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Tech Innovations Boost Permian Oil and Natural Gas Productivity, EIA Says

Tech Innovations Boost Permian Oil and Natural Gas Productivity, EIA Says

Advanced technologies, such as longer lateral wells and multi-well pad drilling, are driving ongoing efficiencies and increased productivity in developing oil and natural gas resources in the prolific Permian Basin, the U.S. Energy Information Administration (EIA) said in a report Tuesday. The Permian, which spans West Texas and southeastern New Mexico, accounted for about 30%…

October 19, 2021
California Court Strikes Down Monterey County’s Ban on New Oil, Gas Drilling

California Court Strikes Down Monterey County’s Ban on New Oil, Gas Drilling

A Northern California county has lost an appeal to curb oil and natural gas development following an appeals court ruling. Monterey County voters in November 2016 approved Measure Z, a ballot initiative to prohibit new drilling activities in unincorporated areas. San Ramon, CA-based Chevron Corp. and other producers then filed a lawsuit, arguing the county…

October 18, 2021
OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong

OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong

While strong, consumption of oil proved uneven through the first nine months of 2021, interrupted by outbreaks of the coronavirus Delta variant. This led the world’s largest cartel of crude producers to downgrade its demand outlook for the full year. The Organization of the Petroleum Exporting Countries (OPEC), however, said Wednesday that lofty natural gas…

October 13, 2021
Canada Calls for Cutting Oil, Natural Gas Methane Emissions by 75% by 2030

Canada Calls for Cutting Oil, Natural Gas Methane Emissions by 75% by 2030

Canada stepped forward Monday as the first and so far only national subscriber to a global climate change policy goal of cutting oil and gas industry methane emissions by 75% from 2012 levels as of 2030. Federal Environment Minister Jonathan Wilkinson kept a Canadian Liberal government re-election promise by endorsing a toughened version of a…

October 12, 2021
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
Oil, Gas Activity Accelerates as Prices Soar, Energy Companies Tell Kansas City Fed

Oil, Gas Activity Accelerates as Prices Soar, Energy Companies Tell Kansas City Fed

As oil and natural gas prices surged, drilling and energy business activity across the Federal Reserve Bank of Kansas City’s footprint hastened in the third quarter, results of a new survey show. The Kansas City Fed, as it is commonly known, said its quarterly Tenth District Energy Survey found that oil and gas firms collectively…

October 11, 2021
With Imports Up, U.S. Crude Inventories Climb a Second Week

With Imports Up, U.S. Crude Inventories Climb a Second Week

Domestic petroleum demand rose last week, but strong crude production and imports ended up driving U.S. inventory gains for a second straight week, the Energy Information Administration (EIA) said. EIA’s Weekly Petroleum Status Report, released Wednesday, showed production climbed to 11.3 million b/d for the week ended Oct. 1, up from 11.1 million b/d the…

October 6, 2021
PDC Trimming Oil Production Guidance on Well Spacing Issues in Permian

PDC Trimming Oil Production Guidance on Well Spacing Issues in Permian

PDC Energy Inc. has revised down its full-year 2021 oil production guidance, citing “tighter than optimal well spacing” in its Permian Basin leasehold. Oil production is now expected to average 60,000-63,000 b/d, versus previous guidance of 64,000-66,000 b/d, the Denver-based independent said in a recent update. PDC operates primarily in the Wattenberg field in Colorado’s…

October 6, 2021
OPEC, Allies Face Balancing Act Between Measured Crude Output, Driving Prices Too High

OPEC, Allies Face Balancing Act Between Measured Crude Output, Driving Prices Too High

Energy shortages and price spikes suggest the world needs more oil to meet global needs in the near term. Just how much more – and how quickly – remains a moving target. With Lower 48 producers hesitant to boost output in the pandemic’s wake, the Organization of the Petroleum Exporting Countries (OPEC) and its allies,…

October 5, 2021
Enbridge Escalates Fight with Michigan to Save Line 5 Oil Conduit

Enbridge Escalates Fight with Michigan to Save Line 5 Oil Conduit

The environmental fight over Enbridge Inc.’s dual-pipe oil Line 5 across Michigan escalated Monday into the first-ever use of a 44-year-old energy traffic treaty between Canada and the United States. Canadian Foreign Affairs Minister Marc Garneau announced that a formal request has been made to save the 540,000 b/d conduit with a dispute resolution and…

October 5, 2021
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