Roseland Oil and Gas Marketing & Consulting’s Post

Oil & Gas Drill Bit Market is to Reach USD 5.99 billion by 2031 The Oil & Gas Drill Bit Market Size was valued at USD 10.67 billion in 2023 and is supposed to arrive at USD 5.99 billion by 2031 and develop at a CAGR of 7.48% over the forecast period 2024-2031. The drill bit tool is located at the lower portion of the drill string for digging the rock formations. The rotation of the drill string gives it energy to the drill, which also does crush and scrapping the rock formation during the process of drilling. This tool can be used as a component for making a hole in earth's crust for the extraction of crude oil and natural gas. Read More: https://bit.ly/4fOfSRb #Oil&GasDrillBit #materials #Oil & Gas #Market

88 Energy Ltd(AIM:88E, ASX:88E, OTC:EEENF) shares raced to a near 30% gain in Tuesday’s early dealing, after the explorer reported the first flows of oil from well testing at Project Phoenix, on Alaska’s North Slope. The ongoing testing of the Hickory-1 well confirms a new light oil discovery, in the previously untested Upper SFS (USFS) reservoir. Testing measured rates of around 70 barrels of oil per day (bopd) from a vertical well section, with the company suggesting rates from horizontal drilling could be several multiples higher. Oil samples showing a gravity of approximately 40-degree API, plus natural gas liquids (NGLs) and associated gas. The test followed a low volume frac over small 20ft vertical interval, the company noted. More at #Proactive #ProactiveInvestors #88energy #oilandgas #oilexploration #alaska #northslope http://ow.ly/5TmQ105oaJa

Oil and Gas Machinery Market Size, Share, Trends & Competitive Analysis Global Report 2024-2032 Oil and gas machinery refers to the specialized equipment used in the exploration, extraction, refining, and transportation of petroleum and natural gas resources. These machines are crucial in various stages of the industry's operations, from drilling rigs that penetrate deep into the earth's crust to pumps and compressors that facilitate the flow of oil and gas through pipelines. Each type of machinery is designed with precision and durability in mind, capable of withstanding harsh environments and high-pressure conditions commonly found in oil and gas fields worldwide. Read Full Report@ https://lnkd.in/dYxmcgfX As populations and economies expand, the need for reliable and accessible energy sources continues to rise. Governments and industry leaders are investing heavily in the exploration, extraction, and processing of oil and natural gas to meet this increasing demand. Advanced drilling techniques, such as hydraulic fracturing and horizontal drilling, have unlocked previously inaccessible reserves, further boosting the demand for specialized oil and gas machinery. #OilandGasMachinery #EnergyEquipment #OilfieldTechnology #GasIndustry #DrillingEquipment #OilProduction #GasProcessing

...In the Permian, increased rates of production from new completions are offsetting existing wells’ production declines and leading to higher crude oil and natural gas output. These productivity increases indicate significant efficiency gains and technological advancements in the drilling and completion process.... ... new natural gas pipelines are soon coming online: the 580-mile Matterhorn Express Pipeline, which is expected to enter service in the third quarter of 2024, will be able to transport up to 2.5 Bcf/d of natural gas from the Waha Hub in West Texas to Katy, Texas...

“Rising crude oil and natural gas production and still-growing industry employment were unable to offset lower prices, fewer rigs at work, and lower values of statewide production, pushing the TPI downward in 2023 after the January peak,” said the Alliance’s Karr Ingham, petroleum economist. “But Texas oil and gas producers, with extraordinary efficiency and productivity gains on full display, still managed to grow production significantly, setting new records for statewide output along the way.” https://lnkd.in/dbgEMKBr via Natural Gas Intelligence #natgas #naturalgas #economy #oil #oilandgas #petroleum #crudeoil

Friday upstream Drilling Report (5.17.24) reported 604 active rigs operating in U.S. oil and gas basins, an increase of one over the last week. Upstream energy is not drilling for unattractive financial returns. Remember, low prices cure low prices! Product prices are slowly increasing, especially natural gas. We're still weeks away from the start of the Summer Cooling season (July 4 through August 31). Natural gas buyers are looking at future supply and demand. We are in a natural gas contango market. Keep busy....the future is promising. Natural gas is the clean green affordable energy.

U.S. Oil and Gas Rig Count Continues on Downward Trend Get an In-Depth look at recent changes in the US oil & gas sector in our report note. Suhas Reddy provides a thorough analysis of the latest industry shifts and future outlooks in this detailed report 🔍Key Highlight: 🔹 Rig Count Update: The total US oil and gas rig count fell by 1 to 584, with a notable decline in oil rigs to their lowest level since December 2021. We explore the implications of these changes and what they mean for the future of oil production. 🔹 Production Milestones: Despite a dip in the rig count, US crude oil production hit a record high of 13.3 million bpd. Discover how producers are achieving high output with fewer rigs and what challenges lie ahead. 🔹 Gas Rig Trends: We also examine the decrease in gas rigs and the EIA’s forecast for natural gas production in 2024. What does the drop in gas rigs mean for the industry? 🔹 Regional Focus: Analyzing the Permian Basin’s rig count and its role in US oil and gas exploration. Dive into the details of these trends and their broader implications for the oil and gas market. 📊💡 👉 Read the full report on Smartkarma: https://lnkd.in/g6mJmZRK #OilAndGas #EnergyIndustry #RigCount #CrudeOil #NaturalGas #PermianBasin #EnergyTrends #MarketAnalysis #EIA #OilProduction #GasRigCount

Technological advances are making it possible for oil and gas companies to produce more oil at a much faster rate! Read How: https://lnkd.in/gEumiGie #oilandgas #petroleum

U.S. OIL AND GAS PRODUCTION SHOW SIGNS OF FLATTENING https://hubs.la/Q02zZ1mk0 U.S. oil and gas production are finally showing signs of flattening out as drilling rigs and well completion crews have been idled in response to the retreat in prices since the middle of 2022. #oilandgasindustry #oilandgas #production #energyindustry #drilling #energynews

This article describes how US energy firms have cut the number of oil and gas rigs for the third consecutive week because of factors like low natural gas prices and company strategies focusing on reducing debt. According to Baker Hughes, the decrease reflects broader industry trends, with oil rig counts rising slightly while gas rig counts drop. Despite an increase in oil prices, gas output is expected to decline in 2024 because of reduced spending and drilling activities, according to the US Energy Information Administration. #PGE301