Upstream

Mexico’s private oil and natural gas industry has made major strides adding reserves and production since the sector was opened to non-state firms in 2014. The most recent major announcement was German company Wintershall Dea’s Kan-1 discovery. Wood Mackenzie Latin America analyst Adrian Lara said the discovery “is one of the largest in Mexico’s shallow…

Oilfield services (OFS) companies continue to report steady growth in revenue and upstream activity throughout Latin America, with onshore and offshore operations each playing a role. Halliburton Co. reported a 40% year/year increase in Latin America revenue to $915 million during the first quarter. The growth was “due primarily to increased well construction services and…

The U.S. natural gas rig count climbed two units to finish at 159 for the week ended Friday (April 21), while gains in the oil patch saw the combined domestic drilling tally rise five units to 753, according to the latest numbers from Baker Hughes Co. (BKR). Land drilling increased by five rigs domestically, with…

As Waha natural gas prices languish below $1/MMBtu, attention is increasingly turning to Mexico as a possible outlet for incremental gas volumes from the Permian Basin. With more than 6 Bcf/d of LNG export projects in varying stages of development, Mexico presents an interesting opportunity to move West Texas gas to the global LNG market,…

Mexico hasn’t paid enough attention to its rich natural gas resources, Gustavo Hernández, one of Mexico’s most experienced petroleum engineers and executives, told NGI Mexico GPI. He suggested an incentives program to kickstart natural gas production.  Hernández has a long and distinguished career in the national and international energy industry. He currently serves as President…

The U.S. natural gas rig count eased one unit lower to finish at 157 for the week ended Friday (April 14). A two-rig decline in oil drilling lowered the combined domestic tally to 748, down three units week/week, according to the latest figures from Baker Hughes Co. (BKR). Domestic declines for the period reflected a…

Matador Resources Co. has completed its largest transaction in the Permian Basin with the purchase of Advance Energy Partners Holdings LLC, which has assets in New Mexico and West Texas.  Matador paid an initial $1.6 billion for the company. In addition, the independent agreed to pay $7.5 million monthly this year if the average West…

The return of LNG volumes in Australia, as well as stable natural gas and oil trading, should boost Shell plc’s results in the first quarter, the integrated major said. Liquefied natural gas volumes are forecast to climb to 7.0-7.4 million metric tons (MT) in 1Q2023 from 6.8 MT in 4Q2022.  Shell, in a preview of…

Natural gas production in Mexico has continued to creep upwards so far in 2023, a trend that began in 2022. Domestic output averaged 4.29 Bcf/d in February, up from 3.94 Bcf/d in February 2022. Natural gas production in Mexico averaged 4.25 Bcf/d in January. State oil company Petróleos Mexicanos (Pemex) supplied 4.07 Bcf/d of the…