Northern Oil and Gas Inc., which up to now has kept its focus on the Williston Basin, said it has acquired a working interest in Permian Basin acreage operated by EOG Resources Inc. On the deal, Northern revised higher its third quarter production guidance to 25,000-30,000 boe/d. Minnetonka, MN-based Northern said it expects production from…
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Global Natural Gas Looks Strong but Facing Challenges from Renewables, Hydrogen, Says BP
A “pronounced shift” to renewables, combined with a shift to electricity and hydrogen, led BP plc to reduce its annual forecast for global natural gas as a primary energy source. The annual Energy Outlook was introduced on Monday by chief economist Spencer Dale during a webcast. The economics team led by Spencer Dale used Rapid,…
New Lower 48 Oil Drilling Not Enough to Offset Existing Well Declines, Says EIA
U.S. oil production increased by an estimated 10.8 million b/d in August as Lower 48 operators brought wells back online in response to rising prices after curtailing production amid low demand in the second quarter, according to the U.S. Energy Information Administration (EIA). In the latest Short-Term Energy Outlook (STEO) issued on Wednesday, EIA said…
Canada Government, Provinces Step Up to Support Flailing Oil, Gas Projects
The Canadian government vowed Wednesday to attempt to salvage a mothballed C$2.2 billion ($1.6 billion) oil project offshore Newfoundland that the coronavirus pandemic threatens to sink. Rescue talks are underway, said Natural Resources Minister Seamus O’Regan, after Husky Energy Inc. teamed up with business and labor supporters to broadcast a group call for help for…
Ohio’s Utica Shale Natural Gas, Oil Output Continued Slump in Second Quarter
Ohio’s unconventional oil and natural gas production again declined in the second quarter as shut-ins and low commodity prices persisted, according to recent data from the Ohio Department of Natural Resources (ODNR). Unconventional natural gas production, driven almost entirely by volumes from the Utica Shale, was down 7% year/year to 569.4 Bcf. Volumes also fell…
In-Line Storage Injection Lifts October Natural Gas Futures
The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 35 Bcf into storage for the week ending August 28. The result came in roughly on par with median estimates and nudged Nymex natural gas futures higher. The latest injection was bullish relative to a year earlier, when EIA reported a 77 Bcf…
Pandemic Dents Mexico Natural Gas, Power Demand in April-July
The Covid-19 pandemic dealt a substantial blow to Mexico’s natural gas demand between April and July, according to the U.S. Energy Information Administration (EIA). Gas consumption in Mexico averaged 8.2 Bcf/d during the period, down 5% or 0.5 Bcf/d from the same span last year, EIA said last Thursday, citing data from Genscape Inc. The…
Global Oil Demand Seen Leveling Off at 92-95 Million b/d Until Pandemic Contained
Although global oil demand has come roaring back to about 89% of pre-coronavirus levels, it is expected to plateau around 92-95 million b/d, or 92-95% of pre-Covid levels through the first quarter of 2021, according to a new analysis by IHS Markit. “The meteoric rise of world oil demand from the lowest lows of the…
ExxonMobil Kicked from Blue Chip Index as Tech Gains Ground
ExxonMobil is to be replaced on the Dow Jones Industrial Average effective Monday (Aug. 31) in a shakeup prompted by Apple Inc.’s decision to split its stock. The price-weighted, 30-stock, blue chip index said Salesforce.com would replace the Irving, TX-based supermajor. ExxonMobil has traded on the Dow since 1928. As recently as 2011, ExxonMobil was…
Southwest Gas Shrugs Off Covid-19 and Grows, Despite Economic, Energy Downturn
Las Vegas-based Southwest Gas Corp. (SWGas) continues to see its business units expand and expects that trend to continue, CEO John Hester said earlier this month. Covid-19 “is our No. 1 concern,” Hester said during the second quarter conference call. “We’re closely monitoring the impact on SWGas operations.” Demand to date is strong for services…