Exploration And Production

Mexico’s state oil company Petróleos Mexicanos (Pemex) has set an upstream capital expenditures (capex) budget of 240 billion pesos ($13.4 billion) for 2023, up from 162 billion pesos ($9.05 billion) in 2022. The 100% state-owned firm outlined the investment plans in its latest 20-F annual report filed to the U.S. Securities and Exchange Commission in…

Natural gas and oil permitting dipped sharply in April from a month earlier, with double-digit losses nearly across the board, according to Evercore ISI. The energy analysts at Evercore, led by James West, every month compile permit data from state and federal officials to determine the direction of U.S. drilling. Once an onshore permit is…

Most Latin American nations will need to rely on natural gas imports to meet rising demand in the coming years, according to a new analysis from Wood Mackenzie. With several challenges facing gas developments in the region, supply will be unable to keep up with demand, driving the need for expanded imports, according to analysts.…

Mexico’s private oil and natural gas industry has made major strides adding reserves and production since the sector was opened to non-state firms in 2014. The most recent major announcement was German company Wintershall Dea’s Kan-1 discovery. Wood Mackenzie Latin America analyst Adrian Lara said the discovery “is one of the largest in Mexico’s shallow…

Oilfield services (OFS) companies continue to report steady growth in revenue and upstream activity throughout Latin America, with onshore and offshore operations each playing a role. Halliburton Co. reported a 40% year/year increase in Latin America revenue to $915 million during the first quarter. The growth was “due primarily to increased well construction services and…

May rolled off the board and June took over as the New York Mercantile Exchange (Nymex) contract prompt month on Thursday, but there was little overall change in momentum. On Wednesday, the May Nymex natural gas futures contract fell 19.0 cents day/day and settled at $2.117/MMBtu before rolling off the books. On Thursday, June took…

A consortium led by Germany’s Wintershall Dea has made a “significant oil discovery” at the Block 30 exploration license in shallow waters off Mexico’s southeastern coast, the company said.  Preliminary estimates indicate the Kan exploration prospect may contain 200-300 million boe of oil and gas in place, the company said.  Wintershall Dea holds a 40%…

The U.S. natural gas rig count climbed two units to finish at 159 for the week ended Friday (April 21), while gains in the oil patch saw the combined domestic drilling tally rise five units to 753, according to the latest numbers from Baker Hughes Co. (BKR). Land drilling increased by five rigs domestically, with…

Lower 48 oil and gas permitting activity surged in March, driven by plays including the Permian and Powder River basins, and the Eagle Ford Shale. Regulators issued 4,439 onshore drilling permits during March, up 52% month/month and 35% year/year, according to the latest tally by Evercore ISI. The natural gas-rich Utica Shale was the only…