Alberta’s oil and natural gas firms are set to make a C$2.3 billion ($1.8 billion) start to seal a backlog of 95,524 inactive wells over the next five years under rules enacted Wednesday by the province’s production watchdog agency. The requirements translate the more stringent environmental legislation into “tools we need to begin to move…
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What’s Ahead for Lower 48 Oil and Gas Players in 2022? Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow podcast in which NGI’s Patrick Rau, director of Strategy & Research, shares takeaways from the third quarter energy company earnings results and insight into what’s ahead for operators in the Lower 48. In “Shale 4.0 — Natural Gas Earnings Takeaways from 3Q21,”…
Oil, Natural Gas Industry Facing Higher Costs, Scrutiny in Federal Auctions
The U.S. oil and natural gas industry need not fear a federal drilling ban — for now — but royalty rates may be hiked for the first time in a century and leasing terms could be tightened based on an analysis by the Department of Interior. After taking office in January, President Biden issued Executive…
Biden, Trudeau, López Obrador Pledge to Curb Oil and Gas Methane Emissions in Trilateral Summit
President Biden, joined by Canadian Prime Minister Justin Trudeau and Mexico President Andrés Manuel López Obrador on Thursday pledged to create a “North American strategy on methane and black carbon” during a trilateral summit this week in Washington, DC. The strategy will aim “to reduce methane emissions from all sectors, especially oil and gas,” the…
December to Bring Continued Natural Gas Production Gains, EIA Says
Led by growth out of the Haynesville Shale, natural gas production from seven key U.S. onshore regions is set to climb from November to December, according to updated projections from the Energy Information Administration (EIA). Total natural gas production from the Anadarko, Appalachia and Permian basins, as well as from the Bakken, Eagle Ford, Haynesville…
Deepwater GOM Draws Biggest Bids, but Shallow Water Floats ExxonMobil’s Boat in BOEM Auction
A federal auction for oil and natural gas leases in the Gulf of Mexico (GOM) drew more participants and money than a year ago, but the Biden administration, under court order to hold the sale, pledged that changes still would be made. Lease Sale 257, the eighth offshore auction and first in a year, was…
ONE Future’s Natural Gas E&Ps, Operators Eclipsing Goals to Slash Methane Intensity
U.S. natural gas producers, distributors and midstream companies that comprise Our Nation’s Energy Future, better known as ONE Future, said last Wednesday they again surpassed an ambition to slash overall methane intensity from their operations. Using uniform reporting protocols approved by the U.S. Environmental Protection Agency, the 50-plus member coalition in 2020 registered an overall…
Alliance Natural Gas Increasingly Looking to Gulf Coast LNG Export Markets, Says Pembina
A recent open season for short-term natural gas capacity on the Alliance Pipeline was “nearly three times oversubscribed,” and the system is now fully contracted for 2022, according to Pembina Pipeline Corp. CEO Michael Dilger discussed third quarter results during a recent earnings conference call and offered some insight into 2022 expectations. Alliance over the…
Colgate Bolts On Acreage in Permian Delaware for $190M
Private-equity backed Colgate Energy Partners III LLC is adding to its arsenal in the Permian Basin of New Mexico in a $190 million deal with an undisclosed seller. The 22,000 net acres “directly offset” the Midland, TX-based producer’s position in the Parkway area of New Mexico’s Eddy and Lea counties, the management team. “Building on…
EOG Eyeing ‘Incredible Value’ for LNG Exports from Permian, Eagle Ford and Dorado
Houston-based EOG Resources Inc., one of the Lower 48’s biggest oil and natural gas producers, is looking to give back to shareholders instead of boosting volumes, with discipline still the mantra going into 2022. The independent delivered better-than-expected natural gas, oil and liquids production during 3Q2021, along with sharply higher profits, CEO Ezra Yacob said…