Private equity (PE) continues to pour into the North American oil and natural gas patch amid higher commodity prices and capital discipline by publicly traded companies. Privately held exploration and production (E&P) firm Sabalo Energy II said Wednesday it has closed a $300 million equity commitment from EnCap Investments LP. The objective “is to build,…
oil and gas production
Articles from oil and gas production
More Signs of Post-Ida Recovery in Latest Tally of GOM Drilling Activity
Propelled by rising activity in the Gulf of Mexico (GOM) amid the recovery from Hurricane Ida-related impacts, the U.S. rig count rose nine units to 521 for the week ended Friday (Sept. 24), according to Baker Hughes Co. (BKR). Ten oil-directed rigs were added in the United States for the week, offsetting a one-rig decline…
Tourmaline Raises Capex Plan, Accelerates Montney Drilling
Tourmaline Oil Corp., Canada’s largest natural gas producer, plans to boost spending and pull forward some drilling in the Montney Shale originally scheduled for next year into the final weeks of 2021. The company credited “materially reduced drilling times,” particularly at its northeastern British Columbia assets, with the decision. Tourmaline reported a 20% reduction in…
Pemex Fire, Hurricane Ida Dent OPEC Supply Forecast as Oil Demand Gathers Momentum
Two events in the Gulf of Mexico have dented the latest 2021 supply forecast by the Organization of the Petroleum Exporting Countries (OPEC). In the cartel’s latest Monthly Oil Market Report (MOMR), oil supply outside of the OPEC countries for 2021 was revised lower by 0.17 million b/d from the previous forecast because of a…
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…
Lower 48 Natural Gas Production Seen Higher in October, Led by Haynesville and Appalachia
Lower 48 natural gas production is expected to increase month/month in October in almost every major basin, with oil output set to climb in most regions too, federal researchers said Monday. The Drilling Productivity Report (DPR), compiled every month by the Energy Information Administration, indicated that gas production is predicted to increase in October from…
U.S. Rig Count Climbs on Partial GOM Recovery
A week after the Gulf of Mexico (GOM) saw its rig count flatline, a partial recovery in offshore activity helped lift the overall U.S. drilling tally six units higher to 503 as of Friday, according to the latest data from Baker Hughes Co. (BKR). Seven oil-directed rigs were added in the United States for the…
Mexico Energy Sector Said Still Open for Business as Players Prepare for Future
Mexico’s energy sector has faced a difficult past three years which have seriously dented investor appetite, but the country still offers opportunities and the future could be bright, industry insiders said Tuesday at the Mexico Gas Summit hosted by Industry Exchange LLC in San Antonio, TX. The Woodrow Wilson International Center’s Duncan Wood said that…
Times are Tough, but Mexico’s Energy Sector Still Awash in Opportunities, Experts Say
Mexico’s energy sector has faced a difficult past three years which have seriously dented investor appetite, but the country still offers opportunities and the future could be bright, industry insiders said Tuesday at the Mexico Gas Summit hosted by Industry Exchange LLC in San Antonio, TX. The Woodrow Wilson International Center’s Duncan Wood said that…
Pemex Ixachi, Quesqui Fields Missing Production Goals as Natural Gas Prices Soar
Mexico’s highly touted Ixachi and Quesqui natural gas fields are producing below their stated targets amid historically high natural gas prices, according to the latest data from upstream regulator Comisión Nacional de Hidrocarburos (CNH). Discovered in 2017 by state oil company Petróleos Mexicanos (Pemex), Ixachi had been forecasted to reach peak production of 638.5 MMcf/d…