Oil supply expected to grow faster than demand, says consultancy

The IEA, on June 17, released its Medium-Term Oil Market Report. Rystad Energy, an independent oil and gas consulting group, has compared the revised IEA demand outlook with its own supply estimates derived from its global upstream database, UCube. The estimates are based on Rystad’s bottom-up analysis of 30,000 fields and 2,500 oil companies in 150 countries.

Analysis shows that oil markets have gradually been tightening over the last two years, while the outlook indicates a possible inflection point in early 2015 and an increasing downward pressure on oil prices for the coming two to three years.

The recent geopolitical outages of oil production from the Middle East and North Africa have, until now, been perfectly balanced by the increased supply of unconventional tight oil from the U.S. This predicted easing of the oil markets is partly driven by an assumption of gradual return over the next two years of oil from Libya, Iran, Iraq and Sudan, while U.S. drillers are continuing their activities with unchanged intensity and increased efficiency.

Rystad Energy now forecasts North American tight liquids production to pass 10 million bbl before 2020, making the region a net exporter of seaborne crude and petroleum products within three years.

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

Safe, efficient solar-powered wireless load cell introduced

Bright Automation, a designer and manufacturer of monitoring and control products, has introduced a fully solar-powered wireless load cell designed for use on pumping units. The Bright Wireless Load Cell has a fully solar-powered battery, transmitting data via a 2.4-GHz wireless digital communication protocol. Based on its unique wireless design, the Bright Load Cell provides easier, faster installation, according to the manufacturer, and reduces shutdowns associated with cable failure. The receiving module output generates a standard 4-20-mA or 0-10-mV signal, making it useful as a replacement of conventional load cells, the company said.

The load cell’s lack of wires and U-shaped structure provides for easy installation, repair and maintenance, while its durable outer shell allows it to withstand harsh environments, reported Bright.

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.

KCA Deutag awarded rig contract by Brunei Shell Petroleum

KCA Deutag has secured a contract with Brunei Shell Petroleum (BSP) for the construction and operation of a new build land rig in Brunei.

The design and fabrication of the rig will be undertaken by Bentec, KCA Deutag' s manufacturer of drilling rigs and equipment.

KCA Deutag already operates one 1,500hp rig in Brunei (the T-201), which has been Shell’s land rig of the year for four of the last six years.

Andy Hendry, President of KCA Deutag Land division, said, “This new rig for BSP is very high profile within Brunei, allowing exploration and development of deeper horizons.  Given the desire for best in class drilling efficiency and safety, we are extremely excited to be partnering with BSP on this project and continuing to deliver world-class performance.  This is a very significant land drilling contract for KCA Deutag and I am especially proud of the many employees and functional teams that contributed to its award. Drilling is expected to commence in late 2015.”

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Mega Billion Corporation BLCO seller, Nigeria, online.