Oil And Gas

High global oil inventory levels and surplus production capacity will keep Brent crude prices near $40/bbl through the end of the year, with prices expected to climb to an average $47/bbl in 2021, according to a recent forecast from the Energy Information Administration (EIA). According to the agency’s latest Short-Term Energy Outlook (STEO), published Tuesday,…

California Resources Corp. (CRC) CEO Todd Stevens said the state’s largest independent is not planning any significant increase in capital investment in the fourth quarter after exiting bankruptcy last month.* CRC expects to add a renewable component to its traditional oil and gas business, Stevens said during the third quarter conference call.  “This has always…

FERC Chairman Neil Chatterjee, who recently oversaw the agency’s efforts to encourage regional carbon pricing mechanisms, has been demoted and President Trump has named James Danly, the Commission’s other sitting Republican, as the new chief. Chatterjee, a former energy policy adviser to Senate Majority Leader Mitch McConnell (R-KY), joined the Federal Energy Regulatory Commission in…

Another week of gains in oil-directed drilling lifted the overall U.S. rig count four units to an even 300 as of the week ending Friday (Nov. 6), according to the latest data published by Baker Hughes Co. (BKR). The BKR numbers, which are based on data provided in part by Enverus Drillinginfo, show a five-rig…

Mexico could prove to be busy for the services sector in the years ahead as its producing wells age and the cost to keep them going mounts. According to new analysis from Rystad Energy, around 75% of Mexico’s oil and gas producing wells are mature, and the cost to keep them pumping could exceed $3…

Despite the anti-competitive atmosphere that has pervaded the government of Mexico President Andrés Manuel López Obrador, private sector upstream operators that jumped at the chance to enter the country as part of its energy reform continue to show results and tout the potential of Mexico’s oil and gas resources. Last week during a conference call…

Ovintiv Inc.’s multi-basin portfolio across North America primarily is focused on crude and condensate, but with around 1.5 Bcf/d of natural gas output, there are lots of options available depending on the direction of commodity prices, CEO Doug Suttles said last week. Speaking with his management team during a third quarter conference call, Suttles said…

The Texas oil and natural gas industry’s upstream sector added 700 jobs in September, the first uptick since February, according to data from the Texas Workforce Commission.  Total upstream employment in the state was estimated at the end of September at 170,500 jobs, according to the Texas Oil & Gas Association (TXOGA).  The upstream sector…

Management at Mexico’s Petróleos Mexicanos (Pemex) thinks its strategy to focus on 20 new priority fields is starting to pay dividends, with 123,000 b/d of new production added from 15 producing areas by the end of September. Thirteen wells were drilled at the priority fields during the third quarter, and the company will complete and…