oil and gas production

Haynesville Leads Further Growth in U.S. Natural Gas Drilling Activity

Haynesville Leads Further Growth in U.S. Natural Gas Drilling Activity

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…

February 25, 2022
Diamondback to Hold Permian Oil Output Flat as Prices Strengthen

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…

February 25, 2022
U.S. Drilling Activity Maintains Upward Momentum as Haynesville, Permian See Growth

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…

February 18, 2022
Even at $150 Oil, Pioneer Natural to Maintain 0-5% Production Growth, CEO Says

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…

February 18, 2022
BP, Equinor Pull Out of Mexico Deepwater Block

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…

February 15, 2022
Montney-Focused Arc’s Natural Gas Strategy Brings Sharply Higher Price

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…

February 14, 2022
Latin America Playing ‘Disruptive’ Role in Global LNG Market on Drought-Driven Demand Swings

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…

January 24, 2022
Natural Gas Drilling on the Rise in U.S. on Marcellus, Haynesville Growth, Baker Says

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…

January 21, 2022
Latin America’s Importance in Energy Transition Expected to Grow, Says Yergin

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…

January 12, 2022
Eni FPSO Arrival Shifts Flagship Mexico Offshore Project Into Ramp Up Mode

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…

January 4, 2022