Oil

Major U.S. onshore plays will add close to 500 MMcf/d of natural gas production from February to March on the strength of growth out of the Haynesville Shale and the Appalachian and Permian basins, according to updated modeling from the Energy Information Administration (EIA). In its latest Drilling Productivity Report (DPR), published Monday, EIA said…

Liberty Oilfield Services LLC gained a suite of completion services, customers and employees when it snapped up a proppant operator and Schlumberger Ltd.’s North American business, but integrating the moving parts has proven to be a challenge. The operator’s focus for a big chunk of last year was integrating OneStim and its customers into Liberty,…

Oil consumption could surge more than previously expected and reach record levels this year, a global energy watchdog said, as restrictions to combat the coronavirus ease faster than anticipated, global economic growth mounts and pent-up travel demand unfurls. The International Energy Agency (IEA), in its monthly oil outlook report on Friday, projected global oil demand…

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…

Amid continuing draws on inventories, global Brent crude oil prices are on track to average $90/bbl this month before declining later in 2022 on production growth domestically and abroad, according to updated modeling from the Energy Information Administration (EIA). Brent crude oil spot prices rose $12 month/month to average $87 in January, EIA said in…

Domestic petroleum consumption climbed in early February, driven by robust demand for gasoline, while production only crept ahead and inventories dropped to a 2022 low. Demand rose 2% week/week to 21.9 million b/d during the period ended Feb. 4, according to the U.S. Energy Information Administration (EIA). The advance was driven by an 11% jump…

Heavily dependent on international oil and gas activity, oilfield services (OFS) firm Core Laboratories NV is engaged in a waiting game as it looks to benefit from improving global market dynamics. Core expects “seasonal declines in activity as we start the new year, and there are still short-term pandemic-related headwinds, as the sharp increase in…

Whiting Petroleum Corp. has two agreements in hand to expand its operated leasehold in the Bakken Shale, and it has raised its capital budget for  2022. Management of the Denver-based independent said Tuesday the agreements entail acquiring nonoperated assets in the Bakken’s Sanish field from two undisclosed private companies for $273 million total. “These transactions…

Extreme weather events, supply shortages, post-Covid-19 demand growth and technical failures gave rise to roughly 4% of the world’s population, roughly 350 million people, experiencing major power outages in 2021, according to IHS Markit researchers. IHS Markit analyst Rama Zakariasaid some of the largest outages occurred in regions with a relatively reliable supply of energy,…