Oil And Gas

Cuts in the Permian Basin and in the Eagle Ford Shale saw the combined U.S. rig count tumble six units to finish at 669 for the week ended Friday (July 21), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Declines in the United States for the period included seven oil-directed…

SLB Ltd. expects the international offshore oil and natural gas industry to surge through this decade, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company saw its highest year/year revenue growth in three years in the second quarter of 2023, even amidst a cooling of activity in its North America exploration and…

Zefiro Methane Corp., which plugs orphaned and abandoned oil and gas wells in North America to create carbon credits, has pre-sold some of the portfolio to trader Mercuria Energy America LLC.  Zefiro’s current projects include plugging abandoned or orphaned wells in the Appalachian Basin and Texas-Louisiana-Mississippi Salt Basins. “For too long, investors have not had…

The Texas upstream industry added a record 6,800 jobs in May, but the oil and gas industry overall may be at risk as activity slows and the rig count falls because of low prices, according to a top state energy economist. The monthly Texas Petro Index (TPI) compiled by economist Karr Ingham for the Texas…

Declines in the oil patch drove the combined U.S. rig count five units lower to 682 for the week ended Friday (June 23), while the natural gas drilling tally held flat at 130, the latest figures from Baker Hughes Co. (BKR) show. A six-rig decline in domestic oil-directed drilling was partially offset by a net…

Compulsory abandonment savings that Canadian natural gas and oil pipelines must raise to shut, safely seal and clean up their operations after flows end are forecast to jump by 79%, according to a national regulatory decision. The Canada Energy Regulator (CER) set the increase (C$1.00/US 76 cents) to $18.6 billion from a previous requirement of…

Australia’s largest oil and gas producer Woodside Energy Group Ltd. has made a final investment decision on the massive Trion development offshore Tamaulipas in northeastern Mexico. First production at the $7.2 billion deepwater project is expected in 2028, executives said. Regulatory approval and commitment from Mexican state firm Petróelos Mexicanos, aka Pemex, is expected at…

Losses in the North American natural gas and oil rig count accelerated for the week ending Friday (June 16), with the total number falling by nine, according to the latest tally from Baker Hughes Co. (BKR). In the United States, five natural gas-directed rigs were dropped, with four lost in the oilfield. Land drilling accounted…

Mexico is at a pivotal moment as it gears up for an election next year amid a global rearrangement of supply chains. Ensuring reliable and affordable energy is key to the nation’s success, said participants at the Mexico Gas Summit in San Antonio, TX last week. The country needs investment in its natural gas supply…