NEW YORK, August 3, 2016 /PRNewswire/ --
Oil prices are back on the downtrend. There are several reasons
for the decline in prices, among them are renewed concerns over
Gasoline glut, lower Saudi prices and signs of increase in U.S.
production level. While all this is the nightmare scenario for
OPEC, it's not necessarily one for the U.S. OPEC and Saudi Arabia in particular, have decided long
ago to not cut their production levels, thus flooding the market in
hopes to bring the prices down so competition abroad will have no
choice but to pronounce OPEC the go to place for oil. Instead
companies in America strategically and quickly cut productions
costs, and now most can produce way below the levels the Saudi's
need. International Western Petroleum, Inc. (OTCQB:
INWP), Pioneer Natural Resources (NYSE: PXD), Halliburton
Company (NYSE: HAL), Schlumberger Limited (NYSE: SLB),
Exxon Mobil Corporation (NYSE: XOM )
OPEC and the Saudi's have managed to inflict damage but have
failed to take fracking into consideration. It is through fracking
and new extraction technology that production costs were cut
significantly, thus giving American companies an edge. The numbers
are impressive, the 'decline rate' of production of a new oil wells
over the first four months were 90pc a decade ago, 31pc in 2012,
and is now 18 pc. Frackers learned how to extract more for
less.
As a result, smaller companies are looking for ways to increase
fracking production levels. Just this May, CEO of International
Western Petroleum, Inc. (OTC: INWP), Ross Ramsey said in a statement, "We also plan
an Enhanced Oil Recovery program to improve the production of the
Bend Arch Lion 1A concession starting this month with additional
fracking into its highly producible pay zones."
International Western Petroleum Inc. is a small company which
focuses on the acquisition, development and exploration of crude
oil and natural gas properties in Texas. The company announced this week that
that it has completed its application to up-list to NASDAQ Capital
Markets, to increase the company's recognition and value. The news
come after last month International Western Petroleum announced
that it has executed a definitive Purchase and Sale Agreement to
purchase all assets of a privately held Houston-based
exploration and production company in the Texas Gulf Coast
region.
Some of the larger companies were bragging recently about their
fracking capabilities at low costs. For example, CEO of Pioneer
Natural Resources (NYSE: PXD), Scott
Sheffield recently said that that improved methods of
hydraulic fracturing have reduced production costs in certain areas
of Taxes to $2.25 per barrel
pre-tax.
Halliburton Company (NYSE: HAL), world's largest provider
of equipment used in hydraulic fracturing, and their rival
Schlumberger Limited (NYSE: SLB) both announced last month
that demand for their fracking equipment was returning once again.
Exxon Mobil Corporation (NYSE: XOM) has been
investing large amounts of money in fracking overseas, seeking
overseas licenses. Just last December Exxon filed for an
environmental permit to explore for shale oil and natural gas in
Colombia using hydraulic
fracturing technology. The company's explorations have not always
been successful however, and in 2015 have left numerous sites
across Europe and Asia.
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