Upstream

Latin America Among Global E&P Markets Outpacing North America, Say Oilfield Services Execs

Latin America Among Global E&P Markets Outpacing North America, Say Oilfield Services Execs

International markets including Latin America are now showing more robust upstream activity growth than North America, according to the top oilfield services firms. The management teams of SLB, Halliburton Co., Baker Hughes Co. and Weatherford International plc said exploration and production (E&P) projects outside of North America, particularly in the offshore segment, drove incremental revenues…

November 1, 2023
Lower Natural Gas, Oil Prices Impact Pemex Earnings as Production Holding Strong

Lower Natural Gas, Oil Prices Impact Pemex Earnings as Production Holding Strong

Mexico’s state oil company Petróleos Mexicanos (Pemex) held natural gas and oil production steady in the third quarter, but low commodity prices and foreign exchange effects drove another multibillion-dollar loss. Natural gas production averaged 3.959 Bcf/d during 3Q2023, up slightly from 3.88 Bcf/d averaged in 3Q2022, the 100% state-owned firm reported. Crude oil production averaged…

October 30, 2023
Drilling Totals Steady in U.S. as Natural Gas Count Eases Lower

Drilling Totals Steady in U.S. as Natural Gas Count Eases Lower

The U.S. natural gas rig count eased one unit lower to 117 for the week ending Friday (Oct. 27), while a modest bump in oil drilling lifted the combined domestic tally one unit overall to 625, according to the latest numbers published by Baker Hughes Co. (BKR). Land drilling increased by one unit for the…

October 27, 2023
Hess Acquisition to Make Chevron ‘Stronger for Longer,’ Says Wirth

Hess Acquisition to Make Chevron ‘Stronger for Longer,’ Says Wirth

Shareholders of Chevron Corp. and Hess Corp. are largely enthusiastic about the pending $53 billion merger, according to Chevron CEO Mike Wirth. He hosted a conference call Friday to discuss the San Ramon, CA-based supermajor’s third quarter earnings.  Chevron and Hess recently announced the blockbuster deal, which would give Chevron a foothold in the multibillion-barrel…

October 27, 2023
ExxonMobil Oil and Natural Gas Permian and Guyana Volumes Rising, with Smackover’s Lithium Potential Lurking

ExxonMobil Oil and Natural Gas Permian and Guyana Volumes Rising, with Smackover’s Lithium Potential Lurking

The world’s largest publicly operated oil and natural gas company is continuing to remake itself as it stacks up more resources to develop and looks beyond traditional energy to prepare for the future, ExxonMobil CEO Darren Woods said Friday. Woods discussed the third quarter results during an hour-long call with energy analysts, whose questions centered…

October 27, 2023
Uptick in Haynesville Nudges U.S. Natural Gas Drilling Rig Tally Higher

Uptick in Haynesville Nudges U.S. Natural Gas Drilling Rig Tally Higher

Including an uptick in Haynesville Shale activity, the U.S. natural gas rig count climbed one unit to 118 for the week ended Friday (Oct. 20), according to the latest figures from Baker Hughes Co. (BKR). Total oil-directed rigs also increased by one for the period, and the combined U.S. rig count rose two units to…

October 20, 2023
Natural Gas Activity Slows, but Oil Drilling Gains Lift U.S. Count Overall

Natural Gas Activity Slows, but Oil Drilling Gains Lift U.S. Count Overall

The U.S. natural gas rig count fell one unit to 117 for the week ended Friday (Oct. 13), while the addition of four rigs in the oil patch lifted the combined domestic tally three units overall to 622, according to the latest figures from Baker Hughes Co. (BKR). Land drilling increased by two in the…

October 13, 2023
‘Time Is Running Out’ on Colombia Natural Gas Market as Supply Shortfall Looms

‘Time Is Running Out’ on Colombia Natural Gas Market as Supply Shortfall Looms

Colombia needs to expand domestic natural gas production and/or add more LNG import capacity to avoid a potential gas supply deficit, energy experts are warning. “Currently, Colombia is on course to run short of domestic gas this decade, with a gap between gas supply, including import capacity, and demand of 560 MMcf/d projected for 2030,”…

October 11, 2023
Pennsylvania Natural Gas Economic Benefits Said Stable Through 2050

Pennsylvania Natural Gas Economic Benefits Said Stable Through 2050

Pennsylvania’s natural gas production is expected to meet more than one-half of the East Coast’s consumption through 2050 and generate steady economic activity, but takeaway constraints will continue to limit growth potential, according to the Marcellus Shale Coalition (MSC). In the report, Economic and Fiscal Impact of Pennsylvania Shale Development, FTI Consulting Inc. said “given…

October 6, 2023
Equinor’s Brazilian Natural Gas Development Could Supply 15% of Country’s Demand

Equinor’s Brazilian Natural Gas Development Could Supply 15% of Country’s Demand

Norway’s Equinor ASA is set to develop a massive natural gas project offshore Brazil. The company submitted a declaration of commerciality for the BM-C-33 concession in Brazil’s Campos Basin to oil and gas regulator Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (ANP). The $9 billion Raia Manta and Raia Pintada projects on the deepwater…

September 26, 2023