ExxonMobil is trying to put a stop to Chevron Corp. and its bid to enter the lucrative Guyanese offshore oil and natural gas patch. The company has filed for arbitration, claiming Chevron’s bid to snap up Hess Corp.’s Guyana assets goes against a contract clause that grants ExxonMobil a right of first refusal. Last October,…
oil and gas production
Articles from oil and gas production
OPEC Cuts, Global Oil Demand Fuel Potential for Ongoing U.S. Associated Natural Gas Production
Steady global demand for crude and ongoing OPEC production reticence could motivate U.S. oil producers to keep output near record levels this year. In doing so, they could also continue to deliver robust amounts of associated natural gas from the Permian Basin, countering efforts elsewhere to curb supply in the face of low prices. The…
Texas Hits Record Natural Gas, Oil Production Despite Sharply Lower Prices
Texas achieved record natural gas and oil production in 2023 despite lower prices for both commodities, falling rig counts, and fewer drilling permits issued versus 2022, said the Texas Alliance of Energy Producers. The group, which represents the state’s independent exploration and production (E&P) firms, said its Texas Petro Index (TPI) fell in December for…
ExxonMobil Says Activist Shareholders’ ‘Extreme Agenda’ Designed to Diminish Existing Operations
ExxonMobil is seeking to prevent some investors from using what it called a “Goldilocks Trojan Horse” strategy to diminish existing business operations. In a lawsuit filed earlier in January, the integrated major requested judicial relief to exclude a shareholder proposal by Arjuna Capital and Follow This. The lawsuit was filed in the U.S. District Court…
Natural Gas E&Ps Grab the Baton for M&A in Early 2024 After Record Year of Permian Deals
Could more natural gas-focused exploration and production (E&P) or midstream transactions be in the works after Chesapeake Energy Corp. and Southwestern Energy Co. agreed to combine into the Lower 48’s largest gas producer? Oil-focused dealmaking powered much of the consolidation in the U.S. oil and gas industry in 2023, with associated gas production riding the…
Natural Gas Drilling Slows in BKR’s Latest U.S. Count, Including Decline in Haynesville
The U.S. natural gas rig count fell two units to 118 for the week ended Friday (Jan. 5), including a small decrease in activity in the Haynesville Shale, according to data from oilfield services provider Baker Hughes Co. (BKR). Including a one-rig increase in the U.S. oil patch, the combined domestic rig count finished the…
Mexico Natural Gas Production Dips as Maloob Field Knocked from Top Five
Mexico’s natural gas production averaged 4.13 Bcf/d in November, versus 4.17 Bcf/d in October and 4.43 Bcf/d in November 2022. State oil company Petróleos Mexicanos (Pemex) accounted for 3.91 Bcf/d or 95% of the total, down from 4.19 Bcf/d a year earlier, according to the latest data from upstream regulator Comisión Nacional de Hidrocarburos (CNH).…
Billionaire Carlos Slim Accumulating Mexico Oil, Natural Gas Assets
Mexican conglomerate Grupo Carso SAB has bought into another Mexico oil and natural gas field in shallow waters offshore Campeche. Carso subsidiary Zamajal SA de CV would acquire PetroBal SAPI de CV and its 50% interest in the Ichalkil and Pokoch fields. PetroBal is the oil and gas subsidiary of Mexican conglomerate Grupo Bal. The…
Venezuela Touts Referendum to Annex Guyana Oil, Natural Gas Patch
Venezuela’s government said voters approved a plan to annex the oil and gas-rich Essequibo region of neighboring Guyana in a referendum held Sunday. Essequibo contains the offshore Stabroek block, where an ExxonMobil-led consortium has made numerous oil discoveries in recent years. The region, which was part of Venezuela during the Spanish colonial period, has been…
Mexico Natural Gas, Oil Accidents Could Drop with Technology, Innovation Investment, Expert Says
“In my point of view, there are three important things that need to be improved in Mexico: innovation, technology and employee security,” Sandra Jahnsen, CEO of Jahnsen Business Consulting & Corporate, told NGI’s Mexico GPI. “In Mexico, both the oil and natural gas sectors are deficient in these three areas.” She added, “When those three…