A high-stakes competition is emerging among energy exporters proposing multi-million-dollar crude terminals along the U.S. Gulf Coast to handle a gusher of shale oil coming from West Texas oilfields.
British shale gas company Cuadrilla has paused fracking at its Preston New Road site in northwest England for the second time in two weeks, after a tremor with a magnitude of 1.1 was detected on Oct. 29, the company said.
The two countries halted output from the jointly run Khafji and Wafra oil fields in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day, or 0.5%, of global oil supply.
Perceptions have changed for the better for the emerging oil and gas play as activity increases and others move into the neighborhood.
OPEC delivered only a limited increase in oil production in September, a Reuters survey on Oct. 1 has found, as a cut in Iranian shipments due to U.S. sanctions offset higher output in Libya, Saudi Arabia and Angola.
Bidders include oil majors Shell (NYSE: RDS.A), ConocoPhillips (NYSE: COP) and Total (NYSE: TOT), as well as Norway’s Equinor (NYSE: EQNR) and Aker BP, Sweden's Lundin and Italy’s Eni (NYSE: E).
Acreage in the Louisiana Austin Chalk and Anadarko Basin’s Oswego Formation were among the prospects presented during Summer NAPE.
U.S. shale production is expected to rise by about 145,000 barrels per day (bbl/d) to a record 7.18 million barrels per day (MMbbl/d) in June, the U.S. Energy Information Administration (EIA) said on May 14.