Upstream

ExxonMobil has announced a $10 billion commitment to a new development in Guyana’s prolific offshore Stabroek block. The company has received approval from the government of Guyana for the Yellowtail project, which would be the company’s largest to-date asset in the country. Production is slated for 2025 and is expected to hit 250,000 b/d. “Yellowtail’s…

The U.S. natural gas rig count climbed one unit to 138 for the week ended Friday (April 1), while continued expansion in the Permian Basin helped propel a two-rig increase in the oil patch, according to the latest numbers from Baker Hughes Co. (BKR). The overall U.S. rig count climbed three units to 673 for…

Amid continued expansion in the Permian Basin, the U.S. rig count climbed three units overall to reach 673 for the week ended Friday (April 1), according to the latest numbers from Baker Hughes Co. (BKR). Two oil-directed rigs and one natural gas-directed rig were added in the United States for the period, putting the combined…

The Bakken and Three Forks Petroleum System in western North Dakota holds about 3,000 more square miles of economic drilling inventory than previously thought, according to a new analysis from the North Dakota Petroleum Authority (NDPA). “Over the last two years, industry has used development strategies, perfected in the highest performing areas of the state,…

Mexico President Andrés Manuel López Obrador’s pledge to subsidize gasoline prices could partially negate the windfall of high oil prices for state oil company Petróleos Mexicanos (Pemex), according to new analysis by Fitch Ratings Inc.  Pemex “will benefit from higher oil prices although these pose risks to federal government revenue, since the government has committed…

Mexican state oil company Petróleos Mexicanos (Pemex) will be the operator of the Zama oilfield offshore Mexico, which was discovered in 2017 by a consortium led by Talos Energy Inc. The decision culminates one of several high-profile skirmishes between President Andrés Manuel López Obrador’s government and the private energy sector. Talos said Monday it had…

Texas’ upstream oil and gas employment rose to 181,900, representing increases of 5,100 jobs month/month and 20,700 positions year/year, the Texas Independent Producers and Royalty Owners Association (TIPRO) reported last week. “Rising global energy demand and strains on oil and natural gas supply exacerbated by geopolitical conflicts necessitate…increased domestic production,” said President Ed Longanecker. February’s…

The U.S. natural gas rig count grew two units to 137 for the week ended Friday (March 18), a period marked by generally small adjustments to domestic drilling activity, the latest data from Baker Hughes Co. (BKR) show. One miscellaneous unit was also added in the United States for the week, helping to offset a…

A small uptick in Haynesville Shale activity marked a week of minor adjustments in the U.S. oil and gas patch, with the overall domestic rig count holding flat at 663 for the period ended Friday (March 18), according to updated figures from Baker Hughes Co. (BKR). Increases of two natural gas-directed rigs and one miscellaneous…