Oil And Gas

Brent crude oil prices once again are expected to reach $90/bbl-plus by the second quarter of next year amid falling global inventories, and prices for the benchmark would likely average $92 for full year 2023, according to updated modeling from the Energy Information Administration (EIA). In its latest Short-Term Energy Outlook (STEO), published Tuesday, the…

ExxonMobil is boosting its capital investments over the next five years around the world, prioritizing the Permian Basin, Brazil, Guyana and LNG, with a “sizable increase” in lower-emissions initiatives, executives said Thursday. The corporate plan through 2027 would hold annual capital expenditures (capex) at $20-25 billion, while growing lower-emissions investments by nearly 15% to $17…

The Biden administration’s pause in conducting oil and natural gas lease sales on federal land is drawing more legal challenges, as plaintiffs argue that the lack of third quarter auctions was illegal. The Petroleum Association of Wyoming (PAW) and the Western Energy Alliance (WEA) this week filed a lawsuit against the Department of Interior (DOI)…

Colombia’s Ecopetrol SA kept adding oil and gas production in the third quarter. In an earnings call last month, CEO Felipe Bayón cited deepwater gas discoveries in the Caribbean in the Gorgon-2 with partner Shell plc, and another find by subsidiary Hocol SA in Cordoba department. He said this reiterates “Colombia’s potential for gas, the…

Mexico’s natural gas production averaged 4.04 Bcf/d in October, up from 3.93 Bcf/d in October 2021, according to the latest data from upstream regulator Comisión Nacional de Hidrocarburos (CNH). Associated gas tied to oil production accounted for 2.31 Bcf/d of the total, while non-associated gas output averaged 1.73 Bcf/d. State oil company Petróleos Mexicanos (Pemex)…

In terms of changes to overall activity levels, it was a quiet week for U.S. drillers, with the natural gas rig count holding steady at 155 for the week ended Friday (Dec. 2), according to the latest figures from Baker Hughes Co. (BKR). Total oil-directed drilling in the United States was also flat for the…

Argentina’s YPF SA is aiming to sanction an LNG export project by the end of 2023, according to CFO Alejandro Lew. Lew and CEO Pablo Iuliano hosted a call to discuss the 51% state-owned oil and gas company’s third-quarter results. YPF and Malaysian national oil company Petronas signed a memorandum of understanding on Sept. 1…

Despite some regional adjustments, including declines in the Permian Basin, the U.S. rig count went unchanged overall for the week ended Friday (Dec. 2), according to the latest tally from Baker Hughes Co. (BKR). Both oil- and natural gas-directed drilling totals in the United States were flat for the period. Land drilling declined by one…

Argentina’s YPF SA is aiming to sanction an LNG export project by the end of 2023, according to CFO Alejandro Lew. Lew and CEO Pablo Iuliano hosted a call earlier this month to discuss the 51% state-owned oil and gas company’s third-quarter results. YPF and Malaysian national oil company Petronas signed a memorandum of understanding…