production

OPEC-Plus Agrees to Slightly Boost Global Oil Output in January

OPEC-Plus Agrees to Slightly Boost Global Oil Output in January

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Thursday agreed to boost production beginning in January by 500,000 b/d, ending a multi-day standoff over the timing and volume of an output increase because of concerns that new coronavirus outbreaks could dampen demand into early 2021. The cartel and affiliated countries…

December 3, 2020
Montney Gaining on Alberta, Cruising to Become Top Canadian Natural Gas Play

Montney Gaining on Alberta, Cruising to Become Top Canadian Natural Gas Play

Rich Montney Shale resources will let British Columbia (BC) take over from Alberta as the top Canadian natural gas producer jurisdiction within 20 years, according to two separate supply projections. Alberta falls behind BC in the latest national outlook by the Canada Energy Regulator (CER), Canada’s Energy Future 2020. The gas lead changes in both…

December 1, 2020
Mexico Natural Gas Production Flat Amid Surging Pipeline Imports from West Texas

Mexico Natural Gas Production Flat Amid Surging Pipeline Imports from West Texas

Natural gas production in Mexico was flat year/year at 3.9 Bcf/d in October, according to upstream hydrocarbons regulator Comisión Nacional de Hidrocarburos (CNH). State oil company Petróleos Mexicanos (Pemex) accounted for 3.68 Bcf/d of the total, the same amount it produced in the year-ago month. Dry gas production from Pemex processing centers averaged 2.18 Bcf/d,…

November 30, 2020
Forecasts Seen Less Bearish as Natural Gas Futures Extend Gains Early

Forecasts Seen Less Bearish as Natural Gas Futures Extend Gains Early

Boosted by a colder look to forecasts for early December, natural gas futures extended their recent gains in early trading Tuesday. The December Nymex contract was up 5.5 cents to $2.766/MMBtu at around 8:40 a.m. ET. January was up 6.3 cents to $2.886. After “not being quite as bearish” in Monday’s runs, the weather data…

November 24, 2020
Argentina Natural Gas Production Down 11% in September

Argentina Natural Gas Production Down 11% in September

Natural gas production in Argentina fell by 10.9% year/year in September to 122.8 million cubic meters/day (MMm3/d), or 4.37 Bcf/d, according to the latest report by the IAE Argentine Energy Institute. Production was down from 4.38 Bcf/d in August.  Analysts attributed the drop to restrictions in place because of the coronavirus pandemic. Argentina has had…

November 17, 2020
IEA Cuts Outlook for 2020 Global Oil Demand, Sees Fragile Rebound in 2021

IEA Cuts Outlook for 2020 Global Oil Demand, Sees Fragile Rebound in 2021

The International Energy Agency (IEA) on Thursday lowered its 2020 global oil demand forecast, citing the intensifying effects of the coronavirus pandemic in the United States and Europe. The Paris-based global energy watchdog dropped its 2020 forecast by 400,000 b/d and said it expects a contraction of 8.8 million b/d. IEA estimated global oil demand…

November 12, 2020
Comstock Ramps Haynesville Activity in Anticipation of Higher Natural Gas Prices

Comstock Ramps Haynesville Activity in Anticipation of Higher Natural Gas Prices

Haynesville Shale giant Comstock Resources Inc. “went back to work” in the third quarter to try to cash in on expected higher natural gas prices by accelerating seven well completions and by adding two horizontal drilling rigs, CEO Jay Allison said Thursday. “We have advantaged access to the demand market of the Gulf Coast,” Allison…

November 9, 2020
Devon’s Permian Oil Output Climbs, Anadarko Growth Eyed as Natural Gas Prices Climb

Devon’s Permian Oil Output Climbs, Anadarko Growth Eyed as Natural Gas Prices Climb

Devon Energy Corp. has raised its production guidance, lowered exploration costs and set its sights on expanding its hold in the Permian Basin, CEO Dave Hager said Friday. The Oklahoma City independent in its third quarter results showcased how it’s managed to not only hold things together but improve since the sharp industry downturn in…

October 30, 2020
U.S. Oil Demand, Production Continue Choppy Runs, EIA Data Show

U.S. Oil Demand, Production Continue Choppy Runs, EIA Data Show

Demand for domestic oil rebounded last week, as gasoline and jet fuel use jumped, the U.S. Energy Information Administration (EIA) said in its latest Weekly Petroleum Status Report (WPSR). EIA said for the week ending Oct. 23 demand increased 8% week/week, recovering from a decline the previous week and extending a run of choppy results…

October 29, 2020
Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Corp. said net production from its acreage in the Bakken Shale increased substantially in the third quarter, and it expects the full-year 2020 total to exceed year-earlier levels as the company weathers the pandemic’s demand shocks. The New York City-based independent said Wednesday Bakken net production rose 21% from a year earlier to 198,000…

October 29, 2020
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