Upstream

Federal onshore oil and gas leases awarded through competitive auctions have generated substantially higher production volumes and government revenues in recent years than noncompetitive federal leases, according to new analysis by the U.S. Government Accountability Office (GAO). Lease sales are conducted by the Department of the Interior’s Bureau of Land Management (BLM), either via auction…

Exploration and production (E&P) contracts awarded through Mexico’s 2013-2014 energy reform remain on track to reach pre-pandemic oil and natural gas output targets, according to the Asociación Mexicana de Empresas de Hidrocarburos (Amexhi), a local oil and gas trade organization. The group is aiming for natural gas production of 355 MMcf/d and oil output of…

Houston-based oilfield services (OFS) giant Superior Energy Services Co. has begun voluntary Chapter 11 proceedings before the U.S. Bankruptcy Court for the Southern District of Texas to implement a proposed pre-packaged restructure plan. The company announced its intention to file for bankruptcy in September. “Since the initial announcement of our planned recapitalization initiative in September,…

The Trump administration plans to hold an oil and gas auction for the pristine Arctic National Wildlife Refuge (ANWR) in early January, setting up a showdown with opponents less than three weeks before President-elect Biden takes over. The Department of Interior’s Bureau of Land Management (BLM) set the video livestream lease sale for Jan. 6.…

The oilfield services (OFS) market could lose as much as $340 billion total for the value of purchases over the next eight years, particularly in unconventional plays, as oil and gas investments decline and consumption slows, according to Rystad Energy. Researchers now expect peak oil demand to “arrive earlier and at a lower level than…

The U.S. natural gas rig count dropped two units to 75 for the week ending Friday (Dec. 4), while another week of growth in the oil patch lifted the overall domestic count higher, according to the latest figures published by oilfield services provider Baker Hughes Co. (BKR). The United States saw a net increase of…

Another week of growth in the oil patch lifted the U.S. rig count three units to 323 for the week ending Friday (Dec. 4), according to the latest figures published by oilfield services provider Baker Hughes Co. (BKR). The United States saw a net increase of five oil-directed rigs for the week, offsetting a decline…

Consolidation between oil and gas independents is expected to accelerate as the turn toward an energy transition turns on climate change initiatives, according to research by Wood Mackenzie. “A world on a 2 C glidepath does not need thousands of Independents chasing volume,” said consultancy Vice President Luke Parker.  Oil and gas investors are gravitating…

The Texas oil and gas jobs picture was brighter in October for the second consecutive month, but there remains an overhang from Covid-19’s pressure on demand, according to a top energy industry group. The state’s upstream sector added 600 jobs in October, the Texas Oil and Gas Association (TXOGA) said Wednesday. September’s job gains also…