Executives from the supermajors were called to Washington DC recently to justify receiving oil subsidies during record oil prices, where the top five U.S. companies saw $123 billion in profits in 2007. I can't blame Congress for being furious, with several oil companies posting record profits and still getting money from the government trough. And the oil industry itself should be wary of this practice, as it gives opponents of the industry a great weapon to use in the public arena. You have to realize that to the average American, oil prices equals only one thing: gasoline. Your average joe isn't aware of complex issues like spare capacity or the rising cost of drilling programs and such. And the media is either too biased or too lazy to point such things out on a regular basis because it's easier to just agree with the angry masses and say oil companies are greedy. The U.S. government currently gives $18 billion in tax breaks to companies, which the Big Oil companies claim are necessary to invest in exploration, and also they added that they need to make maximum profits during "good times" to help support them during the down cycles. I suppose there is something to be said for the fact that the laws restricting exploration may necessitate extra funds. So ultimately, Big Oil needs to give up the subsidies and the Congress needs to stop blocking exploration, and everyone will be happy. –Stephen Payne, Editor, Oil and Gas Investor This Week; firstname.lastname@example.org
2023-10-27 - CNOOC’S shallow water field production is expected to peak at 9,300 bbl/d in 2024.
2023-11-10 - The combined oil and natural gas rig count, traditionally an early indicator of future output, fell by two to 616 in the week to Nov. 10, the lowest since February 2022.
2023-10-27 - In October, the oil rig count rose by two in its first monthly increase since November.
2023-09-29 - The oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29.
2023-10-20 - The oil and gas rig count, an early indicator of future output, rose two to 624 in the week to Oct. 20.