Pinnacle also began construction of a crude oil stabilization facility capable of stabilizing up to 5,000 barrels per day, which could be expanded as needed to meet customer demand.
Oil futures fell more than $2 a barrel on Aug. 15 after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook.
‘Onshore drilling just has better economics currently [and] cycle times also play a key role in offshore projects versus onshore drilling,’ said Sarp Ozkan, DrillingInfo’s director of energy analysis.
Brent crude futures were up 19 cents at $72.47 barrel by 8:15 CST, after having lost more than 3% on Aug. 8. U.S. crude futures rose 6 cents to $67.00 a barrel, having closed down 3.2% the day before.
U.S. crude oil production in 2018 was expected to grow at a slower rate than previously forecast amid lower crude prices, according to a monthly U.S. government report on August 7.
New technology, reservoir knowledge and a willingness to take risks are keys for operators in the Midland Basin and Central Basin Platform.
The Permian takeaway situation will get worse before it gets better and, possibly, reappear in 2020 or shortly thereafter, securities analysts expect. Talk to an investment advisor and stock up on Snickers.
Oil prices rose for the third consecutive day on July 26 after Saudi Arabia suspended oil shipments through a strait in the Red Sea and as trade tensions between the U.S. and the European Union (EU) eased.
Oil prices came under pressure on July 20 from U.S.-China trade tensions and were on course for a third straight week of falls.
A U.S. judge on July 19 dismissed a lawsuit by New York City seeking to hold major oil companies liable for climate change caused by carbon emissions from burning fossil fuels.