Texas. "We think the Permian could produce 5-6m barrels a day (b/d) in the long-term," he said. It is a staggering claim. This would be more than Saudi Arabia's giant Ghawar field, the biggest in the world.
US to launch blitz of gas exports, eyes global energy dominance - Telegraph
Saudi Arabia, the world’s biggest oil exporter, will meet any demand for its crude as the kingdom seeks to keep customers happy and maintain a balanced market, Prince Abdulaziz bin Salman, the deputy oil minister, said. The oil market is in “excellent” condition, he told reporters Monday in the eastern city of Khobar, without elaborating. Benchmark Brent crude has gained 13% this year and was trading 46 cents lower at $64.82/bbl at 10:56 a.m. in London.
Saudi prince sees ‘excellent’ oil market as kingdom meets demand
Inpex Corporation has acquired a 5% participating interest in the ADCO Onshore Concession in Abu Dhabi, the Tokyo-based company said Monday. The acquisition is based on a 40-year agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) effective Jan. 1, 2015, following Inpex's participation in a bid.