Thursday, February 9, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Production

Shale boss says US has passed peak oil

July 13, 2020
in Production
Shale boss says US has passed peak oil
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

New U.S. permit to boost Keystone pipeline oil exports by next year: TC

Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET

County in oil-production zone fights stay-at-home order | Fort Worth

US crude production has already peaked, according to one of the country’s leading shale executives, as producers battered by the price crash shun new output growth and start trying to become profitable.

Matt Gallagher, chief executive of Parsley Energy, one of Texas’s biggest independent oil producers, said the record output level struck earlier this year would be the high-water mark.

“I don’t think I’ll see 13m [barrels a day] again in my lifetime,” the 37-year-old Mr Gallagher told the Financial Times.

“It is really dejecting, because drilling our first well in 2009 we saw the wave of energy independence at our fingertips for the US, and it was very rewarding . . . to be a part of it.”

American oil output plunged by as much as a quarter this spring, as crude prices crashed in the wake of a Saudi-Russia price war and the coronavirus outbreak, prompting several operators, including Parsley, to shut wells and slash planned spending.

Soaring shale production helped the US become a net exporter of petroleum in November last year — a stunning reversal for a country that imported more than 10m b/d a decade earlier. Since May, however, that has reversed and net imports have trended upwards.

[The shale sector has] not been gifted with discipline

US oil briefly traded below zero in April, but a recovery to around $40 a barrel since then still leaves it beneath the break-even price for many shale producers.

It was “hands down” the worst oil-price crash in recent history, Mr Gallagher said, and would have a lasting impact on the sector. “Our industry is the industry of mobility and comfort,” he said — referring to fuel for car and air travel and for heating and air conditioning — “and mobility is being drastically rethought and there will be new innovations on comfort.”

The Parsley chief has earned a reputation as a progressive voice within Texas’s oil industry. He took to LinkedIn with his thoughts on George Floyd’s killing, and recently bought a Ford electric car. In his interview with the FT he spoke of his admiration for the European oil supermajors that recently announced net-zero emissions goals.

He also called for an end to flaring in the shale patch. Parsley was among the top 20 natural gas flarers by volume in Texas, according to a report this year from the state’s oil and gas regulator. But Mr Gallagher said it had reduced the practice — a huge source of carbon emissions — to less than 1 per cent.

“From that perspective, some healthy regulation would, over time, probably benefit the industry’s reputation,” he added, potentially helping to lure environment-focused investors back to the sector.

“You want to be behind a company that makes this a priority,” he said.

Line chart of Million barrels per day showing US crude output soared until this year's oil-price crash

Capital markets have largely closed to shale producers in the past year as investors fled a sector that became famous for world-beating production growth but an inability to repay debt.

The shale sector had “not been gifted with discipline”, Mr Gallagher…



Read More: Shale boss says US has passed peak oil

Tags: bossoilpassedPeakShale

Related Posts

New U.S. permit to boost Keystone pipeline oil exports by next year: TC
Production

New U.S. permit to boost Keystone pipeline oil exports by next year: TC

by Oil Market
July 31, 2020
0

The CEO of TC Energy Corporation says the company will begin moving more oil from Western Canada into the...

Read more
Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET
Production

Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET

by Oil Market
July 29, 2020
0

LAGOS/LONDON: Nigeria's state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed...

Read more
County in oil-production zone fights stay-at-home order | Fort Worth
Production

County in oil-production zone fights stay-at-home order | Fort Worth

by Oil Market
July 29, 2020
0

SANTA FE, N.M. (AP) — A county in New Mexico’s southeastern oil production region is backing a legal challenge...

Read more
Shetland oil pioneer enjoys production boost following challenging period
Production

Shetland oil pioneer enjoys production boost following challenging period

by Oil Market
July 28, 2020
0

HURRICANE Energy has received a boost following a difficult period after increasing production from a big field off Shetland....

Read more
Australia’s Karoon soars after striking new oil field deal terms
Production

Australia’s Karoon soars after striking new oil field deal terms

by Oil Market
July 27, 2020
0

Karoon's share price surged more than 15 per cent following the news to 77¢ in early trading on Monday.Loading"Despite...

Read more
Analysis | The Next Move in Oil Prices May Be Down, Not Up
Production

Analysis | The Next Move in Oil Prices May Be Down, Not Up

by Oil Market
July 26, 2020
0

The group of 23 oil producing countries, led by Saudi Arabia and Russia, confirmed they would reduce the size...

Read more
Next Post
Australian Offshore Safety Regulator to Resume Physical Inspections

Australian Offshore Safety Regulator to Resume Physical Inspections

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

U.S. Shale Could Collapse If Oil Prices Don’t Bounce Back | OilPrice.com

U.S. Shale Could Collapse If Oil Prices Don’t Bounce Back | OilPrice.com

3 years ago
Exxon Mobil Suffers Quarterly Loss on Lower Oil and Gas Prices

Exxon Mobil Suffers Quarterly Loss on Lower Oil and Gas Prices

3 years ago
RPT-Spring oil flood causes summer queues in Chinese ports

UPDATE 1-Belarus buys first oil from Saudi Arabia -refiner Belneftekhim

3 years ago
Cost of gas rate changes due to volatile natural gas market

Cost of gas rate changes due to volatile natural gas market

3 years ago
Mideast upstream oil and gas could lose $50bn of investment

Mideast upstream oil and gas could lose $50bn of investment

3 years ago
Oil prices’ roller coaster ride in 2020: why prices go up and down

Oil prices’ roller coaster ride in 2020: why prices go up and down

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com