Upstream

The U.S. natural gas rig count fell one unit to finish at 73 for the week ending Friday (Oct. 9), while a rise in oil drilling kept the combined domestic tally on a modest upward trajectory from recent pandemic-induced lows, the latest numbers from Baker Hughes Co. (BKR) show. With a four-rig increase in oil-directed…

Continuing on a modest upward trajectory from recent pandemic-induced lows, the U.S. rig count climbed three units to 269 for the week ending Friday (Oct. 9), according to the latest Baker Hughes Co. (BKR) tally. A four-rig increase in oil-directed drilling offset a one-rig decline in the natural gas patch, leaving the combined domestic count…

In the midst of a global pandemic and a once-in-a century recession, Mexico needs to do a better job of allocating spending and stimulating investment to help with the economic recovery, according to a new report by the International Monetary Fund (IMF). Regarding energy, the IMF team was critical of state oil company Petróleos Mexicanos…

The oil and natural gas industry has embarked on a lavish borrowing spree this year, underpinned by a federal bailout of corporate debt markets in response to Covid-19, a new analysis has found. Oil and gas companies, already in dire financial straits before the pandemic, have issued $99.3 billion in debt in U.S. markets since…

With government approvals in hand, ExxonMobil and its partners have pulled the trigger to move forward with the Payara field offshore Guyana in the estimable Stabroek Block. Payara, the third project in the abundant region, is estimated to cost $9 billion and is designed to produce up to 220,000 b/d. The project is set to…

Regulatory and policy changes in Mexico have dented investor confidence in the energy sector, according to a recent U.S. State Department report on the investment climate in the country. The report cites moves that favor state firms Petróleos Mexicanos (Pemex) and Comisión Federal de Electricidad (CFE).  “The changes have led private companies to file lawsuits…

Spurred by an uptick in drilling activity in Texas, the U.S. rig count climbed six units to finish at 261 for the week ending Friday (Sept. 25), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Four oil-directed rigs and two natural gas-directed units returned to action in the United States,…

British Columbia (BC) on Monday launched a C$50 million ($38 million) first stage of its share in Canada’s government-financed Covid-19 pandemic relief program to clean up depleted and abandoned oil and gas wells. Contracts to seal and reclaim 1,880 dormant wells were awarded to 79 service firms that expect to employ about 1,200 workers on…

Oil production at Mexico’s Ku-Maloob-Zaap (KMZ) offshore megafield continued to plunge in July, one of numerous headaches afflicting state oil company Petróleos Mexicanos (Pemex), according to the International Energy Agency (IEA). Mexico’s crude and condensate production dipped by 9,000 b/d in July versus June to 1.65 million b/d as freefalling production at KMZ “more than…