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Ovintiv Pursuing Natural Gas Price ‘Diversification,’ Citing Strong Market Fundamentals

Ovintiv Pursuing Natural Gas Price ‘Diversification,’ Citing Strong Market Fundamentals

Ovintiv Inc. is exploring options to increase the exposure of its multi-basin upstream portfolio to a dynamic global natural gas market, CEO Brendan McCracken said.  The Denver-based independent works in numerous onshore plays throughout North America, including in the Montney Shale, Anadarko Basin, Permian Basin, Bakken Shale and Uinta Basin. On a call to discuss…

May 16, 2022
Continental Raising Capex, Output Guidance, Touts Oklahoma Natural Gas Gushers

Continental Raising Capex, Output Guidance, Touts Oklahoma Natural Gas Gushers

Continental Resources Inc. has upwardly revised its 2022 forecast for capital spending, as well as oil and natural gas production, management said Thursday.  Oklahoma City-based Continental is the top producer in the oily Bakken Shale and the gassy, liquids-rich Anadarko Basin. Following a pair of recent acquisitions, it also is the No. 2 leaseholder in…

May 7, 2022
White House Strengthens NEPA as Oil, Gas Industry Warns of Project Delays

White House Strengthens NEPA as Oil, Gas Industry Warns of Project Delays

The White House on Tuesday restored three core elements of the National Environmental Policy Act (NEPA) that had been rolled back under the Trump administration, heralding tighter environmental scrutiny for energy projects during the federal review process. “The specific changes made by today’s ‘Phase 1’ rule restore longstanding provisions that were modified for the first…

April 26, 2022
Aramco Aiming to Boost Oil, Natural Gas Output, Build Hydrogen and CCS Market

Aramco Aiming to Boost Oil, Natural Gas Output, Build Hydrogen and CCS Market

State-owned Saudi Arabian Oil Co., aka Aramco, scored lucrative profits in 2021, which are set to fuel its standing as an even more consequential player in the global oil and natural gas markets over the next decade. Aramco, owned by the Saudi royal family, said profits climbed 124% year/year. The gains came from strong oil…

March 26, 2022
Manchin Urges All-of-the-Above Energy Approach to ‘Disarm’ Putin, Russia

Manchin Urges All-of-the-Above Energy Approach to ‘Disarm’ Putin, Russia

The United States must boost production and exports of oil and natural gas in order to reduce Russia’s leverage in the global energy markets while continuing to pursue decarbonization, Sen. Joe Manchin (D-WV) said Thursday. Manchin, who chairs the Senate Committee on Energy and Natural Resources, oversaw a committee hearing on “the use of energy…

March 11, 2022
Uncertainty is Theme of Latest STEO as EIA Models Falling Crude Prices in 2H2022

Uncertainty is Theme of Latest STEO as EIA Models Falling Crude Prices in 2H2022

Brent crude oil prices will average $116/bbl in the second quarter, and Henry Hub spot natural gas prices will average $3.83/MMBtu over the same period, though events in Ukraine have clouded the outlook, the Energy Information Administration (EIA) said in updated projections published Tuesday. In the March edition of its Short-Term Energy Outlook (STEO), the…

March 8, 2022
U.S. Natural Gas, Oil Groups Voice Support for Ukraine, Slam Russian Invasion

U.S. Natural Gas, Oil Groups Voice Support for Ukraine, Slam Russian Invasion

U.S. oil and natural gas leaders on Thursday pledged to support Ukraine in light of Russia’s unprovoked invasion, which roiled financial markets around the world. Russian troops invaded on multiple fronts, leading to volatile jolts to commodity prices. The attack, forewarned by Russian President Vladimir Putin for months, came on the heels of major sanctions…

February 24, 2022
ExxonMobil Brings Online Second Major Offshore Guyana Project

ExxonMobil Brings Online Second Major Offshore Guyana Project

At a time when oil prices are surging and global supply is struggling to meet fast recovering energy demand, ExxonMobil and its partners have added 220,000 b/d oil production capacity to their offshore Guyana project. Production has begun at the second offshore oil development at the prolific Stabroek block. The Liza Phase 2 development is…

February 19, 2022
AI Still Has Much to Learn About Humans in Natural Gas and Oil Industry

AI Still Has Much to Learn About Humans in Natural Gas and Oil Industry

Artificial intelligence (AI), which tech giant Microsoft Corp. defines as “any technique that enables computers to mimic human intelligence,” falls squarely within the digital transformation. Exploration and production (E&P) and oilfield service (OFS) companies have been embracing digitalization for years, and the momentum is not expected to subside anytime soon.  In a recent study, global…

February 12, 2022
E&P Demand Accelerates NOV Orders, but Still Facing Supply, Labor, Covid Disruptions

E&P Demand Accelerates NOV Orders, but Still Facing Supply, Labor, Covid Disruptions

The supply chain disruptions that began to trickle into the oil and gas world with the emergence of Covid-19 are not ending anytime soon and in fact could get worse, according to NOV Inc. CEO Clay Williams, as is his usual bent, offered a no-holds barred assessment of the oilfield services (OFS) industry during a…

February 7, 2022
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