Saudi Aramco's Chief Executive Officer, Amin Nasser, said that crude oil prices will soon upswing during the first half of 2017 as the commodity's essentials return to balance. Without providing details about what he was basing this optimistic prediction on, the executive added that after this rebound, demand for the commodity will remain stable.
International Western Petroleum, Inc. (OTCQB: INWP) announced the engage with a technology company that provides an advanced Organic Oil Recovery process which allows trapped oil to be released with no exploration risks. INWP has begun using its new technology starting with East and Central West Texas regions. The Company plans to improve its portfolio by incorporating this technology in order to provide growth in established productions without added drilling or fracking. Initial assessments from this technology company shows the Organic Oil Recovery process has a chance to surge current production at specific production wells by nearly 50 percent to 300 percent and may increase crucial recovery of the original-oil-in-place by 5 percent to 20 percent.
Functional through current water-flood procedures, having this new technology works completely within the natural ecology of the oil reservoir by selectively stimulating notable types of oil reservoir formation's resident microbes with custom-formulated, biodegradable and organic nutrients. So far, with well over 300 well submissions on 48 commercial oil fields and 4 onshore and offshore continents, this procedure has a remarkable record with quick outcomes and a production rate of 92 percent on in-situ test wells, producer wells and injector wells that met its screening standards. Organic Oil Recovery development has never had any experienced with reduced production, nor has it damaged a reservoir or well.
"With 65% oil being trapped underground in the world today, our management team believes that this proprietary technology is one of the most important oil recovery breakthroughs in decades. Its performance records show extraordinary results in production increase and the super low cost of this process is a major benefit for us in this low oil price environment," commented Dr. Benjamin Tran, INWP Chairman.
Exxon Mobil Corporation (NYSE: XOM) announced a noteworthy discovery with a potential recoverable resource of between 500 million to a billion barrels of oil on the Owowo field just offshore of Nigeria. The Owowo-3 well, that was spud in late September, met roughly 460 feet of oil-bearing sandstone reservoir. Owowo-3 lengthens the resource revealed by the Owowo-2 well, which come across about 515 feet of oil-bearing sandstone reservoir. "We are encouraged by the results and will work with our partners and the government on future development plans," said President of ExxonMobil, Stephen M. Greenlee.
Range Resources Corp. (NYSE: RRC) third quarter 2016 results highlights include Gulf Markets Expansion pipeline on line in early October improves natural gas netbacks by moving 150,000 MMBtu daily of Range natural gas from markets of Appalachia to Gulf Coast. The company's North Louisiana production growth and additional takeaway projects result in better natural gas differentials going forward. Furthermore, its third quarter production averaged a record 1,508 net MMcfe per day and unit costs improved by 3%, or $0.09 per mcfe, compared to prior-year quarter.
Marathon Oil Corporation (NYSE: MRO) has signed an agreement for the sale of certain non-operated CO2 and waterflood properties in West Texas and New Mexico for $235 million, without closing adjustments. The assets averaged roughly 4,000 barrels of daily oil in the first half of 2016. The effective date of the transaction is Sept. 1, 2016, and closing is likely to be by the end of the year. Since August 2015, Marathon Oil has proclaimed or closed non-core asset sales in excess of $1.5 billion.
Pioneer Natural Resources (NYSE: PXD) reported financial and operating results for its third quarter, which its net income attributable to common stockholders of $22 million, or $0.13 per diluted share. Noncash mark-to-market derivative damages were offset by an income tax benefit attributable to tax credits for research and experimental expenditures associated to horizontal drilling and completions innovations, causing its adjusted income also being $22 million after tax, or $0.13 per diluted share.
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