Exploration

Oil, Natural Gas Discoveries Worldwide Decline to Lowest Level in 75 Years

Oil, Natural Gas Discoveries Worldwide Decline to Lowest Level in 75 Years

Global oil and natural gas discoveries in 2021 were tracking to hit their lowest full-year level in 75 years and decline considerably from 2020. Total discovered volumes through November were calculated at 4.7 billion boe, according to an analysis by Rystad Energy. No major discoveries had been announced through the first three weeks of December,…

December 29, 2021
Worldwide Oil, Natural Gas Discoveries in 2021 Said Lowest in Decades

Worldwide Oil, Natural Gas Discoveries in 2021 Said Lowest in Decades

Global oil and natural gas discoveries in 2021 were tracking to hit their lowest full-year level in 75 years and decline considerably from 2020. Total discovered volumes through November were calculated at 4.7 billion boe, according to an analysis by Rystad Energy. No major discoveries had been announced through the first three weeks of December,…

December 28, 2021
Oil, Gas Execs Looking to Texas, Oklahoma for Top Investments, Eschewing Canada

Oil, Gas Execs Looking to Texas, Oklahoma for Top Investments, Eschewing Canada

Policies and regulations in the U.S. oil and natural gas patch, led by Texas, are viewed as substantially more favorable to investment than in Canada, according to the latest survey by the Fraser Institute. The 2021 Canada-US Energy Sector Competitiveness Survey by the Vancouver-based think tank asked 71 senior executives in the petroleum sector to…

December 6, 2021
U.S. Drilling Activity Steady Against Backdrop of Omicron Worries

U.S. Drilling Activity Steady Against Backdrop of Omicron Worries

The domestic oil and gas patch turned in a relatively uneventful week in terms of net changes to drilling activity, according to the latest round of Baker Hughes Co. (BKR) data. Both oil and natural gas rig counts went unchanged overall for the week ended Friday (Dec. 3), holding flat at 467 and 102, respectively.…

December 3, 2021
Former Parsley CEO Sheffield Acquires 7.4% Stake in Australian Natural Gas Explorer Tamboran

Former Parsley CEO Sheffield Acquires 7.4% Stake in Australian Natural Gas Explorer Tamboran

Former Parsley Energy Inc. CEO Bryan Sheffield has acquired a roughly 7.4% stake in Australian natural gas explorer Tamboran Resources Ltd., executives said Tuesday. Founded in 2009, Tamboran styles itself as “a natural gas company that intends to play a  constructive role in the global energy transition towards a lower carbon future.” The producer develops…

November 29, 2021
More Signs of Post-Ida Recovery in Latest Tally of GOM Drilling Activity

More Signs of Post-Ida Recovery in Latest Tally of GOM Drilling Activity

Propelled by rising activity in the Gulf of Mexico (GOM) amid the recovery from Hurricane Ida-related impacts, the U.S. rig count rose nine units to 521 for the week ended Friday (Sept. 24), according to Baker Hughes Co. (BKR). Ten oil-directed rigs were added in the United States for the week, offsetting a one-rig decline…

September 24, 2021
Oil Patch Keeps Uptrend Intact as U.S. Adds Five Rigs in Latest Count

Oil Patch Keeps Uptrend Intact as U.S. Adds Five Rigs in Latest Count

U.S. land drillers turned in another week of gains thanks to continued expansion in the oil patch, according to the latest Baker Hughes Co. (BKR) tally, which showed the overall domestic rig count rising five units to 508 as of Friday (Aug. 27). Oil rigs added on land accounted for the entirety of the net…

August 27, 2021
BKV Looking to Expand Further after $430M Texas Natural Gas Power Plant Deal

BKV Looking to Expand Further after $430M Texas Natural Gas Power Plant Deal

Natural gas exploration & production (E&P) company Banpu Kalnin Ventures Corp. (BKV) made a splash earlier this month with an announced deal to acquire a natural gas power plant in Temple, TX, for $430 million.  With independent E&Ps largely focused on the upstream, value chain integration has chiefly been the territory of majors and supermajors.…

August 23, 2021
Sempra CEO Says LNG Construction Costs Rising, while Tellurian Looking to Boost Haynesville Output

Sempra CEO Says LNG Construction Costs Rising, while Tellurian Looking to Boost Haynesville Output

Rising construction costs are likely to give brownfield liquefied natural gas (LNG) projects an extra advantage over greenfield sites as planned developments move toward sanction, Sempra CEO Jeff Martin said Thursday. “Greenfield projects tend to have a little bit of a higher per-unit cost than brownfield projects, Martin said during the 2Q2021 earnings call. “This…

August 6, 2021
Natural Gas Rig Count Up as Overall U.S. Activity Flat in Latest Tally

Natural Gas Rig Count Up as Overall U.S. Activity Flat in Latest Tally

The U.S. natural gas rig count climbed one unit to finish at 98 for the week ended Friday (June 25), while a small decline in oil rigs left the overall domestic tally flat for the period, according to data from Baker Hughes Co. (BKR). One oil-directed rig exited the patch in the United States during…

June 25, 2021
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