Upstream

Permian Basin pure-play Diamondback Energy Inc. is not budging on plans to keep oil production flat this year, despite increased market tightness because of Russia’s invasion of Ukraine, said CEO Travis Stice. Diamondback “is committed to maintaining our current production levels, providing a significant supply of energy to our country and the world,” said Stice…

First-phase production has begun at the immense Mero deepwater oil and natural gas field off the Brazilian coast. Mero is located in the Libra block, more than 150 kilometers (93 miles) off the coast of Rio de Janeiro in the prolific pre-salt area of the Santos Basin. Libra is operated by Brazilian national oil company…

The U.S. natural gas rig count held flat at 144 for the week ended Friday (April 29), while oil-directed drilling gains lifted the combined domestic tally three units to 698, according to updated figures from Baker Hughes Co. (BKR). Activity gains in the United States included net increases of two rigs on land and one…

The U.S. natural gas rig count climbed one unit to 144 during the week ended Friday (April 22), matching a one-rig increase in the oil patch, according to updated figures from Baker Hughes Co. (BKR).  Two rigs were added on land, along with one offshore (not in the Gulf of Mexico), while one rig exited…

The Department of the Interior’s (DOI) Bureau of Land Management (BLM) plans to hold a lease sale on June 28 for 23 federally owned parcels spanning nearly 3,406 acres in Montana and North Dakota. The sale notice issued by BLM’s Montana/Dakotas state office is part of a larger plan announced at the federal level to…

Incremental activity gains in the Williston Basin helped nudge the U.S. rig count two units higher to 695 for the week ended Friday (April 22), updated numbers from oilfield services provider Baker Hughes Co. (BKR) show. One oil-directed rig and one natural gas-directed rig were added overall in the United States for the week. Two…

Lofty energy prices, driven by steady demand and global supply shocks imposed by Russia’s invasion of Ukraine, present U.S. exploration and production (E&P) companies both profit opportunity and potential hazard. As the first quarter E&P earning season gets in full swing over the coming weeks, markets are expected to focus on whether companies are able…

Upstream oil and gas employment in Texas gained 4,300 jobs in March, which brought the statewide headcount to 184,700, the Texas Independent Producers and Royalty Owners (TIPRO) reported earlier this month.  The trade group noted the sharp jump in Permian Basin drilling permits issued in February. Exploration and production (E&P) companies also have begun to…

Italy’s Eni SpA, one of Mexico’s leading private sector oil producers, said it has begun shipping oil from a project offshore Tabasco to the international market. The company’s first cargo from the Miamte floating, production, storage and offloading (FPSO) platform in the Gulf of Mexico shipped last week. The company hailed it as an important…