Oil And Gas

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%…

Languishing U.S. natural gas prices have led SLB Ltd. to revise the North American outlook for 2023, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company is “primed” for growth and margin expansion this year, but the gains are likely to be led by a “very solid international outlook,” Le Peuch said…

Mexico hasn’t paid enough attention to its rich natural gas resources, Gustavo Hernández, one of Mexico’s most experienced petroleum engineers and executives, told NGI Mexico GPI. He suggested an incentives program to kickstart natural gas production.  Hernández has a long and distinguished career in the national and international energy industry. He currently serves as President…

The U.S. natural gas rig count eased one unit lower to finish at 157 for the week ended Friday (April 14). A two-rig decline in oil drilling lowered the combined domestic tally to 748, down three units week/week, according to the latest figures from Baker Hughes Co. (BKR). Domestic declines for the period reflected a…

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,…

Mexican state oil company Petróleos Mexicanos (Pemex) has submitted a development plan to authorities for the long-delayed Zama shallow water oil project off Mexico’s southeastern coast. Zama is expected to produce up to 180,000 boe/d of oil and gas at its peak, equal to over 10% of Mexico’s current production. Pemex is the operator of…

The U.S. natural gas rig count was unchanged at 162 rigs for the week ended Friday (March 24), while a modest rebound in oil activity lifted the combined domestic tally four units to 758, according to the latest numbers from Baker Hughes Co. (BKR). Total U.S. oil rigs were up four to finish the period…

Bolstered by a modest rebound in oil activity, the U.S. rig count rose four units to finish at 758 for the week ended Friday (March 24), according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). Domestic gains were driven by a four-rig increase in oil-directed drilling, raising total U.S. oil rigs…

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. The big investment news in Mexico is Elon Musk’s intention to build a ~$5 billion Tesla plant in the thriving northern city…