E&P

Iraq Close to Signing $53B deal with Exxon, PetroChina

Iraq is close to signing a $53 billion, 30-year energy agreement with Exxon Mobil and PetroChina, Prime Minister Adel Abdul Mahdi said on Tuesday, denying any link between the mega-project and U.S. permission for Iraq to do business with Iran.

Anadarko Backs Oxy's Revised Bid, Pressuring Chevron to Respond

Anadarko Petroleum Corp's board has backed a $38 billion bid from Occidental Petroleum Corp, adding pressure on rival Chevron Corp to raise its offer or walk away from the takeover contest.

Pakistan to Open Gas Fields, Pipelines to Attract Foreign Investment

Pakistan plans to offers dozens of gas field concessions in the coming year to fill in a fuel shortage, a senior official said, with Islamabad hoping a sharp drop in militant violence and changes to exploration policy will attract foreign investors. To encourage development, the government also plans to make its pipeline system more accessible and affordable.

Argentina Plans Vaca Muerta Production Boost, Pipeline Buildout

Argentina's energy secretary today reiterated his country's commitment to build infrastructure and boost output of natural gas, citing plans for a new 22 MMcm/d pipeline from the Vaca Muerta shale producing region to Buenos Aires.

ExxonMobil Ups Permian Output Target to 1 Million Barrels per Day by 2024

ExxonMobil said Tuesday it has revised its Permian Basin growth plans to produce more than 1 million BOE/d by as early as 2024 – an increase that is driving significant pipeline and infrastructure development.

Bakken Shale: North Dakota's Growth Engine

The Bakken Shale play has catapulted sparsely populated North Dakota to the No. 2 oil-producing state behind Texas, eclipsing historically oil-rich states such as Alaska and California.

Today’s Oil Patch Success: 'It’s Technology, Stupid!'

Upstream and midstream executives have been quick to tell investors how technology and innovation are adding efficiency and cost savings to their operations, even coming out of a three-year global price depression for oil.

2019 Global Pipeline Construction Outlook

The upstream sector started the new year on a cautious note following a sharp decline in oil and gas prices, but the midstream sector roared into 2019 on a wave of pipeline construction activity. The latest Pipeline & Gas Journal survey indicates 145,353 miles of pipelines were planned or under construction worldwide at the start of the year.

Trio of Regions Drive U.S. Natural Gas Production Growth

Gross production of natural gas in the United States has generally been increasing for more than a decade and in recent months it has been more than 10% higher, driven by production in the Appalachian Basin, Permian Basin and Haynesville Shale.

Mexico Likely To Keep Making the World’s Biggest Oil Hedge

First signals from President-elect Andres Manuel Lopez Obrador’s staff and advisors are that the new administration will not seek to backtrack on energy reforms that allow foreign firms to win E&P contracts in Mexico.

How the Historic Energy Reform Transformed Mexico’s Oil Fortunes

Five years ago, few would have predicted that Mexico would be capable of overhauling its oil and gas sector, much less through a downturn. Yet since the constitutional reform of 2013, Mexico has dramatically revivified its upstream sector.

Midyear International Update: Pipeline Construction & Market Trends

Global energy trends and forecasts entering the second half of 2018 continue to support a generally bullish outlook for oil and gas production and infrastructure construction to meet growing demand and evolving patterns of interregional trade.

Premier Sanctions North Sea Gas Development, Export Pipeline

Premier Oil said it reached a final decision with its joint venture and infrastructure partners to invest in the development of the Tolmount gas field in Britain's North Sea, including construction of a minimal facilities platform exporting gas to shore via a new gas pipeline.

Innovation, Technology Reshape North Dakota’s Bakken Shale

The Bakken was strewn with casualties before the turnaround, but billionaire oil pioneer Harold Hamm and his teams at Continental Energy Resources Corp. saw opportunities to create better mousetraps in exploring and producing oil and natural gas.

Full-Scale Development of Kharasaveyskoye Gas Field to Start in 2019

Gazprom said it will begin the full-scale development of Kharasaveyskoye field in 2019, including construction of a 62-mile pipeline connecting the field's enormous gas reserves to Russia's Unified Gas Supply System.

Plains-ExxonMobil JV to Build Permian Pipeline

ExxonMobil and Plains All American Pipeline (PAA) plan to build a new pipeline that will add 1 MMbpd of takeaway capacity for Permian Basin crude oil and condensate.

