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Oil and Gas Journal Drilling News

  1. Light, sweet crude oil for May delivery increased just shy of $1 to settle above $60/bbl on Mar. 20. Government data Mar. 20 indicated a tightening of US oil supplies, pushing the price past the $60/bbl mark for the first time since Nov. 9, 2018. Analysts expected a small drawdown in supplies, but the US Energy Information Administration’s weekly oil and products inventory report showed crude oil inventories for the prior week decreased 9.6 million bbl.

  2. Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf. Vision 2035 is a framework for the UKCS led by Oil & Gas UK and the Oil & Gas Authority.

  3. Canadian oil sands production in 2019 will be almost 230,000 b/d lower than last year, according to ESAI Energy’s recently published North America Watch. Planned Canadian oil sands projects are being pushed back in response to further delays in pipeline egress and the mandated output cuts by the Alberta provincial government.

  4. Shale and other low-permeability formations have reversed a 40-year decline in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston.
  5. Spirit Energy Ltd. and its partners started oil production from Oda field, which lies in 65 m of water 13 km east of Ula in production license 405 in the North Sea, on Mar. 16, about 5 months ahead of schedule.