Upstream

Six natural gas rigs and five oil rigs were dropped in the United States over the week ending Friday (Aug. 18), Baker Hughes Co. (BKR) reported. The U.S. rig count stood at 642 as of Friday, down by a dozen overall, including the loss of one miscellaneous rig, and 120 fewer than in the same…

Canada’s natural gas and oil sector faced daunting challenges during the second quarter because of the still-unfolding wildfire season, but activity overall has recovered, according to some of the top operators. Exploration and production (E&P) companies, midstream operators, oilfield services (OFS) providers and utilities reported big and small impacts to their operations between April and…

Fitch Ratings Inc. downgraded the credit ratings of Petróleos Mexicanos (Pemex) in mid July, citing the Mexico state-owned oil company’s high debts, multiple accidents and “continued weak operating performance.”  Fitch’s Saverio Minervini, a senior director in the Latin America corporate finance group, spoke with NGI’s Mexico GPI about the reasons for the downgrade. “This was…

Declines in both oil and natural gas drilling saw the U.S. rig count drop five units overall to 664 for the week ending Friday (July 28), the latest figures from Baker Hughes Co. (BKR) show. Three natural gas-directed rigs exited the patch domestically for the period, alongside one oil-directed rig and one miscellaneous unit. The…

Cuts in the Permian Basin and in the Eagle Ford Shale saw the combined U.S. rig count tumble six units to finish at 669 for the week ended Friday (July 21), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Declines in the United States for the period included seven oil-directed…

SLB Ltd. expects the international offshore oil and natural gas industry to surge through this decade, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company saw its highest year/year revenue growth in three years in the second quarter of 2023, even amidst a cooling of activity in its North America exploration and…

Natural gas and oil investments around the world may be lower today, but activity and production levels remain on par with the industry’s halcyon period between 2010 and 2014, according to Rystad Energy. “Persistent claims of chronic underinvestment in the global oil and gas industry are overblown,” researchers said. Upstream Investments have declined since spending…

Declines in the oil patch drove the combined U.S. rig count five units lower to 682 for the week ended Friday (June 23), while the natural gas drilling tally held flat at 130, the latest figures from Baker Hughes Co. (BKR) show. A six-rig decline in domestic oil-directed drilling was partially offset by a net…

Australia’s largest oil and gas producer Woodside Energy Group Ltd. has made a final investment decision on the massive Trion development offshore Tamaulipas in northeastern Mexico. First production at the $7.2 billion deepwater project is expected in 2028, executives said. Regulatory approval and commitment from Mexican state firm Petróelos Mexicanos, aka Pemex, is expected at…