U.S. Oil Drillers Restart Production As Prices Recover

Shale drillers are bringing some shuttered oil production back online as the glut eases.  The total amount of shut-in production in the Bakken stood at 475,000 bpd on May 28, a total that was 7 percent smaller than the week before, according to Bloomberg. A couple of high-profile shale companies voiced optimism at the start of June. EOG Resources ...

Source: Oilprice.com

Why Saudi Arabia Is Desperate To Extend OPEC+ Cuts

OPEC+ hopes to reduce global storage volumes with their production cuts, and hopes to extend them through at least, the summer. OPEC’s regular meeting in Vienna is coming up and of course the Russians will be invited as they hold the key to realizing the 9.7 mm BOPD cut now in effect through June. Their hope is to extend ...

Source: Oilprice.com

New oil and gas jobs from BOE Report Jobs

Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title [Read more]

Source: BOE Report

Is This The Next Major Market For U.S. LNG?

Natural gas producers have had little to cheer about over the past few months after prices sunk to multi-year lows amid a huge oversupply and warm weather. The slowdown could not have come at a worse time for the burgeoning U.S. LNG industry, which has experienced explosive growth over the past decade that put the nation on the cusp ...

Source: Oilprice.com

Kelt Announces Extension of Credit Facility Re-Determination

Calgary, Alberta–(Newsfile Corp. – June 2, 2020) – Kelt Exploration Ltd. (TSX: KEL) (“Kelt” or the “Company”) announced today the extension of the revolving period applicable to the Company’s existing $350 million revolving credit facility, to July 15, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection [Read more]

Source: BOE Report

Zargon Oil & Gas Ltd. provides 2020 first quarter results

CALGARY, Alberta – Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) (TSX:ZAR) has released its 2020 first quarter financial results. Highlights from the first quarter ended Mar. 31, 2020 are provided below: FINANCIAL AND OPERATING HIGHLIGHTS (THREE MONTHS ENDED MARCH 31, 2020) Funds flow from operating activities was a negative $1.24 million compared to [Read more]

Source: BOE Report

Heavy discount widens as global oil prices rise

Canadian heavy crude’s discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Tuesday as global oil prices rose. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $7.75 per barrel below WTI, according to NE2 Canada Inc, wider than Monday’s settle of $6.80 under. Data showed oil [Read more]

Source: BOE Report

COVID-19 Fuels Fire Sale Of Oil & Gas Assets

Oil and gas companies currently have assets for sale with recoverable reserves of more than 5 billion barrels of liquids and 7.5 billion barrels of oil equivalent (boe) of natural gas, Rystad Energy estimates.  While some of these planned divestments were announced before the Covid-19-related oil price crash, more were added in reaction to the pandemic and its aftermath. ...

Source: Oilprice.com

Europe’s Natural Gas Glut May Force Supply Cuts

Europe is so awash with natural gas amid weak demand and limited storage capacity that gas suppliers may have to cut flows to prevent natural gas prices from plunging further.   Demand for natural gas is still very weak as major economies in Europe are emerging from lockdowns while gas in storage across the continent is at a record high ...

Source: Oilprice.com