Mexico faces an election in June amid rising natural gas demand and infrastructure needs. See what NGI analysts gleaned from the recently completed 4Q2023 earnings season. SLB Corp. (SLB): CEO Olivier Le Peuch told investors on SLB’s 4Q2023 earnings conference call that “in the international markets, we expect full year revenue growth reaching the mid-teens…
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Haynesville Shale Adds Two Rigs as U.S. Natural Gas Drilling Count Climbs
Including an uptick in Haynesville Shale activity, the U.S. natural gas rig count increased by one to finish the week ended Friday (March 15) at 116, the latest Baker Hughes Co. (BKR) data show. The 116 active natural gas rigs as of Friday compares with 162 rigs running at this time a year ago, according…
Shell to Expand LNG Trading, Carve Out Lower Emissions through AI and Efficiencies
Shell plc upended its energy transition strategy on Thursday, citing lower power sales and stronger demand for natural gas, but it still expects to reach net-zero carbon emissions by 2050. Under pressure from investors to focus on the core oil and natural gas business, the London-based major updated its carbon reduction ambitions in the Energy…
Amid Oil and Natural Gas Consolidation Frenzy, Chevron’s Guyana Mega-Deal Facing Hurdles
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,…
U.S. Down Four Rigs as Activity Slows in Haynesville, BKR Data Show
Led by a pullback in Haynesville Shale activity, the U.S. natural gas rig count dropped four units to 115 for the week ended Friday (March 8), according to updated figures from Baker Hughes Co. (BKR). The 115 active U.S. natural gas rigs as of Friday compares with 153 running in the year-ago period, according to…
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…
Mexico Natural Gas Market Undergoing Restructure Amid Sub-$2 Prices – Spotlight
North American natural gas prices got a bump earlier in the week when top U.S. producer EQT Corp. announced it was curtailing output, but the rally was short-lived. On Thursday, the New York Mercantile Exchange contract for April settled at $1.818/MMBtu, down 11.1 cents day/day. Mexico pipeline imports of natural gas for the 10-day period…
Natural Gas Drillers Drop One Rig as Weak Prices Continue
The total number of active U.S. natural gas-directed rigs eased one unit lower to 119 for the week ended Friday (Mar. 1), while an increase in oil drilling helped lift the overall domestic rig count three units higher to 629, according to updated numbers from Baker Hughes Co. (BKR). The 119 U.S. natural gas rigs…
Mexico Natural Gas Production Dips for Fourth Straight Month Amid Pemex Financial Woes
Natural gas production in Mexico averaged 4.07 Bcf/d in January 2024, down from 4.25 Bcf/d in January 2023 and marking a fourth straight sequential decline. State oil company Petróleos Mexicanos (Pemex) supplied 3.86 Bcf/d of the total, compared to 4.03 Bcf/d a year earlier, according to the latest data from upstream regulator Comisión Nacional de…
Natural Gas Pipeline Connectivity, Electricity Top Mexico Energy Needs, Says Expert Lawyer
“A lot of the potential developments that nearshoring will bring are going to need access to natural gas,” Diana Pineda, a partner at Gónzalez Calvillo law firm in Mexico City, told NGI’s Mexico GPI. “And the truth is, we’ve now gone several years without a new natural gas pipeline.” Pineda is one of the leading…