Exploration And Production

Italy’s Eni SpA, one of Mexico’s leading private sector oil producers, has found more oil and natural gas offshore Mexico. Its most recent find was in the Yatzil exploration prospect in Block 7, located in the mid-deep water of the Cuenca Salina in the Sureste Basin in the Gulf of Mexico. Eni thinks there are…

A sharp increase in natural gas-directed drilling saw the U.S. rig count rise eight units to 754 during the week ended Friday (March 17), according to the latest tally from Baker Hughes Co. (BKR). Total natural gas-directed rigs increased by nine domestically, partially offset by a decline of one oil-directed unit. Land drilling increased by…

Expect more natural gas output from Latin American nations, according to recent earnings calls and presentations from regional government officials and executives. Management at Brazil’s state oil company Petrobras SA said they were working to employ more of the natural gas from the prolific offshore pre-salt deposits. “We will search for new segments for our…

The U.S. natural gas rig count dropped one unit to finish at 153 for the week ended Friday (March 10), while a slowdown in the Permian Basin helped drop the combined domestic tally three units to 746, according to updated figures from Baker Hughes Co. (BKR). Along with the loss of one natural gas rig,…

Paramount Resources Ltd. has set its sights on finishing its fifth walking rig after higher natural gas and oil prices more than doubled 2022 earnings. The independent reports earnings in Canadian dollars (C$1.00/US 75 cents). The Calgary firm’s 2023 budget enables subsidiary Fox Drilling to finish building the high-tech rig for $16.8 million. The program…

Natural gas production in Mexico averaged 4.25 Bcf/d in January, up from 3.99 Bcf/d in January 2022. State oil company Petróleos Mexicanos (Pemex) supplied 4.03 Bcf/d of the total, up from 3.77 Bcf/d, according to data from upstream regulator Comisión Nacional de Hidrocarburos (CNH). Production from private sector operators averaged 224 MMcf/d, versus 226 MMcf/d…

Calgary-based independent Canadian Natural Resources Ltd. made a strategic decision to ramp up its substantial natural gas portfolio last year, which resulted in a 23% increase in output year/year. “For North American operations, 2022 annual natural gas production was 2.08 Bcf/d, versus the 1.68 Bcf/d for 2021, up almost 395 MMcf/d,” said President Tim McKay…

The U.S. natural gas rig rose three units to 154 for the week ended Friday (March 3), though a third straight weekly decline in oil activity dropped the overall domestic tally four units to 749, according to updated numbers from Baker Hughes Co. (BKR). Net changes domestically for the period included an eight-rig decline in…

Mark Ovintiv Inc. as yet another North American producer expecting to pull back the reins on natural gas development this year.  The Denver-based explorer is reducing development “in response to weaker short term North American natural gas fundamentals,” CEO Brendan McCracken said during the recent quarterly conference call.  Executives of other U.S.-based producers during 4Q2022…