Exploration And Production

Halliburton, Schlumberger, Baker Hughes Report ‘Widespread’ Growth Across Latin America

Halliburton, Schlumberger, Baker Hughes Report ‘Widespread’ Growth Across Latin America

Business is booming for Latin America’s upstream oil and gas segment, according to the world’s three leading oilfield services providers. The management teams of Halliburton Co., Baker Hughes Co. and Schlumberger Ltd. each reported strong year/year growth in the region during their respective first quarter earnings calls, and indicated they expect the trend to continue. …

April 25, 2022
Natural Gas, Oil Drilling Totals Tick Higher in U.S.

Natural Gas, Oil Drilling Totals Tick Higher in U.S.

The U.S. natural gas rig count climbed one unit to 144 during the week ended Friday (April 22), matching a one-rig increase in the oil patch, according to updated figures from Baker Hughes Co. (BKR).  Two rigs were added on land, along with one offshore (not in the Gulf of Mexico), while one rig exited…

April 22, 2022
U.S. Drilling Activity Ticks Higher Amid Gains in Williston

U.S. Drilling Activity Ticks Higher Amid Gains in Williston

Incremental activity gains in the Williston Basin helped nudge the U.S. rig count two units higher to 695 for the week ended Friday (April 22), updated numbers from oilfield services provider Baker Hughes Co. (BKR) show. One oil-directed rig and one natural gas-directed rig were added overall in the United States for the week. Two…

April 22, 2022
Liberty Says Business Booming on Tighter Frack Market as E&Ps Ramp Up

Liberty Says Business Booming on Tighter Frack Market as E&Ps Ramp Up

Denver-based Liberty Oilfield Services Inc., one of the largest completions experts in North America, is gearing up for increasing activity as exploration customers expand, according to CEO Chris Wright. The hydraulic fracturing (fracking) expert issued its first quarter results on Thursday, with Wright helming the conference call. Quarterly revenue jumped 16% sequentially – a strong…

April 22, 2022
Schlumberger Forecasting Multi-Year Upcycle in Oil, Natural Gas Investments

Schlumberger Forecasting Multi-Year Upcycle in Oil, Natural Gas Investments

The world’s top oilfield operator, Schlumberger Ltd., is anticipating oil and natural gas demand to push “successive years of market growth,” with the upcycle now in full gear, CEO Olivier Le Peuch said Friday. “As demand continues to strengthen and new investments are committed to diversify energy supply, the duration and scale of this upcycle…

April 22, 2022
For E&P 1Q Results, All Eyes on Ability to Capitalize on Robust Natural Gas, Oil Prices

For E&P 1Q Results, All Eyes on Ability to Capitalize on Robust Natural Gas, Oil Prices

Lofty energy prices, driven by steady demand and global supply shocks imposed by Russia’s invasion of Ukraine, present U.S. exploration and production (E&P) companies both profit opportunity and potential hazard. As the first quarter E&P earning season gets in full swing over the coming weeks, markets are expected to focus on whether companies are able…

April 22, 2022
Amid Soaring Prices, Eni Ships First Oil from Mexico Project

Amid Soaring Prices, Eni Ships First Oil from Mexico Project

Italy’s Eni SpA, one of Mexico’s leading private sector oil producers, said it has begun shipping oil from a project offshore Tabasco to the international market. The company’s first cargo from the Miamte floating, production, storage and offloading (FPSO) platform in the Gulf of Mexico shipped last week. The company hailed it as an important…

April 19, 2022
For Canada’s Natural Gas and Oil Producers, Federal Budget’s CCUS Tax Incentives Fall Short

For Canada’s Natural Gas and Oil Producers, Federal Budget’s CCUS Tax Incentives Fall Short

The Canadian government made a commitment Thursday to help cover expenses of reducing industrial greenhouse gas (GHG) emissions by providing investment tax credits for carbon capture, utilization and storage (CCUS). The 2022 federal budget plan presented by Finance Minister Chrystia Freeland set CCUS tax credit rates of 60% for direct air capture systems, 50% for…

April 8, 2022
ExxonMobil Sanctions Fourth – and Largest – Guyana Project

ExxonMobil Sanctions Fourth – and Largest – Guyana Project

ExxonMobil has announced a $10 billion commitment to a new development in Guyana’s prolific offshore Stabroek block. The company has received approval from the government of Guyana for the Yellowtail project, which would be the company’s largest to-date asset in the country. Production is slated for 2025 and is expected to hit 250,000 b/d. “Yellowtail’s…

April 5, 2022
Shell Producing Natural Gas at T&T’s Colibri, Fueling LNG Exports

Shell Producing Natural Gas at T&T’s Colibri, Fueling LNG Exports

Shell plc’s Trinidad and Tobago (T&T) subsidiary has started production from two areas in its offshore Colibri project, boosting natural gas production for the dual-island, gas-rich nation. Colibri is expected to add 30,000 boe/d, or 174 MMcf/d of near-term gas with peak production of around 43,000 boe/d (250 MMcf/d) through a series of four subsea…

April 5, 2022