Enverus

Despite a wave of announcements by oil and gas producers to cut spending and activity in the wake of collapsing oil prices, Enverus expects to see a more significant pullback this summer as the market comes to the realization that a recovery will not come quickly.

An oil price war launched by the Organization of the Petroleum Exporting Countries (OPEC) and Russia battered crude oil and stocks Monday, but the long-term ramifications may not be all doom and gloom for natural gas, especially in the Permian Basin, according to analysts.

Austin, TX-based data analytics company Enverus has acquired upstream technology firm RS Energy Group (RSEG), a combination the partners said would help to accelerate machine learning and advanced information services for the energy industry.

Following an overall paltry return for Lower 48 oil and gas property sales in 2019, the dealmaking market may be looking for a repeat, as well-financed operators prowl for quality assets at bargain prices, according to energy data specialist Enverus.

With “worrying” demand trends in the 100 million b/d global crude oil market and domestic supply continuing to grow, the United States is expected to need additional export markets to absorb supply, with China seen as being key.

U.S. exploration and production (E&P) dealmaking has begun, extending beyond the Permian Basin, with the Top 10 deals surpassing $17 billion in the third quarter, Enverus reported Wednesday.