E&P

Pioneer Natural Exceeds Production Expectations Amid Pending Exxon Takeover

Pioneer Natural Resources on Thursday reported 2023 production that exceeded its prior forecast, as the U.S. shale producer works to close its about $60 billion purchase by oil major Exxon Mobil later this year.

EQT Misses Quarterly Profit Estimates on Lower Prices, Plans Moderate Drilling Expansion

EQT Corp., the largest U.S. natural gas producer, missed fourth-quarter profit estimates on Tuesday, as higher sales volumes were offset by lower gas prices.

Oil Industry, Environmental Groups Challenge Biden's Offshore Drilling Plan in Court

Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration's five-year plan to offer drilling leases in the Gulf of Mexico.

Japan's Japex Eyes U.S. as Prime Investment Hub for Energy Exploration Despite Political Risks

Japan Petroleum Exploration (Japex) sees the United States as the most appealing investment destination for oil and gas exploration and production, despite political risks posed by this year's election, its senior managing executive officer said on Friday.

ConocoPhillips Beats Quarterly Profit Estimates with Higher Production

U.S. oil and gas producer ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, helped by higher production in the Permian Basin and from a recent acquisition.

Permian Deal Frenzy Dampens 2024 U.S. Oil Growth Prospects

Oil production in the prodigious Permian shale basin in Texas and New Mexico this year will see the slowest annual growth since 2021, according to market participants, as a slew of acquisitions reduces activity among private drillers.

Oil India in Talks to Resume Drilling Operations in Libya After 13-Year Hiatus

Oil India is talks with stakeholders to restart drilling in Libya, thirteen years after the company exited the country due to political instability, a top company official told Reuters.

Tanzania's TPDC Doubles Stake in Mnazi Bay Gas Field Deal with Maurel & Prom

The Mnazi Bay gas field, in the Mtwara region of the country's south, has an estimated 641 Bcf of recoverable natural gas reserves and contributes nearly half of the gas used to generate electricity in the East African country.

Oil Producer Hess Tops Profit Estimates on Higher Bakken, Guyana Output

U.S. oil and gas firm Hess beat Wall Street estimates for fourth-quarter profit on Wednesday, helped by higher production in its Bakken shale and Guyana operations.

Dana Gas Resumes Operations at Iraqi Kurdistan’s Khor Mor Gas Field

United Arab Emirates energy firm Dana Gas on Friday has resumed the production operations at Iraqi Kurdistan's Khor Mor gas field have been resumed, the company said in a statement.

EnCap Eyes $5 Billion Sale of Bakken Shale Producer Grayson Mill

Private equity firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at around $5 billion, inclusive of debt, people familiar with the matter said on Thursday.

Chevron's Duvernay Shale Sale Expected to Attract Mid-sized Canadian Shale Operators

As Chevron Corp. markets its Duvernay shale assets, the U.S. oil major is most likely to find a buyer among a handful of mid-sized Canadian firms that are boosting investment in a region that has yet to fulfil its potential, analysts said.

Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years

The London-listed oil and gas explorer said the start-up of Jubilee Southeast offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations.

TotalEnergies Says Danish Tyra Gas Field Ready to Start in March

TotalEnergies will restart production at Denmark's Tyra natural gas field in March this year, the company said in a statement on Monday.

Sinopec Unveils Massive 133 Bcm Certified Tight Gas Reserves in Sichuan Basin

China's Sinopec Corp. said on Wednesday that the Chinese government had recently certified 133 billion cubic meters of proven geological reserves of natural gas in its operation in southwest Sichuan basin.

North Dakota Oil Production Plummets by 650,000 to 700,000 bpd Amid Extreme Cold

Oil production in North Dakota was estimated to have dropped by more than half its typical output because of extreme cold and related operations challenges, the state's pipeline authority said on Wednesday.

Shell Ends Nearly a Century in Nigeria's Troubled Onshore Oil, Sells Subsidiary for $2.4 Billion

Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion.

North Dakota Sees 425,000 bpd Oil Drop, 1.1 Bcf/d Gas Output Decline Due to Extreme Cold

North Dakota oil production has fallen by 400,000 to 425,000 barrels per day (bpd) and gas output is down 1.0 billion to 1.1 billion cubic feet per day (Bcf/d) on extreme cold and related operational issues, the North Dakota Pipeline Authority estimated on Monday.

U.S. Natural Gas Producers Navigate Production Cuts and Demand Rebound in 2024

The longer natural gas prices stay lower in 2024 and drilling and related activity pulled back, the market could overshoot to both the downside and upside next year as it seeks to find an equilibrium, EQT's financial head Jeremy Knop said.

EOG President: U.S. Oil and Gas Production Growth to Slow in 2024

U.S. oil and gas production will not continue to grow this year at the pace that it did in 2023, U.S. shale producer EOG Resources President Lloyd Helms said on Thursday.

Petrobras Reports Start of Production at Sepetiba FPSO in Brazil's Santos Basin

Brazilian state-run oil company Petrobras' Sepetiba floating production storage and offloading (FPSO) unit started production on Sunday, the oil giant said in a securities filing.

Mubadala Energy Makes Major Gas Discovery in Indonesia’s South Andaman

United Arab Emirates' Mubadala Energy said it discovered a major deep sea gas reserve in Indonesia's South Andaman Block, which analysts said is the world's second-largest deepwater discovery this year.

Canadian Natural Resources Projects Uptick in Production in 2024

Canadian Natural Resources said on Thursday it expects production to increase in 2024, as the energy producer bets on demand amid tight supplies.

Gas Producer EQT Explores $3 Billion Sale of Marcellus Shale Well Stakes

The stakes EQT is planning to sell are in assets spread across Northeast Pennsylvania with current production of around 700 million cubic feet per day, the sources said.

Chevron, PDVSA Seek 15-Year Extension for Joint Ventures, Eye Crude Production Boost

PDVSA and Chevron have expanded operations since late last year under a special U.S. license, allowing Venezuela to resume crude exports to what was its largest market, the United States. But more investment is needed to reach production levels seen before oil sanctions were first imposed in 2019.

Occidental Petroleum to Acquire Permian Oil, Gas Producer CrownRock for $12 Billion

Occidental Petroleum said on Monday it would buy Permian basin-focused energy producer CrownRock in a cash-and-stock deal valued at $12 billion including debt, expanding its presence in the largest U.S. oilfield.

Venezuela Urges BP, Chevron, and Shell to Revive Offshore Gas Project Amid Territorial Dispute

The request to act on blocks that have not been touched in more than a decade comes amid an escalating territorial dispute with Guyana that has rattled the country and led to an emergency meeting of the United Nations Security Council.

Shell Plans $1 Billion Investment to Boost Natural Gas Output in Nigeria

Shell Plc sees a $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said on Thursday, citing Shell's director of upstream operations.

Indonesia's Pertamina Starts Carbon Injection Tests in Sukowati Field

Indonesia state energy firm Pertamina has started an underground carbon injection trial in Sukowati field, the second site the company is testing for carbon capture, utilization and storage (CCUS).

Petroecuador Exceeds 400,000 bpd Crude Oil Output; Addresses Oil Spill in Shushufindi River

Ecuador's state oil company Petroecuador said Sunday that crude oil output surpassed 400,000 barrels per day (bpd) for the first time since January 2021.