E&P

Israel Ramping Up Gas Output, Looks to Help Supply Europe

Israel is boosting offshore natural gas output and aims to reach a supply agreement with Europe in the coming months as the continent looks to replace Russian supply.

New Prospects Emerge in Guyana-Suriname Basin

In 2000, the federal government’s U.S. Geological Survey, based in Washington, D.C., identified the Guyana-Suriname Basin as having the second highest resource potential among unexplored oil and gas basins in the world.

Study Finds Flowmeter Market Rebounding After Pandemic

E&P

The flowmeter market is now strong and trending upward as the economy regains its footing and rising oil and gas prices drive exploration and production, according to a new study by Flow Research Inc.

US Overturns Trump-era Policies for Arctic Alaska Oil Reserve

The Biden administration on Monday overturned a controversial Trump-era policy that would have opened new swathes of Arctic Alaska to oil development.

Denmark to Boost North Sea Gas Production to Quit Russian Supply

Denmark's government on Tuesday said it aimed to temporarily increase production of natural gas from its fields in the North Sea, in a move to rapidly become independent of Russian supplies.

With Leases a Key, Can the Bullishness Return?

At the November 2021 United Nations Climate Change Conference of the Parties (COP26) in Scotland, President Joe Biden urged all the world’s largest nations to step up to the climate change challenges in this decade with “action and solidarity.”

US To Resume Oil, Gas Drilling on Public Land Despite Biden Campaign Pledge

The plan calls for the government to lease fewer acres for drilling than initially proposed, charge steeper royalties to oil and gas companies, and assess the climate impact of developing the acreage.

Chevron's TCO Partially Restored Output on Its Tengiz Oilfield in Kazakhstan

Chevron-led Tengizchevroil partially restored oil output on its giant Tengiz oilfield in Kazakhstan on Monday after a sharp fall following the damages on Caspian Pipeline Consortium (CPC) Black Sea terminal back in March.

Shell Releases New Plan for North Sea Gas Field Development

In the new environmental development plan of the Jackdaw field, Shell said that it aims to start production from the field, which will supply 6.5% of Britain's gas output, by Q3 or Q4 2025.

Fossil Fuel Production to Reach New Highs in 2023

After declining in 2020, the combined production of U.S. fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 quadrillion Btu.

TotalEnergies Could Lose S.Africa License If No Output Plan by Sept

TotalEnergies could see its license to develop a major offshore South African gas find scrapped if it does not submit a production plan by September.

Exxon to Exit Russia, Leaving $4 Billion in Assets

The decision will see Exxon pull out of managing large oil and gas production facilities in Russia's Far East and puts the fate of a proposed multibillion-dollar LNG facility there in doubt.

UAE's Dragon Makes Oil Discovery in Gulf of Suez

United Arab Emirates-based Dragon Oil has made its first oil discovery in the Gulf of Suez, the Egyptian petroleum ministry said Tuesday.

Guyana May Develop Offshore Oil Prospects on Its Own

Guyana could form a national oil and gas company to oversee its own exploration instead of conducting an offshore drilling auction this year, a government official told international oil executives on Tuesday.

Permian Oil Output Forecast to Hit Record High in March

Oil output in the Permian Basin will rise 71,000 bpd to a record 5.205 MMbpd in March, the U.S. Energy Information Administration said in its productivity report on Monday.

New York Pension Fund to Divest Half its Shale Companies

New York's state pension fund will sell $238 million worth of stock and debt it holds across 21 shale oil and gas companies including Chesapeake Energy Corp, Hess Corp and Pioneer Natural Resources, saying they have not shown they are ready to move to a low-emissions economy.

Canada's Oil M&A Flurry Seen Giving Buyers Upper Hand in Dealmaking

A rally in oil prices to over seven-year highs is leading to a flurry of asset sales in Canada as energy companies cash out of low-margin assets, but the rush of deals could turn it into a buyer's market, bankers and company executives said.

Oil Company Directors Decline to Testify in U.S. House Climate Panel

Board members of four major oil companies declined to appear at a U.S. House oversight panel hearing scheduled for Feb. 8 to answer questions about their companies' climate change plans, the committee said on Thursday.

Norway Approves Development of Equinor's Kristin South Project

Norway approved plans to develop several Equinor-operated gas and condensate discoveries in the Norwegian Sea, with gas to be exported to Europe via an existing offshore pipeline system

Exxon to Raise Permian Basin Output by 25% This Year

Exxon Mobil Corp on Tuesday said it plans to raise production volumes in the largest U.S. shale basin by 25% this year on top of a similar increase in 2021.

Court Approves Williams' Deal with Bankrupt Chesapeake

A bankruptcy court has approved Williams' agreement to take ownership of some Chesapeake Energy assets in exchange for accepting lower gas gathering fees.

Phillips 66 Lowers 2021 Spending Budget

U.S. oil refiner Phillips 66 on Monday set its 2021 capital budget at $1.7 billion, around 43% lower than forecast for the previous year, as the energy industry struggles to recover from the blow of the COVID-19 pandemic.

Eni Looking to Sell Assets in Pakistan - Sources

Italian energy group Eni is looking to sell assets in Pakistan as part of moves to refocus its oil and gas portfolio following a strategic re-shake this year, sources close to the matter said.

U.S. Shale Firms Ramp Up Gas Output as Futures Signal Higher Prices

Higher natural gas futures prices for 2021 and a continued glut of crude oil are prodding U.S. shale firms to boost gas drilling and production.

Chevron Tightens Belt Again with Billions in Spending Cuts

Chevron has cut billions off its long-term capital and exploratory budget, even after a major restructuring of its operations, but plans more Permian and GOM spending in 2022.

Biden Plan to End U.S. Fossil Fuel Subsidies Faces Big Challenges

President-elect Joe Biden's promise to end U.S. fossil fuel subsidies worth billions of dollars a year could be hard to keep due to resistance from lawmakers in a narrowly divided Congress, including from within his own party.

Canadian Oil Output Seen Expanding until 2039

Canadian oil production will expand for nearly two more decades, slowing the country's progress toward achieving Prime Minister Justin Trudeau's goal of net-zero emissions by 2050, the Canada Energy Regulator (CER) forecast.

API Pledges to Fight Possible Biden Fracking Limits

If U.S. President-elect Joe Biden tries to restrict development of oil and gas drilling on federal lands, the American Petroleum Institute will use "every tool at its disposal" including legal action, chief executive Mike Sommers said

Eni's Brass River Crude Exports Halted after Pipeline Explosions

Eni declared force majeure on exports of Nigerian Brass River crude oil following pipeline explosions in Bayelsa state, a source with direct knowledge of the matter said.

Republicans Retain Tight Grip over Texas Oil and Gas Regulator

A Texas Republican businessman swept to victory in the Texas Railroad Commission over a Democratic energy lawyer who had sought to put climate change on the state energy regulator's agenda.