Oil And Gas

The domestic oil and gas patch turned in a relatively uneventful week in terms of net changes to drilling activity, according to the latest round of Baker Hughes Co. (BKR) data. Both oil and natural gas rig counts went unchanged overall for the week ended Friday (Dec. 3), holding flat at 467 and 102, respectively.…

Spending by Lower 48 oil and natural gas producers is set to rise by 19.4% next year to $83.4 billion from an expected $69.8 billion in 2021, according to new analysis by Rystad Energy.  Service price inflation is expected to account for $9.2 billion of the spending growth, with increased activity contributing $8.6 billion, said…

Fueled by stubbornly mild weather and an improved supply outlook, North American natural gas prices fell more than $1 from Monday to Wednesday and closed in on the $4.00/MMBtu mark for the first time since early summer. Even as gas prices in Europe continue at record levels, the North American supply/demand and pricing picture has…

Mexico’s natural gas production in October rose to 3.93 Bcf/d, compared with 3.899 Bcf/d in the year-ago month. October’s production was the highest of any month this year. The average to date in 2021 has been 3.837 Bcf/d, according to upstream regulator Comisión Nacional de Hidrocarburos (CNH). September production was 3.894 Bcf/d. National oil company…

Alberta-based Xfuels Inc. reported Monday that it plans to expand into the United States by adding 516 Midcontinent oil and gas wells to its holdings. The new assets come via a letter of intent (LOI) to purchase 100% of the common stock of Jubilee Exploration LLC, which controls the wells across 10 counties in northeastern…

A 28-month fight over access to Enbridge Inc.’s oil Mainline ended in defeat Friday for its plan to sell decades-long contracts to fill 90% of the conduit’s capacity for 3 million b/d to a handful of refineries and brokers. “Mainline contracting would likely reduce the access to pipeline capacity realistically available to certain shippers,” said…

Former Parsley Energy Inc. CEO Bryan Sheffield has acquired a roughly 7.4% stake in Australian natural gas explorer Tamboran Resources Ltd., executives said Tuesday. Founded in 2009, Tamboran styles itself as “a natural gas company that intends to play a  constructive role in the global energy transition towards a lower carbon future.” The producer develops…

An uptick in North Dakota drilling activity helped send the U.S. rig count six units higher to finish at 569 during the abbreviated pre-Thanksgiving period ended Wednesday (Nov. 24), updated Baker Hughes Co. (BKR) data show. All the net gains for U.S. drilling for the period occurred on land and in the oil patch. Total…

The U.S. natural gas rig count went unchanged at 102 for the abbreviated pre-Thanksgiving period ended Wednesday (Nov. 24), while an uptick in drilling activity in North Dakota helped lift the oil count six units higher, according to updated Baker Hughes Co. (BKR) data. As with the total number of natural gas-directed rigs, the Gulf…