2014 July 26

The Master Resource Report 2014-07-25

Brine disposal and lightning don’t mix

WILLISTON, N.D. — Three massive fires since the beginning of June have highlighted the threat lightning poses in the North Dakota oil patch, and in each case it was tanks that store the toxic saltwater associated with drilling — not the oil wells or drilling rigs — that were to blame.  More……

EIA reports on OPEC oil revenue

Yesterday the EIA posted a report on OPEC net oil export revenues. It is interesting that the EIA expects OPEC revenues to decline in 2014-15 from 2013 levels which fell short of 2012’s record revenues. It is interesting to note that the decline in revenue will be the result of less demand for the cartel’s production. Hmmmm, it will be interesting to see how that plays out over the next year and a half.

The U.S. Energy Information Administration (EIA) estimates that, excluding Iran, members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $826 billion in net oil export revenues in 2013. This was a 7% decrease from 2012 earnings, but still the second-largest earnings totals during the 1975-2013 period for which EIA has tracked OPEC oil revenues. OPEC earnings declined largely for two reasons: a drop in OPEC oil production in 2013 (largely because of the supply disruption in Libya), and a 3% decline in average crude oil prices (as measured by the Brent crude oil price marker).  More…..