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SLB’s Strong International Oil, Natural Gas Business Overcomes Softer North American Activity

SLB’s Strong International Oil, Natural Gas Business Overcomes Softer North American Activity

SLB Ltd., the world’s leading oilfield services operator, is forecasting “softness” to continue across North America’s oil and gas basins, but offshore activity is ticking higher.  CEO Olivier Le Peuch held a conference call on Friday to discuss first quarter performance. Because the business reaches into every onshore and offshore area of the globe, SLB…

April 22, 2024
U.S. Down Three Natural Gas Rigs in BKR’s Latest Count

U.S. Down Three Natural Gas Rigs in BKR’s Latest Count

The U.S. natural gas rig count slid to 106 for the week ending Friday (April 19), down three rigs from the week prior and down 53 rigs year/year, according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). The addition of five rigs in the oil patch lifted the combined U.S. rig…

April 19, 2024
Groningen Field to Permanently Close as the Netherlands Increases Pipeline and LNG imports

Groningen Field to Permanently Close as the Netherlands Increases Pipeline and LNG imports

The Netherlands is expected to permanently close the huge Groningen natural gas field, the Dutch Senate announced this week. Groningen, one of the largest gas fields in Europe, caused earthquakes and damage to local communities for more than 20 years, which created debate among politicians, local residents and gas industry supporters for years about whether…

April 19, 2024
Liberty CEO Says ‘Generational Shift’ in Sight for Natural Gas as AI to Fuel Strong Demand

Liberty CEO Says ‘Generational Shift’ in Sight for Natural Gas as AI to Fuel Strong Demand

Liberty Energy Inc. CEO Chris Wright said Thursday he does not expect exploration and production customers to increase their onshore natural gas activity before the end of this year, but a lack of activity will not be a stumbling block to advance future opportunities. The oilfield services (OFS) company, considered one of the leading hydraulic…

April 19, 2024
North Dakota Natural Gas Production Rebounds from Winter Outages as Prices Still at Historic Lows

North Dakota Natural Gas Production Rebounds from Winter Outages as Prices Still at Historic Lows

Natural gas production in North Dakota averaged 3.36 Bcf/d in February, up 12% month/month, according to the state’s Department of Mineral Resources (DMR). February “was a very good month for the state, recovering from the late-December/early-January winter weather,” said DMR’s Lynn Helms, Oil and Gas Division director, during a press conference. Operators captured and marketed…

April 19, 2024
ExxonMobil Greenlights Another Stabroek Project Offshore Guyana

ExxonMobil Greenlights Another Stabroek Project Offshore Guyana

ExxonMobil keeps powering ahead in its offshore Guyana program even as a contract dispute and geopolitical tensions cast a shadow over the oil-rich project. The company made a final investment decision for the Whiptail development, its sixth project on the offshore Stabroek block. It has the necessary approvals in place and the offshore platform is…

April 18, 2024
Federal Onshore Natural Gas, Oil Drilling Costs Rising as Interior Updates ‘Outdated’ Rules

Federal Onshore Natural Gas, Oil Drilling Costs Rising as Interior Updates ‘Outdated’ Rules

The Biden administration earlier this month finalized revamped onshore natural gas and oil leasing rules, increasing the royalty rates and, for the first time in 60 years, bumping up the cost for bonding requirements. The Department of Interior’s Fluid Mineral Leases and Leasing Process final rule revised regulations under the purview of the Bureau of…

April 18, 2024
Canadian Natural Gas Production Holds Strong, on Track for Record Year Despite Price Weakness

Canadian Natural Gas Production Holds Strong, on Track for Record Year Despite Price Weakness

Natural gas production held near all-time highs through the first quarter in Canada, even as prices slumped following a mild winter that left supplies in storage at robust levels. That’s because producers are looking beyond near-term weakness and toward an anticipated jump in export demand, according to analysts. LNG Canada is slated to begin operations…

April 17, 2024
Kimmeridge Looks to Add to SilverBow’s Board After Pulling Merger Offer

Kimmeridge Looks to Add to SilverBow’s Board After Pulling Merger Offer

Activist investor Kimmeridge Energy Management Co. LLC has withdrawn its proposal to merge its natural gas-focused subsidiary with Eagle Ford Shale producer SilverBow Resources Inc.  The New York-based investment firm, which holds a 12.9% stake in SilverBow, in March proposed a tie-up between Kimmeridge Texas Gas LLC (KTG) and the Eagle Ford producer along with…

April 17, 2024
Equinor Bets On Electrification to Sustainably Extend Natural Gas Supply to Europe

Equinor Bets On Electrification to Sustainably Extend Natural Gas Supply to Europe

Equinor ASA is phasing out gas-fired generation in one of its most prolific natural gas production hubs in favor of electricity as it looks to increase both the sustainability and the lifespan of its North Sea operations. Norway’s Equinor disclosed that its offshore facilities at the Sleipner field and the adjacent Gudrun platform had been…

April 16, 2024
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