reliability

Global oil demand has begun to recover from the impacts of a still raging pandemic, but Lower 48 upstream activity is unlikely to return to pre-Covid levels anytime soon, if at all, according to ConocoPhillips CEO Ryan Lance.

The Permian Basin in May reported the largest monthly decline in oil and gas permits ever, down 47% from April, as applications by large-cap operators fell to their lowest levels in history, off by almost three-quarters, Evercore ISI said Tuesday.

Massachusetts Attorney General (AG) Maura Healey last Thursday asked the state’s Department of Public Utilities (DPU) to open an investigation into phasing out natural gas amid the transition toward alternative fuels by 2050.

The U.S. Environmental Protection Agency (EPA) has issued a proposed order that it said would codify best practices for benefit-cost analysis in rulemakings and provide clarity for states, local communities and industry.

Natural gas futures were slightly lower but still range bound to finish the week as the July Nymex contract swung in a less than 10-cent band before settling Friday at $1.782, off 4.0 cents day/day. August was down 3.1 cents to $1.886.

The oil market may begin to recover next month, but U.S. midstream companies still face a “challenging” environment as cash flow, low pipeline utilization and other factors may stall a return to financial health, according to Wood Mackenzie.

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Saturday agreed to extend May and June oil supply cuts for another month to continue rebalancing an oversupplied global crude market.

Facing a 13.3% national unemployment rate and the negative impacts of continuing Covid-19 mitigation efforts, President Trump on Thursday signed an executive order (EO) directing federal agencies to “take all reasonable measures to speed infrastructure investments and to speed other actions in addition to such investments that will strengthen the economy and return Americans to work,” including setting aside some Endangered Species Act and National Environmental Policy Act restrictions.

Hydraulic fracturing expert BJ Services said Thursday it is ready to deploy a next-generation pump in the Permian Basin and Eagle Ford Shale after completing a 1,000-hour field trial in the Haynesville Shale fueled by natural gas.