Shale drillers target Eagle Ford for new exploration opportunities

The Eagle Ford shale in South Texas, long overlooked compared to its larger cousin the Permian basin, saw its biggest one-week jump in drilling activity in more than two years as explorers look for growth beyond the world’s biggest shale patch. The number of rigs drilling for crude in the Eagle Ford rose by 5 to 43 this week, according to Baker Hughes Co. data released Friday. It’s the biggest weekly expansion for explorers in the region since December 2019. Even gas-rich basins got in on the crude-drilling growth, adding the most oil rigs in at least half a decade

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Vitol sees bullish oil price pattern continuing on tight global crude supply

The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even more because of tight supplies. “These prices are justified,” Mike Muller, head of Asia for Vitol Group, said Sunday. “Strong backwardation is very much justified,” he said, referring to a bullish pattern whereby near-term futures are more expensive than later ones. Oil posted a fourth-straight gain last week, its longest rising streak since October, amid signs consumption will hold up despite the spread of the omicron variant of the coronavirus. At the same time, spare capacity is dwindling as some of

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Russia Making Moves Affecting the Arctic’s Hydrocarbon Future

In October 2020, President Vladimir Putin formally adopted the “Strategy for the Development of the Russian Arctic Zone and Provision of National Security Through 2035.” The strategy gives particular significance to Murmansk Oblast, emphasizing a broad range of complex and multifaceted transformative measures targeting this province.   Murmansk has long been

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Saudi-Polish Deal Dents Russian Oil Dominance in Baltic

Saudi Arabia’s planned purchase of Polish refining assets is set to put OPEC’s top producer in charge of two thirds of Poland’s oil supply, eroding previously dominant supplier Russia’s leverage as it grapples with regional tension. Poland has a long history of seeking to reduce its dependence on Russian energy

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IEA forecasts tighter-than-expected 2022 oil market

Upward revisions to demand estimates and a slightly lower outlook for global oil supply have tightened expected balances for 2022, but still show a first-quarter 2022 surplus, the International Energy Agency (IEA) noted in its January Oil Market Report. Upward revisions to demand estimates and a slightly lower outlook for

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Preston Pipe Report – Jan 2022

(by Paul Vivian and Rick Preckel, www.prestonpipe.com) Market Monitor – Last week a third carbon dioxide pipeline project was announced by Wolf Carbon Solutions for

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