Upstream

On the strength of sharp gains in the Eagle Ford and Haynesville shales, the U.S. rig count surged 13 units higher to 601 for the week ended Friday (Jan. 14), according to the latest numbers from Baker Hughes Co. (BKR). Net gains in the United States included 11 oil-directed rigs and two natural gas-directed rigs,…

Global oil and gas investment is expected to grow by $26 billion this year as the industry continues to recover from the worst of the coronavirus, according to new analysis from Rystad Energy. Overall oil and gas investment is forecast to climb by 4% to $628 billion this year from $602 billion in 2021. “The…

Repsol SA is bolting on acreage in the Marcellus Shale after successfully bidding for 43,000 net acres in Northeast Pennsylvania in a bankruptcy auction. The Spanish energy company has agreed to pay $222 million, including $2 million in debt, for Rockdale Marcellus LLC’s assets in Tioga, Lycoming and Bradford counties, according to court documents. The…

A coalition of major oil producing countries agreed on Tuesday to further boost output to meet expectations for strong demand, despite concerns about the rapidly spreading Omicron variant of the coronavirus. Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said…

Italy’s Eni SpA, one of Mexico’s leading private sector oil producers, said a floating production, storage and offloading (FPSO) vessel had arrived offshore Tabasco allowing for production to ramp up in the Area 1 development. In mid-2019, Eni became the first private sector operator to record offshore oil production in Mexico at its Area 1…

Private sector oil production in Mexico averaged 73,479 b/d in November, up from 51,907 b/d in November 2020, according to the latest figures from upstream regulator Comisión Nacional de Hidrocarburos (CNH). The 42% year/year increase marks the highest monthly average for non-state firms since the 2013 constitutional energy reform opened the upstream segment to private…

Colombia’s oil and gas production along with its proven reserves are falling and investment will likely fail to recover to pre-Covid-19 pandemic levels this decade, according to new analysis from Rystad Energy. Colombia is Latin America’s third-largest oil and gas producer behind Brazil and Mexico, but crude oil production this year is on track to…

The U.S. natural gas rig count fell one unit to 104 for the week ended Friday (Dec. 17), while an expansion in the oil patch lifted the overall domestic count three units to 579, according to updated figures published by oilfield services provider Baker Hughes Co. (BKR). Four oil-directed rigs were added for the week…

The U.S. rig count rose three units to 579 during the week ended Friday (Dec. 17), including upticks in activity in the Permian Basin and the Haynesville Shale, according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Four oil-directed rigs were added for the week in the United States, partially offset…