E&P
Lukoil Raises Oil Output at Iraq's West Qurna 2 to 480,000 bpd
Russia's Lukoil has increased oil production at Iraq's southern West Qurna 2 oilfield by 80,000 barrels per day (bpd) to a total of 480,000 bpd, an oil official told Reuters on Thursday.
Shale R&D Cuts Cast Shadow on Future of US Oil Production
Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap.
EIA: Texas, New Mexico Led US Crude Oil Production Last Year
(P&GJ) — U.S. crude oil production grew 5.6%, or 0.6 million bpd, in 2022 compared with 2021, averaging 11.9 million bpd, according to the U.S. Energy Information Administration (EIA). The two states the Permian Basin spans—Texas and New Mexico—contributed the most growth to U.S. crude oil production in 2022.
US Permian Natural Gas Flaring Could Rise in 2024, Report Shows
Natural gas flaring in the top U.S. shale basin is poised to increase next year, a report released on Tuesday projected, as the region's output exceeds available pipeline capacity.
EIA: US Shale Production Set to Rise to Highest on Record in June
U.S. oil output from the seven biggest shale basins is due to rise in June to the highest on record, data from the Energy Information Administration showed on Monday. Oil output is set to rise by 41,000 barrels per day (bpd) to 9.33 million bpd, the EIA said.
Regulator: Nigeria's April Oil Production Below 1 MMbpd
Nigeria's oil production fell below 1 million barrels per day (bpd) in April, its lowest level in seven months, data from the petroleum regulator showed on Thursday, after a strike at Exxon Mobil's local units hit the country's output.
Focus: BP Ventures Back into Oil Frontiers to Boost Output
BP is ramping up oil exploration and drilling activity in frontier prospects as the energy giant tries to stem a decline in its oil and gas output after years of focusing on a shift to renewables to cut carbon emissions.
Hess, Exxon Make New Oil Discovery in Guyana’s Stabroek Block
The discovery on the group's Stabroek Block is the latest of more than 30 in the South American country's offshore waters since 2015. Hess holds a 30% stake in the consortium and said the discovery may help justify a new oil project.
Dutch Government Confirms Plan to Halt Gas Production in Groningen
The Dutch government said on Tuesday that it will invest $24.24 billion in the earthquake-stricken Groningen region while confirming plans to halt gas production there no later than 2024.
Chevron Seeks Drilling Ship to Expand East Med Gas Search
Chevron is seeking a drilling ship to explore for natural gas off Cyprus, Egypt and Israel as the U.S. energy major looks to meet growing demand in the region and Europe, two sources told Reuters.
US Oil Activity in Colorado, Wyoming Slips, Further Slowing Ahead
Oil and gas activity in the U.S. Midwest and Mountain West states declined in the first quarter and is expected to continue to slow, according to a survey released on Friday by the Federal Reserve Bank of Kansas City.
Libya's Mellitah Oil Reopens Gas Well in Mediterranean
Libya's National Oil Corp. announced on Saturday the reopening of a gas well operated by Mellitah Oil and Gas Company on its Sabratha Platform in the Mediterranean Sea.
WSJ: Exxon Eyes Potential Purchase of Shale Driller Pioneer
Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. shale oil producer, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Sources: Baghdad Agrees to 30% Stake in TotalEnergies $27 Billion Iraq Energy Project
Baghdad has reached an agreement to hold a 30% stake in TotalEnergies long-delayed $27 billion Iraq project, three sources told Reuters on Tuesday, reviving a deal that Baghdad hopes could lure back foreign investment into the battered country which craves stability.
Sources: Ovintiv Nears $4 Billion Deal to Acquire EnCap’s Permian Oil, Gas Assets
Ovintiv Inc. is nearing a deal to acquire oil exploration and production assets in the Permian Basin that are controlled by private equity firm EnCap Investments for about $4 billion including debt, people familiar with the matter said on Sunday.
Fed Survey: Activity in Top US Oil Fields Stall, Outlook Sours
U.S. oil and gas activity stalled in the first quarter as production gains slowed and drillers' outlooks turned negative, according to a survey released on Wednesday by the Federal Reserve Bank of Dallas.
QatarEnergy Picks Up Stakes from Exxon in Canadian Offshore Blocks
Qatar's state-owned energy company on Wednesday signed a deal to acquire from Exxon Mobil stakes in two Canadian offshore explorations block, the latest in the Gulf state's efforts to expand its global oil and gas portfolio.
Lukoil-backed Congo Project to Begin LNG Output in December
Lukoil Vice President Ivan Romanovsky said the initiative will produce around 600,000 tonnes of LNG per year, and that Lukoil plans to boost total LNG output at the Marine XII oil and gas project in the Congo to 3 million tonnes by the end of 2025.
