In the continued back-and-forth machinations to scuttle Trump-era rules, the Interior Department is axing regulations put in place last year, including rules that eliminated millions in revenue from fossil fuel extraction. In early January, the Trump administration finalized a makeover of Obama-era royalties reforms known as the 2020 Valuation Reform and Civil Penalty Rule. The…
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Fatal Platform Fire Dents Pemex Oil, Natural Gas Production in August
Oil production in Mexico averaged 1.62 million b/d in August, down from 1.67 million b/d in July and 1.63 million b/d in August 2020, according to the data from upstream regulator Comisión Nacional de Hidrocarburos (CNH). Output by national oil company Petróleos Mexicanos (Pemex) fell from 1.61 million b/d in July to 1.55 million b/d…
Chinese NOCs Plan Drilling Splurge to Increase Domestic Natural Gas, Oil Output
Drilling activity in China is expected to intensify over the next five years as the nation’s producers are under pressure to boost domestic natural gas and oil production and reduce reliance on imports. According to a recent report by Rystad Energy, China’s top three national oil companies (NOCs) are expected to spend about $123 billion…
Lower 48 E&Ps Spurning New Wells, Drawing Down DUCs at ‘Unsustainable Delta’
U.S. exploration and production (E&P) companies are completing wells at record rates, outpacing new wells by nearly 250 a month, according to Raymond James & Associates Inc. Analyst John Freeman in a note to clients Monday said the domestic count of drilled but uncompleted wells, aka DUCs, has dropped by nearly 3,300 from nearly 9,000…
GOM Activity on The Mend, But Natural Gas Drilling Slows in U.S.
U.S. natural gas drilling activity eased lower during the week ended Friday (Sept. 24), while ongoing recovery in the Gulf of Mexico (GOM) helped lift the overall domestic rig count higher for the period, according to updated numbers from Baker Hughes Co. (BKR). Ten oil-directed rigs were added in the United States for the week,…
Permian Delaware Producers, Midstreamers Said Struggling to Control Methane Emissions
Aerial methane measurements taken during August in the Permian Basin indicate the oil and gas industry continues to have issues in controlling flaring and venting, the Environmental Defense Fund (EDF) said Thursday. The EDF’s ongoing Permian Methane Analysis Project, aka PermianMAP, is collecting methane emissions from the air, via towers and on the ground across…
PE Funding Filling Void in North America E&P as Public Operators Stay Disciplined
Private equity (PE) continues to pour into the North American oil and natural gas patch amid higher commodity prices and capital discipline by publicly traded companies. Privately held exploration and production (E&P) firm Sabalo Energy II said Wednesday it has closed a $300 million equity commitment from EnCap Investments LP. The objective “is to build,…
More Signs of Post-Ida Recovery in Latest Tally of GOM Drilling Activity
Propelled by rising activity in the Gulf of Mexico (GOM) amid the recovery from Hurricane Ida-related impacts, the U.S. rig count rose nine units to 521 for the week ended Friday (Sept. 24), according to Baker Hughes Co. (BKR). Ten oil-directed rigs were added in the United States for the week, offsetting a one-rig decline…
Tourmaline Raises Capex Plan, Accelerates Montney Drilling
Tourmaline Oil Corp., Canada’s largest natural gas producer, plans to boost spending and pull forward some drilling in the Montney Shale originally scheduled for next year into the final weeks of 2021. The company credited “materially reduced drilling times,” particularly at its northeastern British Columbia assets, with the decision. Tourmaline reported a 20% reduction in…
ConocoPhillips Snapping Up Shell’s Permian Portfolio for $9.5B
Houston-based ConocoPhillips on Monday agreed to pay $9.5 billion to buy Royal Dutch Shell plc’s Permian Basin portfolio, which a Shell executive said reflected “our focus on value over volumes” as it accelerates its energy transition from fossil fuels. Shell’s Permian business includes ownership in 225,000 net acres with current production of around 175,000 boe/d.…