05-13-2015, 11:51 PM
Oil needs to recover to $65/bbl for U.S. drillers to tap a pent-up supply locked in shale wells and unleash more crude on markets than is produced by Libya. Dipping into this “fracklog” would add an extra 500,000 bopd of oil into the market by the end of next year, Bloomberg Intelligence said in an analysis. Producers in oil and gas fields from Texas to Pennsylvania have 4,731 idled wells at their disposal.
Oil at $65 could free 500,000 bopd from shale ’fracklog’
The oil boom isn't dead after all. For the first time in five months, a rig in the Williston basin, where North Dakota’s Bakken shale formation lies, sputtered back to life and started drilling for crude once again. And then one returned to the Permian basin, the nation’s biggest oil play, field services contractor Baker Hughes Inc. said Friday.
America’s oil boom sputtering back to life one rig at a time
The U.S. Energy Department has issued a final authorization for Dominion Cove Point LNG, LP to export domestically produced LNG to countries that do not have a Free Trade Agreement (FTA) with the U.S. The Cove Point LNG Terminal in Calvert County, Maryland, is authorized to export LNG up to the equivalent of 0.77 Bcfd of natural gas for a period of 20 years.
U.S. Energy Department authorizes Dominion Cove Point LNG exports
Mooring installation works have commenced at Ichthys field in the Browse basin, about 220 km offshore Western Australia, as part of the Inpex-operated Ichthys LNG project’s ongoing offshore installation campaign.