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Covid Resurgence ‘Casting Shadow’ Over Oil Market Recovery

Covid Resurgence ‘Casting Shadow’ Over Oil Market Recovery

Although economic activity and oil demand are recovering from the first wave of Covid-19, a resurgence of the pandemic in regions such as North and South America “is casting a shadow over the outlook” for the oil market, the International Energy Agency (IEA) said Friday. “Only time will tell if the economic impact will be…

July 10, 2020
North American E&P Bankruptcies Rising as Second Wave of Covid-19 Threatens ‘Very Painful’ Rest of 2020

North American E&P Bankruptcies Rising as Second Wave of Covid-19 Threatens ‘Very Painful’ Rest of 2020

The number of North American exploration and production (E&P) companies seeking bankruptcy protection continues to rise, with 23 operators filing since the start of the year, according to Haynes and Boone LLP. This is four more than what the law firm reported last month, and included former heavyweight Chesapeake Energy Corp. and Permian pure-play Lillis…

July 10, 2020
More Losses for Oil Patch as U.S. Rig Count Grinds Lower

More Losses for Oil Patch as U.S. Rig Count Grinds Lower

A continued slide in oil-directed activity helped drop the U.S. rig count another five units to 258 for the week ending Friday (July 10), according to the latest figures from Baker Hughes Co. (BKR). Four oil-directed rigs, along with one natural gas-directed, exited the United States during the period, putting the overall domestic tally 700…

July 10, 2020
Mexico’s Energy Ministry Gives Talos, Pemex 120 Days to Hammer Out Details on Offshore Zama Field

Mexico’s Energy Ministry Gives Talos, Pemex 120 Days to Hammer Out Details on Offshore Zama Field

Mexico’s Energy Ministry (Sener) has ordered the unification of the Zama discovery offshore Mexico and has given Houston-based exploration and production company Talos Energy Inc. and Mexican state company Petróleos Mexicanos (Pemex) 120 days to come up with terms of how to carry out joint development of the field. In May, Mexico upstream regulator Comisión…

July 9, 2020
Noble Bringing Back Curtailed U.S. Oil Volumes, Expanding NatGas Export Capacity Overseas

Noble Bringing Back Curtailed U.S. Oil Volumes, Expanding NatGas Export Capacity Overseas

Noble Energy Inc. said Thursday the bulk of its shut-in U.S. oil and gas production would be brought back online in the coming weeks.  Noble, whose vast U.S. portfolio extends across Texas and Colorado, said its second quarter curtailments totaled 11,000 b/d of oil. But “significant improvements in operating costs and netback pricing” will allow…

July 9, 2020
FPSO Awards Seen Rebounding Sharply in 2021 as Offshore Oil, Natural Gas Project Sanctioning Resumes

FPSO Awards Seen Rebounding Sharply in 2021 as Offshore Oil, Natural Gas Project Sanctioning Resumes

Oil and gas companies are expected to award seven floating production, storage and offloading (FPSO) vessels in 2021, versus a likely total of one this year, as offshore project sanctioning recovers from the current downturn, according to Rystad Energy. Tokyo-based Modec Inc. won the only FPSO contract awarded so far this year, to supply a…

July 9, 2020
Mexico Said to be Facing ‘Triple Crisis’ Amid Pandemic Response

Mexico Said to be Facing ‘Triple Crisis’ Amid Pandemic Response

Mexico is facing a “triple crisis” on the public health, economic and governance fronts, with worrying implications for the energy sector and few encouraging signs for the near future, according to Tony Payan of Houston’s Rice University. After posting flat growth in 2019, the world’s 14th-largest economy is projected to shrink by at least 10.5%…

July 7, 2020
Comstock Applies for New Haynesville Drilling Permits, Remains Bullish on NatGas

Comstock Applies for New Haynesville Drilling Permits, Remains Bullish on NatGas

Comstock Resources Inc., which works in the Haynesville and Bakken shales, filed in late June applications with the Texas Railroad Commissioner to drill four new wells in the natural gas-rich Haynesville Shale in East Texas. In a July 2020 investor presentation, Comstock highlighted favorable supply and demand fundamentals for natural gas with “sharp activity decline…

July 7, 2020
Vaca Muerta Showing Signs of Life as Argentina Considers Oil, Gas Incentive Bill

Vaca Muerta Showing Signs of Life as Argentina Considers Oil, Gas Incentive Bill

Oil and gas producers working in Argentina continued to increase activity in June, adding four rigs during the month, according to information from Baker Hughes Co.   Argentina had a total of six rigs running in June, compared to two in May and zero in April as the country had strict lockdown measures from the coronavirus…

July 7, 2020
ExxonMobil, Princeton Up Partnership to Discover Ways to Reduce CO2, Improve Energy Technology

ExxonMobil, Princeton Up Partnership to Discover Ways to Reduce CO2, Improve Energy Technology

Looking for ways to lower emissions and improve energy technologies will continue under a renewed collaboration by ExxonMobil and Princeton University’s Andlinger Center for Energy and the Environment. The new five-year agreement, which builds on ExxonMobil’s participation beginning in 2015 in Princeton’s E-filliates Partnership, aims to help accelerate research, development and deployment of technologies that…

July 7, 2020
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