The Texas oil and natural gas industry through July had seen a continued uptick in job growth, particularly in the Houston area, but the deadly Delta variant of Covid-19 poses near-term threats. An employment analysis of the upstream sector by the Texas Independent Producers and Royalty Owners Association (TIPRO) showed a net increase of 1,500…
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Pandemic’s Buoyancy Raises New Concerns About U.S. Natural Gas, Oil Demand
The economic impact of the Covid-19 Delta variant already threatens demand for oil and could dampen consumption of U.S. natural gas, particularly exports to Asia, if new restrictions imposed to slow the virus’ spread in China drag deep into 2021. In the United States, overall case totals and hospitalizations remain lower than the highs reached…
Basic Energy Seeking Chapter 11 Protection, Looking to Unload Lower 48 Assets
Basic Energy Services Inc. is once again seeking voluntary bankruptcy protection and plans to sell off a substantial portion of its Lower 48 assets. Hit by the oil price rout in 2015 and 2016, the Fort Worth, TX-based oilfield services operator successfully emerged from voluntary bankruptcy five years ago. After Covid-19 bashed energy demand last…
Canadian Oilsands Player Meg Energy Back in Black on Stronger Prices, Gulf Coast Exports
Increased production, improved prices and strong exports to the United States turned Canadian oilsands specialist Meg Energy Corp. profitable in the first half of 2021, reversing deep losses inflicted a year ago by the Covid-19 pandemic. The Calgary firm’s bitumen production in northeastern Alberta grew to a first-half 2021 average of 91,326 b/d from 83,622…
Tellurian Terminates $700M Deal with TotalEnergies for Driftwood LNG
A deal with French supermajor TotalEnergies SE that would have injected up to $700 million into Tellurian Inc.’s planned Driftwood liquefied natural gas (LNG) export facility in Louisiana has fallen through after the project developer failed to meet a key deadline for sanctioning the project. In a filing with the U.S. Securities and Exchange Commission,…
Bolstered by Rebound of Major Economies, Global Oil Demand to Surge, OPEC Says
An acceleration in travel and economic activity should hasten the resurgence in global oil demand in the second half of 2021, cutting into supplies and justifying increased crude production, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday. In its closely watched Monthly Oil Market Report, the Saudi-led cartel affirmed expectations it reported a…
Covid-19 Cases Surge in India, Cutting Into Spot LNG Demand
A prolific surge in Covid-19 cases in India is cutting into spot liquefied natural gas (LNG) demand as some vessels have avoided the country since last month. Seven LNG tankers that were headed to India have been diverted to other destinations since mid-April, said Kpler analyst Charles Costerousse, who added that the market research firm…
June Natural Gas Futures Inch Higher Amid LNG Strength, Potential for Storage Depletion
Natural gas futures advanced for a second consecutive session on Monday, as traders mulled weather-driven demand potential, continued strong liquefied natural gas (LNG) volumes and the potential for light storage levels moving through the summer months. The June Nymex contract advanced 3.5 cents day/day and settled at $2.966/MMBtu. July rose 3.6 cents to $3.014. Spot…
U.S. Oil, Gas M&A Activity Sinks in 1Q2021, but Signs of Momentum Ahead, Enverus Says
Consolidation in the U.S. upstream sector slowed to a relative crawl in the first quarter after rallying late in 2020. But there have been signs of increased activity in April and potential catalysts for more deals as the year wears on, according to an Enverus analysis. The oil and gas analytics company’s summary of 1Q2021…
Tellurian ‘Adapts’ Driftwood LNG Plans on Heels of Covid-19
Tellurian Inc. could begin construction on certain elements of its Driftwood liquefied natural gas (LNG) facility in Louisiana as early as this summer, CEO Octávio Simões said recently. “We’re aiming to start construction of the owner obligation costs this summer,” Simões told NGI. Those owner obligations are not covered by the company’s engineering, procurement and…