The U.S. natural gas rig count climbed three units to reach 127 during the week ended Friday (Feb. 25), driven by further activity increases in the Haynesville Shale, according to the latest tally from Baker Hughes Co. (BKR). Two oil-directed rigs were also added in the United States for the week. That left the combined…
oil and gas production
Articles from oil and gas production
Diamondback to Hold Permian Oil Output Flat as Prices Strengthen
Diamondback Energy Inc. is aiming to keep oil production flat in the Permian Basin this year, part of a larger trend among Lower 48 exploration and production (E&P) firms to ensure healthy shareholder returns amid a bullish price cycle. “We are at the beginning of an incredible period of value creation for the industry, and…
U.S. Drilling Activity Maintains Upward Momentum as Haynesville, Permian See Growth
Propelled by activity gains in the Haynesville Shale and Permian Basin, the U.S. rig count posted double-digit growth for a second straight week in the latest tally from oilfield services provider Baker Hughes Co. (BKR). Including increases of six natural gas-directed rigs and four oil-directed units, the combined U.S. count jumped 10 units higher to…
Even at $150 Oil, Pioneer Natural to Maintain 0-5% Production Growth, CEO Says
Pioneer Natural Resources Co. will limit its net annual oil production growth to 0-5% even if the oil price hits $150, a possibility that CEO Scott Sheffield is not ruling out. “I’m getting more and more confident about the long-term oil strip being much higher than we had expected,” Sheffield told analysts on Thursday during…
BP, Equinor Pull Out of Mexico Deepwater Block
Mexican upstream regulator Comisión Nacional de Hidrocarburos (CNH) has given the green light for the local subsidiaries of European energy giants BP plc and Equinor ASA to pull out of their participation in a deepwater block offshore Veracruz and Tabasco states. The Mexico branch of France’s TotalEnergies SE will now assume control of the Salina…
Montney-Focused Arc’s Natural Gas Strategy Brings Sharply Higher Price
Rising fossil fuel prices and a corporate takeover propelled Montney Shale natural gas producer Arc Resources Ltd. to a nearly six-fold increase in quarterly profits. Management called 2021 “transformational” for the Calgary-based producer as the oil and natural gas markets bounced back. Production jumped sharply during the fourth quarter from a year ago after the…
Latin America Playing ‘Disruptive’ Role in Global LNG Market on Drought-Driven Demand Swings
Although headlines on current tightness in the global natural gas market have mostly focused on Europe, Latin America has played a role in the crisis as well, according to Columbia University’s Luisa Palacios. Palacios, a senior research scholar at Columbia’s Center on Global Energy Policy, spoke to NGI’s senior Mexico and Latin America editor Christopher…
Natural Gas Drilling on the Rise in U.S. on Marcellus, Haynesville Growth, Baker Says
The U.S. natural gas rig count climbed four units to 113 for the week ended Friday (Jan. 21), while domestic oil drilling saw a small decline for the period, according to updated figures from Baker Hughes Co. (BKR). Including a one-rig decline in oil-directed drilling, the combined U.S. count finished the week at 604, 226…
Latin America’s Importance in Energy Transition Expected to Grow, Says Yergin
The transition to lower carbon-emitting fuel resources may give Latin America a new economic edge, according to energy expert Daniel Yergin. In a conversation with NGI earlier this month, the vice chairman of IHS Markit and chair of CERAWeek said Latin America may see its fortunes rise as “enormous” amounts of copper and other earth…
Eni FPSO Arrival Shifts Flagship Mexico Offshore Project Into Ramp Up Mode
Italy’s Eni SpA, one of Mexico’s leading private sector oil producers, said a floating production, storage and offloading (FPSO) vessel had arrived offshore Tabasco allowing for production to ramp up in the Area 1 development. In mid-2019, Eni became the first private sector operator to record offshore oil production in Mexico at its Area 1…