Increased production and prices of all commodities propelled an improved performance by Canadian independent Tamarack Valley Energy Ltd. during the first six months of this year. As the Covid-19 pandemic faded, Tamarack oil and natural gas liquids production jumped by 37% to average 18,751 b/d during January through June this year. Natural gas output grew…
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Oxy Looks to Ramp Permian Carbon Capture by Early 2024, Consider More JVs in Lower 48
The world’s largest direct air capture (DAC) facility, designed to zap up to 1 million metric tons/year of carbon dioxide (CO2) emissions from the Permian Basin, is tracking to start up by early 2024, Occidental Petroleum Corp. CEO Vicki Hollub said Wednesday. Oxy, as it is better known, issued its second quarter results on Wednesday.…
August 6, 2021
Eni’s Gusher in Mexico’s GOM Waters Said Sign of Remaining Untapped Potential
Italy’s Eni SpA has announced another deepwater find in the Sureste Basin in southeastern Mexico’s Gulf of Mexico (GOM), with preliminary estimates indicating 150-200 million boe in place. The estimated resources “reflect that there’s still untapped potential to be brought to market,” Amexhi head Merlin Cochran told NGI’s Mexico GPI. Amexhi is a Mexico private…
August 3, 2021
Enbridge Sees Space for Fossil Fuel Infrastructure in Energy Transition, Expects Line 3 Gains by Year’s End
Enbridge Inc. has assured shareholders that it would stay strong by adapting to the energy transition even as the Canadian midstream giant faces ongoing opposition from fossil fuel foes over its projects. “We believe that in all practical scenarios our assets will remain critical to supporting long-term energy demand,” said Enbridge President Al Monaco as…
August 2, 2021
Enterprise Expecting ‘Extended Recovery Cycle,’ Output Increases for U.S. E&Ps
A dramatically improved commodity price environment helped drive strong results in 2Q2021 for Enterprise Products Partners LP, and looking ahead management anticipates an “extended recovery cycle” for the oil and gas industry. The Houston-based midstreamer’s 2Q2021 results “reflect the ongoing recovery in demand for hydrocarbons” as the global economy emerges from Covid-19 restrictions, co-CEO Jim…
August 2, 2021
Natural Gas Rig Count Drops to 103 as GOM Activity Slows
The U.S. natural gas rig count slipped one unit to 103 for the week ended Friday (July 30) as a pullback in the Gulf of Mexico (GOM) dragged the overall domestic tally lower, the latest data from Baker Hughes Co. (BKR) show. Declines in the United States also included two oil-directed rigs, leaving the combined…
July 30, 2021
GOM Rigs Exit as U.S. Count Slips Three Units to 488
Onshore activity held steady during the week ended Friday (July 30), but a decline in the Gulf of Mexico (GOM) saw the overall U.S. rig count slide three units to 488, according to the latest figures from Baker Hughes Co. (BKR). Declines in the United States included two oil-directed rigs and one natural gas-directed unit.…
July 30, 2021
Pemex Posts Rare Quarterly Profit as Oil Prices Swing Upward
Mexico’s state oil company Petróleos Mexicanos (Pemex) posted a rare 14 billion-peso ($719 million) profit in the second quarter thanks to higher sales revenue. The oil giant had posted a $2 billion loss in the year-ago quarter. Oil production rose to 1.736 million b/d in the second quarter compared with 1.673 million b/d in the…
July 28, 2021
Natural Gas, Oil Found to Support Sizeable Chunk of U.S. GDP, Including Pennsylvania
Pennsylvania’s oil and natural gas industry supported 6.1% of the total jobs and 9.7% of its gross domestic product (GDP) in 2019, according to a new study commissioned by the American Petroleum Institute (API). The industry overall supported 480,000 total jobs (102,500 direct and 377,800 indirect) and contributed $78.4 billion ($39.4 billion direct and $38.9…
July 28, 2021
Lower 48 E&Ps in Turf War as Efficiencies, Low Costs Rule
The battle to become a top oil and natural gas producer is no longer being waged by Jett Rink-like roustabouts toiling in the sun off of caliche roads in West Texas, but rather by algorithm experts sitting in darkened, air-conditioned offices in Houston. Exploration and production (E&P) companies looking for the edge to elevate their…
July 19, 2021
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