Oil And Gas

Alberta oilsands specialist Meg Energy Corp. has boosted its oilsands production guidance for the year on strengthening demand and prices. Production during 3Q2021 grew year/year to 91,506 b/d from 71,516 b/d. On the solid uptick Meg revised its 2021 average production guidance upward to 92,500-93,500 b/d from 91,000-93,000 b/d. “The third quarter was another strong…

Banks that lend to natural gas and oil producers have substantially raised their price expectations for both commodities, according to the latest biannual Energy Bank Price Deck Survey conducted by Haynes and Boone LLP. The law firm conducts spring and fall editions of the survey each year to capture the expectations of energy banks for…

A big bump in Texas drilling led the way during another week of gains in the U.S. oil and gas patch, with the domestic count climbing six units to reach 556 as of Friday (Nov. 12), according to updated figures from Baker Hughes Co. (BKR). Four oil-directed rigs and two natural gas-directed rigs were added…

Arc Resources Ltd. swiftly accelerated Montney Shale drilling following its C$8.1 billion ($6.5 billion) takeover of Seven Generations Energy Ltd. (7G) last winter, and it’s rewarding shareholders too. The Calgary-based exploration and production (E&P) company holds a Montney-focused portfolio in Alberta and British Columbia (BC) that is weighted 60% to natural gas and 40% to…

Brazilian national oil company Petróleo Brasileiro (Petrobras) reported a 43.5% year/year (y/y) increase in domestic natural gas sales volumes during the third quarter as severe drought limited hydroelectric output in the South American country. Gas sales totaled 89 MMm3/d, up from 62 MMm3/d in 3Q2020, management said in presenting the firm’s quarterly earnings. Petrobras relied…

Mexico’s national oil company Petróleos Mexicanos (Pemex) is working to limit flaring and increase natural gas production, executives said last week during an earnings call. Reinaldo Wence of downstream unit Pemex Transformación Industrial said “we need all the natural gas we could get… especially with the weather turning cold.” He was referencing the onset of…

Imperial Oil Ltd., the 141-year-old elder statesman of Canadian fossil fuel firms, said it is encouraged by the rising global demand for petroleum products, but it also is bracing for potential impacts that could follow the United Nations climate summit in Glasgow, Scotland. The Calgary-based company, majority owned by ExxonMobil, issued its 3Q2021 results on…

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 intention of the López Obrador government to change the constitution to restore vertical integration in the electricity industry is a matter…

Foothills Exploration Inc. and Illinois Basin operator Benchmark Properties Ltd. have agreed to rework one well in Jasper County, IL, and drill a new one. Through its Anaconda Energy LLC subsidiary, Foothills has a participation agreement with Benchmark to develop the Ste Marie West Prospect and to acquire a 50% working interest in the Sears-Houser…