Oil

Employment in the U.S. oilfield services and equipment sector (OFS) increased by 2,907 jobs in March and reached its highest level in three years, according to an analysis of federal data by the Energy Workforce & Technology Council. Total OFS jobs climbed to 656,368 last month, a high mark since the onset of the coronavirus…

U.S. associated natural gas output – a byproduct of oil production – is expected to grow through 2050, continuing and amplifying a long-term trend, according to a federal outlook. The Energy Information Administration (EIA) said in a research note Tuesday that, in its benchmark scenario that considers only the laws and regulations adopted through mid-November…

North American oilfield services (OFS) giant Liberty Oilfield Services LLC has landed a Permian Basin-focused natural gas compression specialist, whose addition is set to expand a newly created alternative fuel and power solutions business. Denver-based Liberty said it paid about $78 million for Houston-based Siren Energy. Siren adds 16 MMcf/d of natural gas compression, along…

After a series of earthquakes recently erupted near Oklahoma’s Arbuckle formation, state regulators have called for oil and gas operators to reduce well wastewater, affecting 23 disposal wells.  A 4.0 magnitude and a few smaller magnitude earthquakes hit Carney, OK, earlier this month. The tremors led the Oklahoma Corporation Commission’s (OCC) Oil and Gas Conservation…

U.S. exploration and production (E&P) firms kept crude output even last week amid an uncertain demand outlook and expectations for steep cuts to global supplies. E&Ps produced 12.2 million b/d for the week ended March 31, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) on Wednesday. The result was flat…

Ovintiv Inc. signaled last month that the focus this year would be Permian Basin oil, and on Monday, the Denver independent advanced those ambitions by striking a nearly $4.3 billion cash-and stock deal to build West Texas inventory.  “Substantially all leasehold interest and related assets” were acquired from companies managed by private equity (PE) giant…

Saudi Arabia said Sunday it would further scale back crude production by 500,000 b/d from May through the end of the year, leading a broader OPEC-plus effort to curb supplies and bolster prices. In total, the Saudi energy ministry said the group of producer countries would cut more than 1 million b/d. This would come…

U.S. crude oil exports hit an all-time high last year of 3.6 million b/d amid upheaval in global energy markets, according to the U.S. Energy Information Administration (EIA).  EIA said U.S. oil exports increased by 22% year/year, or 640,000 b/d, in 2022.  An increase in U.S. crude production, releases from the nation’s Strategic Petroleum Reserve…

U.S. exploration and production (E&P) firms last week approached the pandemic-era peak oil output level as catalysts for global demand gather and benchmark crude prices recover from fears imposed by financial system upheaval. E&Ps churned out 12.2 million b/d for the week ended March 24, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum…