Early reports from today’s OPEC meeting in Vienna indicate members and non-member countries are poised to agree on a nine-month extension for oil production cuts. Stratas Advisors Director of Energy Markets Jeff Quigley is in Vienna and reports that although a nine-month deal is likely, and Brent prices have risen as a result, don’t expect market uncertainty to be put to rest.
Staatsolie is negotiating production-sharing contracts for Chevron for Block 5 and with the Total-Qatar Petroleum consortium for Blocks 6 and 8, the state oil company says.
U.S. oil rigs rose eight to 373 this week, while gas rigs rose one to 97, according to Baker Hughes.
Range Resources Marcellus Shale wells, Permian Basin results, a Norwegian North Sea wildcat from ConocoPhillips plus Middle Bakken completions by Kraken Resources top this week’s oil and gas drilling activity highlights from around the world.