Upstream

Royal Dutch Shell plc swung to a massive loss in 2Q2020, torn down by a historic loss in natural gas and oil demand, with CEO Ben van Beurden warning the long-term energy outlook remains uncertain as long as the global pandemic wreaks economic havoc. The Anglo-Dutch supermajor said the 2Q2020 current cost of supplies (CCS),…

New Mexico authorities on Monday published two separate sets of draft rules aimed at curbing methane emissions from oil and natural gas operations. The Energy, Minerals and Natural Resources Department (EMNRD) unveiled what it called “New Mexico’s first comprehensive methane regulations,” which propose 98% natural gas capture from the oil and gas industry by the…

A federal offshore oil and gas lease set for August has been delayed for three months to assess the impact of Covid-19 on U.S. oil and gas markets. The Department of Interior’s Bureau of Ocean Energy Management (BOEM), which oversees the offshore auctions, rescheduled the Gulf of Mexico (GOM) Lease Sale 256 to November. The…

Swiss commodities giant Vitol Inc. is seeking to expand its upstream business in the United States with a venture to be headquartered in Houston and led by industry veteran Don Dotson. Vencer Energy LLC is focused on acquiring mature producing oil and gas assets, with a specific focus on key basins in the Lower 48.…

The number of oil and natural gas wells likely to be drilled around the world this year is forecast to hit its lowest level since at least the early 2000s, with North America the most impacted from slumping demand in the age of Covid-19. An analysis by Rystad Energy issued on Tuesday pegged the number…

Global oilfield operator Forum Energy Technologies Inc. said Tuesday second quarter revenue is projected to plunge 37-40% sequentially because of the sharp decline in U.S. oil and gas drilling. The Houston-based operator expects quarterly revenue to be $110-115 million, down by as much as 40% from the first three months of this year. Free cash…

The decline in the U.S. oil and natural gas rig count may be close to a bottom, and the current commodity strip could allow activity to grind higher, according to Raymond James & Associates Inc. Analysts Praveen Narra and Kirk Presley Sr. in a note to clients said most of the pain of the downturn…

A strengthened outlook for natural gas pricing in 2021 has made the development of natural gas fields in Mexico a more attractive proposition, according to Juan Carlos Zepeda, former head of upstream oil and gas regulator Comisión Nacional de Hidrocarburos (CNH). In a podcast interview with NGI, Zepeda highlighted the central and growing role of…

The number of North American exploration and production (E&P) companies seeking bankruptcy protection continues to rise, with 23 operators filing since the start of the year, according to Haynes and Boone LLP. This is four more than what the law firm reported last month, and included former heavyweight Chesapeake Energy Corp. and Permian pure-play Lillis…