Exploration And Production

First-phase production has begun at the immense Mero deepwater oil and natural gas field off the Brazilian coast. Mero is located in the Libra block, more than 150 kilometers (93 miles) off the coast of Rio de Janeiro in the prolific pre-salt area of the Santos Basin. Libra is operated by Brazilian national oil company…

Growth in the Permian Basin, Guyana’s offshore and the global liquefied natural gas (LNG) market are gaining momentum, along with low-carbon opportunities, ExxonMobil CEO Darren Woods said Friday. During the 1Q2022 conference call, Woods told investors that “recent events” have clarified the direction for oil and gas producers.  New investments in Russia were scuttled by…

Ring Energy Inc. is off to a strong start to the year, drilling six Permian Basin wells during the first quarter and placing four new wells into production, the independent exploration and production (E&P) company reported. “Our operations teams continue to perform efficiently and effectively maintaining our base production and bringing on new development wells…

Natural gas production in Mexico averaged 4.05 Bcf/d in March, up from 3.84 Bcf/d in the same month a year ago. State oil company Petróleos Mexicanos (Pemex) supplied 3.81 Bcf/d of the total, versus 3.64 Bcf/d in March 2021, according to the latest data from upstream regulator Comisión Nacional de Hidrocarburos (CNH) Production by private…

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. …

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…

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…

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…

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…