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Bakken’s Robust Production Threatened by Low Prices and Biden Presidency, North Dakota Officials Say

Bakken’s Robust Production Threatened by Low Prices and Biden Presidency, North Dakota Officials Say

North Dakota officials estimate that 25% of the Bakken Shale’s output could be negatively impacted by a change in energy policy under President-elect Joseph R. Biden Jr., threatening the 7,000 state-drawn, two-square-mile spacing units that contain all of the state’s future drilling sites. Nearly half (48%) of those units include federal-owned land and/or mineral rights,…

November 20, 2020
U.S. Adds Three Natural Gas Rigs as Oil Drilling Slows

U.S. Adds Three Natural Gas Rigs as Oil Drilling Slows

The U.S. natural gas rig count climbed three units to 76 for the week ending Friday (Nov. 20), while a slowdown in the oil patch dragged the overall domestic tally slightly lower, according to the latest numbers from Baker Hughes Co. (BKR). The combined U.S. rig count fell two units overall to 310 after a…

November 20, 2020
Window to Develop Mexico Oil & Gas is Now, CNH Commissioner Says

Window to Develop Mexico Oil & Gas is Now, CNH Commissioner Says

“I think that we still have a window of time to explore and develop our natural riches, but we need to do so now,” said Sergio Pimentel, Commissioner at Mexico’s Comisión Nacional de Hidrocarburos (CNH). “If not, we are leaving these resources in the ground and could be depriving future generations of Mexican citizens of…

November 20, 2020
Slowdown in Oil Patch Sees U.S. Rig Count Ease Lower

Slowdown in Oil Patch Sees U.S. Rig Count Ease Lower

Driven by declines in the oil patch, the U.S. rig count fell two units to 310 for the week ending Friday (Nov. 20), according to the latest numbers from Baker Hughes Co. (BKR). After a five-rig decrease in oil-directed drilling, partially offset by the addition of three natural gas-directed rigs, the overall domestic tally finished…

November 20, 2020
U.S. Onshore D&C Spending Cuts to Far Outpace Oil Output Decline in 2021, Rystad Says

U.S. Onshore D&C Spending Cuts to Far Outpace Oil Output Decline in 2021, Rystad Says

Oil production from U.S. shale plays is likely to hit a floor in 2021 with no further declines expected in a $40 to $45/bbl West Texas Intermediate (WTI) price environment, according to new analysis by Rystad Energy. Output is expected to fall by an estimated 3.1% year/year to 7.5 million b/d in 2020 from 7.7…

November 19, 2020
U.S. E&P Sector Slammed for Excessive Executive Compensation, Lack of Oversight

U.S. E&P Sector Slammed for Excessive Executive Compensation, Lack of Oversight

Upstream investor Kimmeridge Energy Management Co. LLC has the U.S. exploration sector in its sights and is calling out the industry for its “lack of alignment” between the executive management teams and their shareholders. The New York City-based private equity (PE) firm said in a white paper that executive compensation for the exploration and production…

November 19, 2020
U.S. Oil, NatGas Sector Increasingly Concerned about Cybersecurity Attacks from Foreign Nations

U.S. Oil, NatGas Sector Increasingly Concerned about Cybersecurity Attacks from Foreign Nations

As the United States has become the world’s largest producer of oil and natural gas, cybersecurity concerns in the sector have shifted from primarily protecting intellectual property to guarding against potential attacks from rival nations, an expert told NGI. “Intellectual property theft is still a concern; it could be from a criminal element or a…

November 19, 2020
LNG Demand Not Enough to Stop Natural Gas Forward Price ‘Meltdown’

LNG Demand Not Enough to Stop Natural Gas Forward Price ‘Meltdown’

A balmy weather outlook that was seen potentially extending through the first third of December weighed heavily on natural gas market sentiment during the Nov. 12-18 period, sending forward prices crashing down by an average of 36.0 cents, according to NGI’s Forward Look. Similar to the prior week, the steepest losses occurred in Appalachia. However,…

November 19, 2020
Equinor, Repsol Offer $12M for Walker Ridge Deepwater Block in Final GOM Lease Sale of Year

Equinor, Repsol Offer $12M for Walker Ridge Deepwater Block in Final GOM Lease Sale of Year

The long prospective Walker Ridge in the deepwater Gulf of Mexico (GOM) drew a bid of nearly $12 million on Wednesday in the final federal oil and gas auction of the year. The bid of $11,999,979 for Walker Ridge Block 365 was made jointly by Repsol E&P USA Inc. and Equinor Gulf of Mexico LLC,…

November 19, 2020
Tapstone Energy Wins Chesapeake’s Midcontinent Assets in Bankruptcy Auction

Tapstone Energy Wins Chesapeake’s Midcontinent Assets in Bankruptcy Auction

Chesapeake Energy Corp. has sold its massive Oklahoma asset position to Tapstone Energy LLC for $130.5 million.  Both Oklahoma City producers reached a deal after Tapstone successfully bid for the assets during a bankruptcy auction last week. Tapstone had been selected as the stalking horse bidder last month, when the U.S. Bankruptcy Court for the…

November 19, 2020