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Federal Oil, Natural Gas Auctions Facing Changes as Interior Proposes Higher Royalty Rates

Federal Oil, Natural Gas Auctions Facing Changes as Interior Proposes Higher Royalty Rates

The U.S. oil and natural gas industry need not fear a federal drilling ban — for now — but royalty rates may be hiked for the first time in a century and leasing terms could be tightened based on an analysis by the Department of Interior. After taking office in January, President Biden issued Executive…

November 30, 2021
Oil, Natural Gas Industry Facing Higher Costs, Scrutiny in Federal Auctions

Oil, Natural Gas Industry Facing Higher Costs, Scrutiny in Federal Auctions

The U.S. oil and natural gas industry need not fear a federal drilling ban — for now — but royalty rates may be hiked for the first time in a century and leasing terms could be tightened based on an analysis by the Department of Interior. After taking office in January, President Biden issued Executive…

November 29, 2021
Deepwater GOM Draws Biggest Bids, but Shallow Water Floats ExxonMobil’s Boat in BOEM Auction

Deepwater GOM Draws Biggest Bids, but Shallow Water Floats ExxonMobil’s Boat in BOEM Auction

A federal auction for oil and natural gas leases in the Gulf of Mexico (GOM) drew more participants and money than a year ago, but the Biden administration, under court order to hold the sale, pledged that changes still would be made. Lease Sale 257, the eighth offshore auction and first in a year, was…

November 17, 2021
BP Riding to Higher Offshore Oil, Gas Output with Thunder Horse Expansion

BP Riding to Higher Offshore Oil, Gas Output with Thunder Horse Expansion

BP plc’s largest production and drilling platform in the Gulf of Mexico (GOM), Thunder Horse, has ramped up an expansion project to boost deepwater output by up to 25,000 boe/d. The Thunder Horse South Expansion Phase 2 project, with an initial two-well tie-back, added a subsea drill center roughly two miles from the main platform,…

October 1, 2021
U.S. Petroleum Demand, Production Bounce Back Amid Post-Ida Recovery

U.S. Petroleum Demand, Production Bounce Back Amid Post-Ida Recovery

Domestic petroleum demand and production increased notably last week, as the Gulf of Mexico (GOM) energy complex recuperated from the havoc imposed by Hurricane Ida, the latest U.S. Energy Information Administration (EIA) inventory report showed. EIA’s Weekly Petroleum Status Report, released Wednesday, showed production climbed to 10.6 million b/d for the week ended Sept. 17,…

September 22, 2021
Shell Says ‘Significant’ Damage from Ida Pummels Oil, Gas Services in Deepwater GOM

Shell Says ‘Significant’ Damage from Ida Pummels Oil, Gas Services in Deepwater GOM

An offshore oil and natural gas complex in the deepwater Gulf of Mexico (GOM) is likely to be offline for repairs for months because of damage inflicted by Hurricane Ida, Royal Dutch Shell plc said Monday. A “comprehensive damage assessment” was conducted by Shell Offshore Inc. following Ida, which stormed through the GOM at the…

September 20, 2021
U.S. Petroleum Production, Demand Flat as Ida’s Impacts Linger

U.S. Petroleum Production, Demand Flat as Ida’s Impacts Linger

The aftershocks of Hurricane Ida kept a lid on petroleum output and demand last week, long after the storm hammered Louisiana and production facilities in the Gulf of Mexico (GOM) on Aug. 29, the latest U.S. Energy Information Administration (EIA) inventory report showed. For the week ended Sept. 10, production inched ahead to 10.1 million…

September 15, 2021
Natural Gas Futures, Cash Prices Soar Above $5.00 as Nicholas Amplifies Production Worries

Natural Gas Futures, Cash Prices Soar Above $5.00 as Nicholas Amplifies Production Worries

Natural gas futures surged on Monday as a new tropical storm threatened to further shake the Gulf of Mexico’s (GOM) production foundation, a development that could hamper supply/demand balances at a time when gas in storage for winter is already light. The October Nymex contract cruised 29.3 cents higher day/day and settled at $5.231/MMBtu. November…

September 13, 2021
Natural Gas Forward Prices Flirt with $5 as Slow Production Recovery Intensifies Supply Concerns

Natural Gas Forward Prices Flirt with $5 as Slow Production Recovery Intensifies Supply Concerns

Natural gas forward prices exploded higher through the trading period ending Sept. 8 as hefty production outages lingered following Hurricane Ida, creating more uncertainty about whether U.S. supplies would be sufficient for the winter.  October fixed prices rallied by an average of 26.0 cents, while prices for the November and winter (November 2021-March 2022) strips…

September 9, 2021
Ida’s Path of Destruction Dogging Natural Gas, Oil Operations in Louisiana, Offshore

Ida’s Path of Destruction Dogging Natural Gas, Oil Operations in Louisiana, Offshore

Hurricane Ida may be long gone, but bitter memories of its torrid march through the Gulf of Mexico (GOM) and into the Lower 48 were slowing recovery efforts by the natural gas and oil industry. Producers that work offshore were struggling to return crews to platforms and rigs on Friday. Extensive damage in Louisiana’s Houma…

September 3, 2021
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