Continental Resources ramping up Bakken operations, adds rigs to Powder River Basin
Shale oil producer Continental Resources on Thursday said it will ramp up activity in North Dakota’s Bakken shale field this year as it shifts more of its production operations to crude oil from natural gas.
The company said roughly 70% of its well completions in the second half of the year will be focused on the Bakken versus about 50% of completions at the start of the year.
The shift comes as the company is re-orienting its production portfolio to focus more heavily on oil, Chief Executive Officer Bill Berry told investors during an earnings call.
Oil prices expected to inch up this year despite impact of India s COVID-19 crisis on demand theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Oil hits six-week high $68.47 as dollar weakens
Dayo Adenubi with agency report
Published 30 April 2021
Published 30 April 2021
The international oil benchmark, Brent crude, reached its highest in six weeks on Thursday as strong US economic data, a weak dollar and overall expected recovery in demand outweighed worries about the impact of increased COVID-19 cases in Brazil and India.
Brent crude rose by $1.2 to $68.47 per barrel by 6:59pm Nigerian time, while the United States West Texas Intermediate rose by $1.07 to $64.93 per barrel, according to EnergyIntel.
Reuters reported that oil prices had maintained an increase for three consecutive days.
The increase in US oil demand came amid the market’s assessment of improved economic conditions, as per a US Energy Information Administration report, said S&P Global Platts.
Iran again boosts OPEC s oil output in April: survey theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Iran again boosts OPEC oil output in April -Reuters survey
04/30/2021 | 08:11am EDT
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LONDON (Reuters) -OPEC oil output has risen in April as higher supply from Iran countered involuntary cuts and agreed reductions by other members under a pact with allies, a Reuters survey found, adding to signs of a 2021 recovery in Tehran s exports.
The 13-member Organization of the Petroleum Exporting Countries pumped 25.17 million barrels per day (bpd) in April, the survey found, up 100,000 bpd from March. Output has risen every month since June 2020 with the exception of February.
Iran s exports are rising as talks take place to revive a 2015 nuclear deal which could eventually allow more oil to the market.