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Permian Activity Declines as U.S. Rig Count Down Two

Permian Activity Declines as U.S. Rig Count Down Two

Driven by declines in the Permian Basin, the U.S. rig count fell two units overall to drop to 263 for the short holiday week ending Thursday (July 2), according to the latest numbers from Baker Hughes Co. (BKR). Changes for the week included a three-rig decline in oil-directed drilling, partially offset by the addition of…

July 2, 2020
Prominent Role for Natural Gas, Oil Exploration Even in Carbon-Constrained World, Says Wood Mackenzie

Prominent Role for Natural Gas, Oil Exploration Even in Carbon-Constrained World, Says Wood Mackenzie

Oil and natural gas exploration will play an essential role in meeting global energy demand through at least 2040, even if human-induced global warming is kept under 2 C, according to a recent analysis by Wood Mackenzie. “Only about half the supply needed to 2040 is guaranteed from fields already onstream,” said Wood Mackenzie’s Andrew…

July 2, 2020
Hilcorp Taking Over BP’s Legacy Alaska Upstream Portfolio

Hilcorp Taking Over BP’s Legacy Alaska Upstream Portfolio

Houston’s Hilcorp Energy Co. has completed a takeover of BP plc’s upstream portfolio in Alaska and is nearing a handoff of the midstream unit, allowing the private explorer to become one of the state’s biggest operators. The $5.6 billion deal struck last year with BP hands affiliate Hilcorp Alaska immediate control of BP Exploration (Alaska)…

July 2, 2020
Eni’s Natural Gas Discovery Offshore Egypt Adds to Plethora of Eastern Med Opportunities

Eni’s Natural Gas Discovery Offshore Egypt Adds to Plethora of Eastern Med Opportunities

Italian supermajor Eni SpA has struck natural gas in its first exploration well in the North El Hammad offshore Egypt in the Nile Delta, adding to a gusher of opportunities in the region.  Eni, which operates the block in the Eastern Mediterranean (Med) with partners BP plc and Total SA, said the discovery at Bashrush…

July 2, 2020
U.S. Energy Demand Climbing, but New Covid Lockdowns Looming

U.S. Energy Demand Climbing, but New Covid Lockdowns Looming

The Energy Information Administration (EIA) on Wednesday said U.S. oil refinery input for the week ending June 26 averaged 14 million b/d, about 193,000 b/d higher than in the previous week, but the recent spike in Covid-19 cases nationwide may drive consumers back indoors, according to experts. U.S. refineries operated at 75.5% of their capacity…

July 1, 2020
As OPEC Cuts Take Force, Mexico Oil Production Falls in May

As OPEC Cuts Take Force, Mexico Oil Production Falls in May

Mexico’s oil production fell to 1.64 million b/d in May compared to 1.66 million b/d in the year-ago period, according to new data provided by the country’s upstream watchdog Comisión Nacional de Hidrocarburos (CNH). Gas production in May was 3.61 Bcf/d, down from 3.82 Bcf/d last May. The figures are the first to reflect committed…

July 1, 2020
Eagle Ford Pure-Play Mesquite Emerges from Sanchez Restructuring

Eagle Ford Pure-Play Mesquite Emerges from Sanchez Restructuring

Houston-based Sanchez Energy Corp. late Tuesday said it had completed a financial restructuring and emerged from bankruptcy as Mesquite Energy Inc., a private explorer still intent on keeping its focus in the Eagle Ford Shale. The reorganization under Chapter 11, begun in 2019, eliminated nearly all of the $2.3 billion debt. “We are excited to…

July 1, 2020
Oil, Natural Gas Exploration Said Vital to Meeting Energy Demand to 2040, Even if Global Warming Kept Under 2 C

Oil, Natural Gas Exploration Said Vital to Meeting Energy Demand to 2040, Even if Global Warming Kept Under 2 C

Oil and natural gas exploration will play an essential role in meeting global energy demand through at least 2040, even if human-induced global warming is kept under 2 C, according to a new analysis by Wood Mackenzie. “Only about half the supply needed to 2040 is guaranteed from fields already onstream,” said Wood Mackenzie’s Andrew…

July 1, 2020
Proppant Supplier Covia Seeking Chapter 11 Protection, Citing Pandemic

Proppant Supplier Covia Seeking Chapter 11 Protection, Citing Pandemic

Covia Corp., which provides proppants for oil and gas well operations across North America, on Tuesday said it had filed for bankruptcy, making it the third U.S. energy company in three days to seek Chapter 11 protection.  The petition to reorganize under Chapter 11 was filed in the U.S. Bankruptcy Court for the Southern District…

June 30, 2020
ConocoPhillips to Restore Some Alaska, Lower 48 Oil Output in July

ConocoPhillips to Restore Some Alaska, Lower 48 Oil Output in July

Houston-based ConocoPhillips said Tuesday it expects to begin restoring some curtailed Alaska and Lower 48 oil output in July after shuttering an average 225,000 boe/d net across its global operations in 2Q2020. In a second quarter update ahead of issuing results late in July, the super independent said oil output despite the shut-ins was in…

June 30, 2020
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