Oil And Gas

Canadian oil and gas job losses will continue this year and take until 2022 to brighten, the industry’s workforce monitoring agency is reporting. The contraction is prolonged by corporate takeovers and efficiency drives in response to low prices, the Covid-19 pandemic and environmental policies, according to the Calgary-based Petroleum Labor Market Information (PetroLMI). “Industry is…

Global demand for oil and natural gas is likely to continue growing for the foreseeable future, although talk of an impending oil price “supercycle” has proved premature for now, a panel of experts agreed Friday. For the next five years, “We have a very constructive view on oil demand,” said ConocoPhillips chief economist Helen Currie…

The U.S. natural gas rig count went unchanged at 92 for the week ending Friday (March 19), while a surge in oil-directed drilling drove the overall domestic count nine units higher to 411, according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). The combined 411 rigs in the United States as…

Buoyed by growth in the oil patch, the U.S. rig count surged nine units higher to 411 for the week ending Friday (March 19), according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). The total number of domestic oil-directed rigs rose nine units to 318, while natural gas-directed rigs remained unchanged…

Unitization talks between a Talos Energy Inc.-led consortium and Mexican national oil company Petróleos Mexicanos (Pemex) to jointly develop the Zama offshore oil discovery have progressed from the technical phase to more commercial discussions, according to Talos CEO Timothy Duncan. Assuming unitization is completed “on a timely basis,” Talos expects to reach a final investment…

Mexico’s president and the CEO of its state oil company Petróleos Mexicanos (Pemex) said Wednesday that the terms of an ethane supply contract between Pemex and petrochemicals firm Braskem Idesa (BI) have been amended. The changes would benefit Pemex, said President Andrés Manuel López Obrador and Pemex CEO Octavio Romero Oropeza, although BI had yet…

Natural gas production at Petróleos Mexicanos (Pemex) was 3.639 Bcf/d in 2020, down marginally from the 3.690 Bcf/d produced in 2019. Natural gas utilization, however, suffered in 2020, executives said in the fourth quarter earnings call. Because of high nitrogen content in the gas and other processing issues, 513 MMcf/d was flared from production in…

The U.S. natural gas rig count added one unit to finish at 92 for the week ending Friday (Feb. 26), helping to extend an uptrend in domestic drilling led by gains in the oil patch, the latest figures from Baker Hughes Co. (BKR) show. Along with the one gas-directed unit, four oil-directed rigs were added…

Activity increases in the Permian Basin and Marcellus Shale propelled the U.S. rig count five units higher to 402 for the week ending Friday (Feb. 26), according to updated data from Baker Hughes Co. (BKR). Four oil-directed rigs and one natural gas-directed rig were added for the week, bringing the combined domestic total to within…