A consortium led by Germany’s Wintershall Dea has made a “significant oil discovery” at the Block 30 exploration license in shallow waters off Mexico’s southeastern coast, the company said. Preliminary estimates indicate the Kan exploration prospect may contain 200-300 million boe of oil and gas in place, the company said. Wintershall Dea holds a 40%…
oil and gas production
Articles from oil and gas production
Oilfield Services Employment Hits Highest Level Since Onset of Pandemic
Employment in the U.S. oilfield services and equipment sector (OFS) increased by 2,907 jobs in March and reached its highest level in three years, according to an analysis of federal data by the Energy Workforce & Technology Council. Total OFS jobs climbed to 656,368 last month, a high mark since the onset of the coronavirus…
Mexico Natural Gas Output Continued Upward Trend in February
Natural gas production in Mexico has continued to creep upwards so far in 2023, a trend that began in 2022. Domestic output averaged 4.29 Bcf/d in February, up from 3.94 Bcf/d in February 2022. Natural gas production in Mexico averaged 4.25 Bcf/d in January. State oil company Petróleos Mexicanos (Pemex) supplied 4.07 Bcf/d of the…
Two Natural Gas Rigs Exit Patch as Domestic Drilling Activity Slows
The U.S. natural gas rig count dropped two units to finish at 160 for the week ended Friday (March 31), while a decline of one oil-directed rig dropped the combined total by three units to 755, updated numbers from Baker Hughes Co. (BKR) show. All of the domestic declines for the period occurred on land,…
Surf’s Up for Global Offshore Natural Gas, Oil Projects in Deepwater
The global offshore is in the early innings of a multi-year upcycle, with deepwater natural gas production forecast to account for 25%-plus of total output by 2040. Natural gas and oil development is being lifted by several deepwater discoveries, according to analysts. Evercore ISI analysts said a Brent oil price “above $50/bbl is economic for…
Lower 48 Plays to Raise Natural Gas Output to 96.6 Bcf/d in April, EIA Says
Natural gas production from seven key Lower 48 regions would continue rising in April, driven by incremental output gains from a variety of regions, led by the gassy Haynesville Shale, according to updated modeling from the Energy Information Administration (EIA). EIA said in its latest Drilling Productivity Report (DPR), published Monday, that total natural gas…
Bakken Shale Natural Gas Prices ‘In the Tank’ as Production Rebounds From Winter Storm Shut-ins
Bakken Shale natural gas prices remain at pandemic-era lows amid an overall softening of the North American market, according to North Dakota’s Department of Mineral Resources (DMR). The price of natural gas delivered to TC Energy Corp. and Oneok Inc.’s Northern Border pipeline system at Watford City, ND, stood at $2.08/Mcf as of Wednesday (March…
State Groups Say CCS Projects Languish Awaiting Fed Permits for Injection Wells
A coalition of business groups is calling on federal officials to expedite applications for carbon dioxide (CO2) injection wells, otherwise known as Class VI wells, citing frustration to advance carbon capture projects. Eight groups from Illinois, New Mexico, Pennsylvania, Texas and West Virginia sent a letter to Environmental Protection Agency (EPA) Administrator Michael Regan requesting…
Latin American Nations, Long Focused on Oil, Look to Monetize Natural Gas Resources
Expect more natural gas output from Latin American nations, according to recent earnings calls and presentations from regional government officials and executives. Management at Brazil’s state oil company Petrobras SA said they were working to employ more of the natural gas from the prolific offshore pre-salt deposits. “We will search for new segments for our…
Retrenchment Continues for U.S. Drilling Activity, Paced by Permian Declines, BKR Data Show
Including a sharp decline in the Permian Basin, the U.S. rig count dropped three units to finish at 746 for the week ended Friday (March 10), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Domestic declines for the period included two oil rigs and one natural gas-directed unit. Land drilling…