Energy scholar Robert Bryce offers an unabashed view of the shale revolution, climate change and the future of energy. Spoiler alert: don’t expect oil and gas to disappear anytime soon.
The March 20 lease sale in the U.S. Gulf of Mexico brought in $244.3 million in high bids.
Unconventional rig count is up 16 units this year, or 2.5%, though activity still remains flat when compared to the 4Q19 average. Last week’s tally fell three rigs to 649 on the basis of modest declines in the Eagle Ford and Permian. Some rebalancing is underway this year with modest recoveries in the Midcontinent after last year’s precipitous two thirds decline in activity. With oil prices now below $50 it appears the 1Q20 average may come in flat with compared to activity levels in the final quarter of 2019.