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Iraq working on getting a 30-year contract that could bring US$53 billion investments

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Iraq will soon finalize a large-scale, long-term deal for the development of oil fields in the South with Exxon and PetroChina. The 30-year contract will involve investments of US$53 billion and potential returns for Baghdad of as much as US$400 billion over its lifetime, Prime Minister Adel Abdul Mahdi told media this week.

The plan will involve using seawater from the Persian Gulf to boost oil production, Prime Minister Adel Abdul-Mahdi announced Tuesday. Water injection is key to boosting production from oil fields around Basra, in southern Iraq, as decades of extraction have sapped the subterranean pressures that push crude naturally toward the surface.

The southern mega-project involves the development of the Nahr Bin Umar and Artawi oilfields and an increase in production from the two fields, Abdul Mahdi said.

Ghadhban said on Wednesday the deal with Exxon and PetroChina would allow Iraq to generate 750 million standard cubic feet of gas from the two oilfields per year.

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A Fracking slowdown in the Denver-Julesburg Basin?

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New anti-fracking laws are having an effect in new investment and fracking in the Denver-Julesburg Basin that’s according to industry insiders, The resulting uncertainty over how local authorities will use their newfound power has nearly halted energy deal activity, including acreage purchases.

ConocoPhillips tried to sell its Colorado acreage for more than $1 billion late last year but failed to find a buyer, according to three sources familiar with the deal. [read more]

But not all is doom and gloom, At PDC Energy, one of the largest producers of oil and natural gas in Weld County, we remain committed to continuing to develop our assets in the county,” PDC’s Courtney Loper said in a written statement. “We plan to invest around half a billion dollars in Weld County in 2019, with a similar level of activity expected in 2020.”

“We will continue working closely with Weld County on the required local permits and agreements, and we do not foresee any substantive changes to this development plan,” Noble Energy’s Brian Miller said in a written statement. – Noble Energy  – @ greeleytribune.com

From what we can see, those that are in it to frack in Colorado are gonna continue to frac, those that want to sell their share are having a hard time convincing others to do business in Colorado.

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Drilling is down but Production levels are up

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Working oil rigs fell by 20 this week to 805, according to data released Friday by oilfield-services provider Baker Hughes. Companies have boosted activity just twice in the past 10 weeks. – https://www.bloomberg.com

Investors are more focused on capital returns rather than rapid growth from the oil industry during this boom. this new trend has forced oil companies to cut-back on drilling activities and have maintained a prioritization of cash flows and less focus on growth.

Crude production inched 100,000 barrels higher, back to its record high at 12.2 million bpd, the data showed – according to the Energy Information Administration.

Production levels in Colorado, Oklahoma, and North Dakota each grew by more than 95,000 b/d from 2017 to 2018. In Colorado and North Dakota, this increase was enough to set new record production levels for the year. Production increases in Colorado were driven by the Niobrara shale formation, while continued production in the Bakken region drove increases in North Dakota. Oklahoma’s crude oil production has yet to surpass its record level of 632,000 b/d set in 1967.

 

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