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After oil prices lurched as high as $115/bbl for Brent crude in response to a military offensive by Islamist insurgents in Iraq, fears that they would gain control of the southern oil fields subsided, and prices slid accordingly. The lower Iraqi crude output was mitigated by gains in other OPEC countries, while non-OPEC production remained steady. In the U.S., oil production continued to gain ground, with North Dakota’s estimated output exceeding 1 MMbopd for the first time. Natural gas prices on the Henry Hub exchange have now gone down to about $3.90/MMBtu, with production rising slightly to 73.5 Bcfd. The U.S. rotary rig count jumped to 1,876 by the end of July. |
About the Authors
Henry Terrell
Contributing Editor
Henry Terrell henry.terrell@gulfpub.com
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- Shale technology: Bayesian variable pressure decline-curve analysis for shale gas wells (March 2024)
- Subsea technology- Corrosion monitoring: From failure to success (February 2024)
- Prices and governmental policies combine to stymie Canadian upstream growth (February 2024)
- U.S. producing gas wells increase despite low prices (February 2024)
- U.S. drilling: More of the same expected (February 2024)
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
