Exploration And Production

BP plc is capturing even more oil and natural gas from the deep waters of the Gulf of Mexico after ramping up the Argos platform, the fifth system the producer has launched in the U.S. offshore since 2008. Argos is the first new BP-operated production facility in the region and the centerpiece of the Mad…

Natural gas production in Mexico has continued to creep upwards so far in 2023, a trend that began in 2022. Domestic output averaged 4.29 Bcf/d in February, up from 3.94 Bcf/d in February 2022. Natural gas production in Mexico averaged 4.25 Bcf/d in January. State oil company Petróleos Mexicanos (Pemex) supplied 4.07 Bcf/d of the…

The U.S. natural gas rig count dropped two units to finish at 160 for the week ended Friday (March 31), while a decline of one oil-directed rig dropped the combined total by three units to 755, updated numbers from Baker Hughes Co. (BKR) show. All of the domestic declines for the period occurred on land,…

A slowdown in both oil and natural gas drilling saw the U.S. rig count fall three units to finish at 755 for the week ended Friday (March 31), according to updated figures published by Baker Hughes Co. (BKR). Domestic declines for the week included two natural gas-directed rigs and one oil-directed rig. All of the…

Mexican state oil company Petróleos Mexicanos (Pemex) has submitted a development plan to authorities for the long-delayed Zama shallow water oil project off Mexico’s southeastern coast. Zama is expected to produce up to 180,000 boe/d of oil and gas at its peak, equal to over 10% of Mexico’s current production. Pemex is the operator of…

Bolstered by a modest rebound in oil activity, the U.S. rig count rose four units to finish at 758 for the week ended Friday (March 24), according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). Domestic gains were driven by a four-rig increase in oil-directed drilling, raising total U.S. oil rigs…

The decline in U.S. natural gas prices, combined with elevated costs to drill a well, are forecast to slow down drilling and completions (D&C) activity in the gassy basins of the Lower 48. Rystad Energy Vice President Serik Omarov in a note said the gas price decline has created uncertainty for exploration and production (E&P)…

North American natural gas prices are again testing $2.00/MMBtu as the market remains oversupplied amid light demand from a warmer than usual winter. The April New York Mercantile Exchange gas futures contract lost 1.7 cents day/day on Thursday and settled at $2.154. May fell 2.4 cents to $2.283. A day earlier, both shed more than…

The global offshore is in the early innings of a multi-year upcycle, with deepwater natural gas production forecast to account for 25%-plus of total output by 2040. Natural gas and oil development is being lifted by several deepwater discoveries, according to analysts. Evercore ISI analysts said a Brent oil price “above $50/bbl is economic for…