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ExxonMobil Boosts Potential for Guyana’s Offshore Stabroek Oil, Gas Block to 10 Billion Boe

ExxonMobil Boosts Potential for Guyana’s Offshore Stabroek Oil, Gas Block to 10 Billion Boe

The Stabroek block offshore Guyana holds substantially more discovered oil and natural gas recoverable resource potential, with ExxonMobil notching it 1 billion boe higher from June to 10 billion boe. The updated resource estimate includes a discovery at the Cataback-1 well, the supermajor said. That brings the total significant discoveries in Stabroek to more than…

October 12, 2021
BP Riding to Higher Offshore Oil, Gas Output with Thunder Horse Expansion

BP Riding to Higher Offshore Oil, Gas Output with Thunder Horse Expansion

BP plc’s largest production and drilling platform in the Gulf of Mexico (GOM), Thunder Horse, has ramped up an expansion project to boost deepwater output by up to 25,000 boe/d. The Thunder Horse South Expansion Phase 2 project, with an initial two-well tie-back, added a subsea drill center roughly two miles from the main platform,…

October 1, 2021
U.S. Propane Prices Spike as Europe, Asia Compete for Tight Supplies

U.S. Propane Prices Spike as Europe, Asia Compete for Tight Supplies

Wholesale propane prices at the main U.S. natural gas liquids (NGL) hub have reached their highest level in more than seven years amid tight global supply and strong demand, according to the latest government figures. The Energy Information Administration (EIA) said wholesale propane prices at Mont Belvieu, TX, increased to an average of $1.33/gal during…

September 28, 2021
Top Global Oil, Natural Gas Producers Set Bigger Targets to Cut Carbon, Methane Intensity

Top Global Oil, Natural Gas Producers Set Bigger Targets to Cut Carbon, Methane Intensity

A dozen of the world’s largest oil and natural gas producers, whose goal when they came together was to cut emissions from their upstream businesses, have increased the targets for methane and carbon to 2025. The CEO-led Oil and Gas Climate Initiative (OGCI), launched in 2014, said Tuesday it has set more stringent targets to…

September 24, 2021
ConocoPhillips Vows to Sweeten Returns, Reduce Carbon in Buying Shell’s Permian Leasehold

ConocoPhillips Vows to Sweeten Returns, Reduce Carbon in Buying Shell’s Permian Leasehold

Strike while the iron is hot, ConocoPhillips CEO Ryan Lance said Tuesday of the decision to pay $9.5 billion for Royal Dutch Shell plc’s Permian Basin portfolio. The world’s largest exploration and production (E&P) company late Monday agreed to buy Shell’s West Texas portfolio, spread across 225,000 net acres of private land in the Delaware…

September 21, 2021
Oil Patch Spurs Rise in Domestic Drilling as Natural Gas Rig Count Eases Lower

Oil Patch Spurs Rise in Domestic Drilling as Natural Gas Rig Count Eases Lower

The U.S. natural gas rig count eased one unit lower to make it an even 100 for the week ended Friday (Sept. 17), while higher drilling totals in the oil patch saw the overall domestic tally climb sharply for the period, the latest figures from Baker Hughes Co. (BKR) show. A 10-rig increase in oil-directed…

September 17, 2021
Providence, Oaktree Backing Sierra Energy in Bid for Lower 48 Mineral, Royalty Stakes

Providence, Oaktree Backing Sierra Energy in Bid for Lower 48 Mineral, Royalty Stakes

Backed by a $500 million private equity (PE) commitment, Sierra Energy Holdings LLC plans to pursue mineral and royalty stakes in the Lower 48. The firm was created by Providence Energy Ltd. and funds managed by Oaktree Capital Management LP. Privately held Providence units own and/or manage interests in nearly two million gross acres across…

September 9, 2021
Enbridge Slaps Down $3 Billion for North America’s Largest Oil Export Terminal

Enbridge Slaps Down $3 Billion for North America’s Largest Oil Export Terminal

After scrapping its own plans to construct a deepwater crude oil facility, Enbridge Inc. is set to acquire North America’s largest crude export terminal after agreeing to pay $3 billion in cash for rival Moda Midstream Operating LLC. Under an agreement with EnCap Flatrock Midstream, Enbridge on Tuesday said it would acquire full operating interest…

September 7, 2021
Trudeau Hardens Stance On Canada Oil, Natural Gas Emissions As Sept. 20 Election Nears

Trudeau Hardens Stance On Canada Oil, Natural Gas Emissions As Sept. 20 Election Nears

Canadian Prime Minister Justin Trudeau has singled out the oil and gas industry as a target for toughened pollution policing in his campaign for reelection of his Liberal government in a Sept. 20 national vote. “Let’s be realistic,” said Trudeau as he unveiled an environmental plank in the party platform at a weekend rally in…

August 30, 2021
Biden Administration Begrudgingly Agrees to Resume Oil, Natural Gas Lease Sales on Federal Property

Biden Administration Begrudgingly Agrees to Resume Oil, Natural Gas Lease Sales on Federal Property

The Biden administration said it would resume oil and gas lease sales on federal lands and waters in order to comply with a court ruling. However, the U.S. Department of the Interior (DOI) said late Monday it is simultaneously appealing the Louisiana-based court’s decision, and if it wins on appeal, it could again suspend leasing…

August 17, 2021
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