Solaris Water Midstream Starts Pecos Star Operations

Solaris Water Midstream said it has commenced operations on on the first phase of its 300-mile Pecos Star water system, which is designed to serve oil and gas producers in the Delaware Basin of West Texas and New Mexico.

Swift Energy Selects New Board Chairman

Houston-based Swift Energy Company appointed former Chesapeake Energy executive Marcus C. Rowland as chairman of the Board, a role that had been filled on an interim basis since the company emerged from its Chapter 11 restructuring on April 11. Roland, 64, who was both executive vice president and ..

Compromise Allows Big Spending on Israel’s Natural Gas Sector

Israel’s decision to adopt changes to guidelines under which U.S. developers operate in its massive Leviathan natural gas field will likely lead to the largest infrastructure project the tiny nation has ever seen. The move clears the way for Houston-based Noble Energy’s planned $5 billion natural g..

Energy Opportunities Abound in South America

E&P

This is an overview of one the world’s most important oil producing regions. South America is the fourth-largest continent (6,890,000 square miles) and is rich in natural resources that include gold, silver, copper, iron ore, tin, natural gas and oil. Collectively, the nations of South America produ..

2015 Worst Year For Oil Discoveries Since 1952

A report by Rystad Energy has revealed that new oil discoveries in 2015 totaled 12.1 billion barrels, which is the least amount of new oil discovered in a single year since 1952. Last year was also the fifth year in a row in which the amount of new reserves discovered was smaller than in the previo..

India May Lose Prize Iranian Gas Field To Saudi Arabia

India’s state-owned oil and gas giant ONGC risks losing a massive Persian Gulf gas field in a contracting hurdle, as it races against Saudi Arabia to extract gas reserves from two fields spanning the Iran-Saudi Arabia border. India’s flagship explorer does not have the necessary contract to exploit..

BP Faces Setback in World’s Largest Unexplored Oil Basin

As if the current oil markets weren’t tough enough for producers, companies are increasingly finding that regulators are making it harder to drill new sources of oil. For instance, BP was recently told by regulators that it will need to revise and resubmit its plan to explore for oil off of the Sout..

AP Interview: Qatar Energy Minister Wants 'Fair' Oil Price

DOHA, Qatar (AP) — The oil market is slowly recovering from its steep drop over the past two years but crude is still not trading at a “fair price” to encourage necessary investment, Qatar’s energy and industry minister said Tuesday, ahead of next week’s meeting of OPEC producers. Speaking to The A..

Why The Arctic Oil Dream Is Not Over Yet

The race to discover oil and gas in virgin Arctic waters is now on, as Norway offered oil majors a lifeline on Wednesday by opening up what experts say could be home to 15 percent of the world’s undiscovered oil and 33 percent of the world’s undiscovered natural gas. Norway officials on Wednesday a..

Many Natural Gas-Fired Power Plants Being Built Near Shale Plays

Natural gas-fired power generation increased 19% in 2015, because of low natural gas prices, increased gas-fired generation capacity, and coal power plant retirements. EIA’s May 2016 Short-Term Energy Outlook forecasts that this year, natural gas-fired generation will exceed coal generation in the U..

Norway Offers New Offshore Drilling Licenses in Barents Sea

TROMSOE, Norway (AP) — Norway awarded on Wednesday 10 new licenses for offshore oil and gas exploration in the Barents Sea, including three in previously untouched waters near the Russian border. The Oil Ministry said it is the first time new acreage has been opened for drilling in Norwegian waters..

European Leak Detection Market Expected to Grow

Increased pipeline infrastructural investments coupled with high exploration and production activities in the oil and gas sector and high consumer demand for energy will propel growth in the European oil and gas pipeline leak detection market, according to a report issued by Research and Markets. T..

Natural Gas Production Sets Record

Even in the face of low prices, U.S. natural gas production hit its highest level ever. Average daily output in the U.S. set a record in February of 73.3 Bcf, up about 2% from the previous month, Platts Bentek said. The Energy Information Administration reported March 24 that producers had begun sto..

Recent U.S. Oil Imports Generally Heavier than Domestic Production

Oil / E&P

In 2015, more than 70% of the crude oil produced in the Lower 48 states was light oil with an API gravity above 35 degrees. At the same time, 90% of imported crude oil was heavier, with a gravity below 35 degrees API. To accommodate increasing U.S. production of light crude oil, refineries have adju..

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