Supply

Oil

BP sells interest in 4 Alaska fields

ANCHORAGE, Alaska (AP) — BP announced Tuesday it is selling its interests in four North Slope fields to Hilcorp.

BP is selling all its interests in the Endicott and Northstar fields and half its interests in the Liberty and Milne Point fields.

These fields produce about 20,000 barrels of oil a day, less than 15 percent of BP's net North Slope production. The Alyeska Pipeline Service Co. says there has been an average of nearly 580,000 barrels a day flowing through the trans-Alaska pipeline from the North Slope this year.

Oil

North Dakota tribes' oil output rivals US states

NEW TOWN, N.D. (AP) — Oil production on the Fort Berthold Indian Reservation in North Dakota has become so large that it would rank among the top 10 oil producing states in the nation, a tribal leader said Tuesday.

Tex Hall, chairman of the Three Affiliated Tribes — Mandan, Hidatsa and Arikara — said the more than 1,000 wells in the Fort Berthold Indian Reservation produce in excess of 180,000 barrels of oil a day. Compared directly with state production, that puts them among the top 10 oil producers in the nation.

"It's a modern day gold rush. It's a modern day Deadwood, South Dakota," he said in a video statement that was broadcast at the tribe's third annual oil and gas expo at the 4 Bears Casino in New Town, North Dakota.

Oil

Strong February production highlights instability of Iraq's oil market

Source: 
The Wall Street Journal

Iraq produced 3.6 million barrels of oil in February, the nation's highest output since Saddam Hussein took power in 1979, but a March pipeline attack and a drop in production highlight the instability of the nation's markets, The Wall Street Journal reports.

Associated Press
Oil

Obama administration to extend Keystone XL interagency review

WASHINGTON (AP) — AP Sources: Obama administration extending agency review of Keystone XL oil pipeline.

Oil

US says oil reserves highest since 1976

Crude oil reserves in the U.S. grew for the fourth straight year, reaching the highest level since 1976, according to an Energy Department report released Thursday.

The report says reserves grew 4.5 billion barrels, or 15 percent, to 33 billion barrels in 2012. It was the biggest one-year jump since 1970.

The U.S. consumed 6.9 billion barrels of crude-based fuels last year.

Oil

Gulf Coast crude supplies at record level: EIA

Source: 
Bloomberg

Oil movement out of the Gulf Coast is failing to keep pace with the amounts of crude flowing in, according to figures by the Energy Information Administration, which found that stockpiles in the region for the week ending April 4 hit record levels, Bloomberg reports.

EnergyGuardian
Oil

Shale oil boom has potential to eliminate imports: EIA

The shale oil boom will account for most of the growth in U.S. domestic oil output through 2020 and could effectively eliminate imports of foreign crude if production remains strong in the following decades, the Energy Information Administration said Monday.

EIA, the statistics arm of the Energy Department, said its 2014 energy outlook projects so-called tight oil development will generate 81 percent of the rise in production over the next few years, to an expected 9.6 million barrels a day by 2020.

Oil

Popular oil reserve measure may overstate shale potential

Source: 
Bloomberg

A University of Houston engineering professor voiced concerns that using a popular oil reserve estimate formula developed in 1945 may not be applicable to oil drawn from shale, causing some companies to overestimate the potential at some sites, Bloomberg reports.

Oil

Report: 2014 Bakken oil output 1.1M barrels a day

WILLISTON, N.D. (AP) — Oil production in North Dakota and Montana's Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm.

Wood Mackenzie anticipates that oil production in the North Dakota and Montana sections of the Bakken and Three Forks formations will grow to 1.7 million barrels per day in 2020.

"We're very confident on the future of the Bakken," said Jonathan Garrett, an analyst at Wood Mackenzie. He added that the expected lifetime of a Bakken well is 25 years to 30 years.

Oil

Refiner takes on API over crude export ban

Source: 
FuelFix

Dallas-based refiner HollyFrontier Corp. is standing against the American Petroleum Institute's push for an end to the nation's 39-year-old crude oil export ban, saying lifting it would cause a spike in domestic gasoline prices, FuelFix reports.

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