07-15-2015, 10:40 PM
Iranian Oil Minister Bijan Namdar Zanganeh says the country can increase exports by 500,000 bopd as soon as sanctions are lifted, and then an additional 500,000 bopd in the following six months. Iran produced an average of 2.8 million barrels a day this year. Goldman Sachs Group Inc. says adding 500,000 bopd will take about a year because Iran must first demonstrate its compliance with the terms of the nuclear accord and revive aging wells. Further expansion will need foreign investment, BNP Paribas SA says. The country also has 30 MMbbl stored on tankers that it could ship more quickly, according to Bank of America Corp.
What does Iran’s nuclear deal mean for the global crude oil markets?
After four years of record supply, natural gas output is showing signs of weakness as producers pull back amid tumbling oil prices. Gas production from the seven largest shale basins will fall 0.6% to 45.1 Bcfd in August from a month earlier, the biggest drop since March 2014, the U.S. Energy Information Administration (EIA) said Monday in its monthly Drilling Productivity report. EIA estimates have shown supply declines since June.
Accelerating shale gas declines show supply held hostage by oil
Shale fields that powered the U.S. energy renaissance will suffer the biggest drop in output since the boom began after companies idled more than half their drilling rigs. Production from the prolific tight-rock formations such as the Eagle Ford in southern Texas will decline 91,000 bpd in August to 5.36 million, EIA said Monday. It’s the fourth month in a row production is expected to slide, after more than tripling from 2007.
Shale output heads for record drop after drilling swoon
The head of Pars Oil and Gas Company (POGC) reports that the daily production capacity of the massive South Pars gas field has increased by 500 MMcfd. Ali-Akbar Shabanpour said the capacity has been provided after four new wells were spudded by the SPD 1 drilling rig and 400 Mcfg of gas is now being recovered from the platform. The SPD1 platform of Phase 1 can now produce 1 Bcfd of gas, he said.