EIA: US Shale Production Set to Rise to Highest Since December 2019 in April
Shale production is expected to rise by 68,000 barrels daily — the slimmest rise since December 2022 — to 9.21 million bbl/d, the EIA data showed. Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise to 5.62 million bbl/d.
US LNG Exports Flat Despite Freeport LNG Partial Restart
U.S. exports of LNG were flat last month at 6.84 million tonnes, shipping data showed on Thursday, even as a long-idled Texas processing facility began shipping the fuel during an ongoing restart.
Pioneer Natural Resources Denies Report of Acquisition of Range Resources
Oil and gas explorer Pioneer Natural Resources Co. said on Friday that it was not pursuing any business combinations, after Bloomberg News reported that the oil and gas explorer was considering an acquisition of smaller U.S. rival Range Resources Corp.
Oman's Abraj Signs Oil Drilling, Extraction Deal with Chevron, Kuwait Gulf Oil Company
Oman's Abraj Energy Services said on Saturday it had signed a five-year 'strategic partnership deal' with Kuwait Gulf Oil Company and Saudi Arabian Chevron to extract and drill for oil in Kuwait.
Trinidad to Begin Negotiations for Gas Deal with Venezuela in March
A deal would help revive the nation's gas production, which contributes a large part of its export revenue and has been in decline. The joint venture could supply gas to Trinidad's liquefied natural gas and petrochemical industry.
Diamondback Energy Targets At Least $1 Billion in Non-Core Asset Sale; Beats Profit Estimates
U.S. oil and gas producer Diamondback Energy Inc said on Wednesday it was increasing its non-core asset sale target to at least $1 billion by the end of this year from $500 million. Additionally, the shale producer announced it beat Wall Street expectations for fourth-quarter profit, as tighter energy supplies following Russia's invasion of Ukraine boosted crude prices.
Expanding Gas Infrastructure Presents Alternative to Permian Constraints
(P&GJ) — Oil is still serious business in the Bakken Shale, but when it comes to midstream, the money is on natural gas. As in the Permian Basin, oil production in the Williston has a high rate of associated natural gas. But the Bakken’s residual gas is rich in natural gas liquids (NGLs), and that requires infrastructure generally more akin to North Texas’ Barnett Shale than West Texas’ Permian.
Chesapeake Energy to Reduce Drilling on Lower Natural Gas Prices
U.S. natural gas producer Chesapeake Energy on Wednesday said it would pull back on drilling and completing wells this year as natural gas prices fell to a quarter of what they were last summer.
US Official Says Russia's Crude Output Cut Signals Unsold Oil
Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday.
Tellurian Taps LNG Demand Surge to Deliver Fourfold Jump in Production
Tellurian Inc. on Wednesday reported a fourfold increase in quarterly natural gas production to meet a surge in demand triggered by Western sanctions against Russia over the Ukraine invasion.
US LNG Producers Poised to Leapfrog Rivals with Three New Projects
Projects best positioned to move ahead include Sempra Energy's Port Arthur plant in Texas, Energy Transfer LP's Lake Charles in Louisiana and NextDecade Corp.'s Rio Grande in Texas. They have all or most of the long-term LNG sales agreements needed to convince bank's that the projects are ready for debt financing, according to Reuters analysts.
Canada's Suncor Mulling Options to Replace Supply from Key Oil Sands Mine
Canada's Suncor Energy on Wednesday said it is weighing options for replacing around 200,000 barrels per day of raw bitumen supply from its largest oil sands mine, which is set to run out by the mid-2030s.
- PG&E Reduces Emissions from Gas Pipelines by More Than 20%
- Trans Mountain Pipeline Expansion Project to Nearly Triple Current Capacity to 890,000 bpd
- Spain's Tecnicas Reunidas, FCC to Build LNG Terminal Worth $1.1 Billion in Germany
- Canada Offers $26 Billion Green Tax Credits But Still Trails Behind US Incentives
- Pipeline Operator TC Energy Says Keystone Oil Spill Caused by Fatigue Crack
- Pipeline Operator TC Energy Says Keystone Oil Spill Caused by Fatigue Crack
- Permian In Spotlight as Energy Dealmaking Gathers Steam
- Trans Mountain Pipeline Expansion Project to Nearly Triple Current Capacity to 890,000 bpd
- Colombia's Cano Limon-Covenas Pipeline Attacked for Ninth Time in 2023
- Chad Nationalizes Exxon’s 621-Mile Pipeline as Dispute Over Asset Sale Escalates
