Exploration

Natural Gas Drilling Spurs Sharp Rise in U.S. Activity, Latest BKR Count Shows

Natural Gas Drilling Spurs Sharp Rise in U.S. Activity, Latest BKR Count Shows

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…

March 17, 2023
Bakken Shale Natural Gas Prices ‘In the Tank’ as Production Rebounds From Winter Storm Shut-ins

Bakken Shale Natural Gas Prices ‘In the Tank’ as Production Rebounds From Winter Storm Shut-ins

Bakken Shale natural gas prices remain at pandemic-era lows amid an overall softening of the North American market, according to North Dakota’s Department of Mineral Resources (DMR). The price of natural gas delivered to TC Energy Corp. and Oneok Inc.’s Northern Border pipeline system at Watford City, ND, stood at $2.08/Mcf as of Wednesday (March…

March 17, 2023
Verdad Exploration Reaches Mexico Milestone in Natural Gas-Rich Burgos Basin

Verdad Exploration Reaches Mexico Milestone in Natural Gas-Rich Burgos Basin

“We are the first private producers to develop gas in the Burgos Basin and connect to Cenagas,” Roberto Gutierrez, vice president of commercial sales at Verdad Exploration Mexico LLC, told NGI’s Mexico GPI in a phone interview. On February 22, Verdad connected their gas production from a block in the Burgos Basin to the Sistrangas…

February 24, 2023
Southwestern to Curb Activity in Response to Weaker Natural Gas Market 

Southwestern to Curb Activity in Response to Weaker Natural Gas Market 

Southwestern Energy Co. said Friday it would drop drilling rigs this year in the Appalachian Basin and Haynesville Shale, joining other natural gas-focused producers that have announced plans to curb activity in response to falling prices. “Given near-term market conditions, we have proactively moderated activity, resulting in slightly lower expected production for 2023, and have…

February 24, 2023
Brazil, Guyana Shine in ‘Standout Year’ for Natural Gas, Oil Exploration

Brazil, Guyana Shine in ‘Standout Year’ for Natural Gas, Oil Exploration

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…

February 9, 2023
U.S. Adds Six Natural Gas Rigs as Oil Count Pulls Back

U.S. Adds Six Natural Gas Rigs as Oil Count Pulls Back

The U.S. natural gas rig count rose six units to 156 for the week ended Friday (Jan. 20), while a sharp pullback in the oil patch saw the combined domestic tally drop four units to 771, the latest figures from Baker Hughes Co. (BKR) show. The increase in natural gas rigs only partially offset a…

January 20, 2023
SLB Bullish on Oil, Natural Gas Growth Following Boffo Quarterly Performance

SLB Bullish on Oil, Natural Gas Growth Following Boffo Quarterly Performance

An uptick in global offshore development, combined with expansion of natural gas opportunities overseas, bode well for SLB Ltd. to improve activity in 2023, CEO Olivier Le Peuch said Friday.  All signs point in a positive direction, Le Peuch said, after the world’s No. 1 oilfield services (OFS) operator closed out a “remarkable year.” He…

January 20, 2023
Sitio, Brigham Complete $4.8B Merger to Form U.S. Mineral, Royalties Giant

Sitio, Brigham Complete $4.8B Merger to Form U.S. Mineral, Royalties Giant

Minerals firm Sitio Royalties Corp. closed the books on a successful merger with Brigham Minerals Inc., combining “two of the largest public companies in the mineral and royalty sector,” the companies said. The $4.8 billion all-stock transaction has added 15,000 boe/d of oil-weighted pro forma production to Denver-based Sitio’s portfolio, which now stands at about…

December 30, 2022
Williston Rig Gains Lead Small Increase in Latest U.S. Drilling Tally

Williston Rig Gains Lead Small Increase in Latest U.S. Drilling Tally

On the strength of gains in the oil patch, including in the Williston Basin, the U.S. rig count rose two units overall to finish the week ended Friday (Nov. 4) at 770, according to the latest tally from Baker Hughes Co. (BKR). Net changes domestically included a three-rig increase in oil-directed drilling, partially offset by…

November 4, 2022
Natural Gas Drilling Flat as Oil Patch Sees Modest Growth in Latest BKR Count

Natural Gas Drilling Flat as Oil Patch Sees Modest Growth in Latest BKR Count

The U.S. natural gas rig count was unchanged at 157 for the week ended Friday (Oct. 21), while oil-directed activity gains helped raise the combined domestic tally two units to 771, according to updated figures from Baker Hughes Co. (BKR). Net changes domestically included a two-rig increase in oil-directed drilling. Total land rigs increased by…

October 21, 2022
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