Mexican state oil company Petróleos Mexicanos (Pemex) would require more government support over the coming years if it wants to increase capital expenditures (capex) without taking on more debt, even if proposed tax breaks for the firm are passed by legislators, according to Fitch Ratings. Senator Armando Guadiana, a member of President Andrés Manuel López…
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Mexico Natural Gas Market Said Underpinned by Strong Fundamentals Despite Policy Concerns
Despite concerns about the energy policies of Mexico’s current government, there is plenty of reason to be optimistic about the country’s nascent natural gas market, according to NGI’s Christopher Lenton, senior editor for Mexico and Latin America. Lenton spoke last week at the LDC Natural Gas Forum 2020 about his reasons for optimism, which include…
Comstock Ramps Haynesville Activity in Anticipation of Higher Natural Gas Prices
Haynesville Shale giant Comstock Resources Inc. “went back to work” in the third quarter to try to cash in on expected higher natural gas prices by accelerating seven well completions and by adding two horizontal drilling rigs, CEO Jay Allison said Thursday. “We have advantaged access to the demand market of the Gulf Coast,” Allison…
Permian Activity Declines as U.S. Rig Count Down Two
Driven by declines in the Permian Basin, the U.S. rig count fell two units overall to drop to 263 for the short holiday week ending Thursday (July 2), according to the latest numbers from Baker Hughes Co. (BKR). Changes for the week included a three-rig decline in oil-directed drilling, partially offset by the addition of…
Prominent Role for Natural Gas, Oil Exploration Even in Carbon-Constrained World, Says Wood Mackenzie
Oil and natural gas exploration will play an essential role in meeting global energy demand through at least 2040, even if human-induced global warming is kept under 2 C, according to a recent analysis by Wood Mackenzie. “Only about half the supply needed to 2040 is guaranteed from fields already onstream,” said Wood Mackenzie’s Andrew…
Oil, Natural Gas Exploration Said Vital to Meeting Energy Demand to 2040, Even if Global Warming Kept Under 2 C
Oil and natural gas exploration will play an essential role in meeting global energy demand through at least 2040, even if human-induced global warming is kept under 2 C, according to a new analysis by Wood Mackenzie. “Only about half the supply needed to 2040 is guaranteed from fields already onstream,” said Wood Mackenzie’s Andrew…
Mexico Regulator Gives Green Light to Deepwater, Burgos Exploration Projects
Mexico’s upstream oil and gas regulator, Comisión Nacional de Hidrocarburos (CNH), last Thursday approved drilling the Xakpún-1EXP deepwater exploration well by a subsidiary of China National Offshore Oil Corp., aka CNOOC. The J-shaped well plans to target light oil resources in the Gulf of Mexico’s Wilcox formation to a total depth of 6,346 meters (20,820…
ExxonMobil Tallies 16th Oil, Gas Discovery Offshore Guyana
ExxonMobil, which rode the wave for worldwide exploration last year in part because of the prolific Guyana portfolio, announced another discovery offshore the South American country, where recoverable resources already were estimated at more than 8 billion boe.
ExxonMobil Tallies 16th Oil, Gas Discovery Offshore Guyana
ExxonMobil, which rode the wave for worldwide exploration last year in part because of the prolific Guyana portfolio, announced another discovery offshore the South American country, where recoverable resources already were estimated at more than 8 billion boe.
Energy Operators See Conventional Exploration as No. 1 Resource Replacement Option
The global oil and natural gas industry is optimistic about future prospects, with conventional exploration still the primary resource replacement option, according to Wood Mackenzie’s 11th annual survey.