Saudi Arabia’s state-owned oil and gas company is using technology and reservoir management to segue into an “unprecedented moment” in history, as it works to supply necessary energy while reducing emissions, CEO Amin Nasser said earlier this month. Nasser and his management team held a conference call to discuss the 2020 results for Saudi Arabia…
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LNG, Oil Markets Roiled as Suez Canal Faces Issues with Stuck Container Ship
A massive container ship ran aground Tuesday in the Suez Canal, clogging one of the world’s most heavily trafficked shipping lanes and creating logistical hurdles for the liquefied natural gas (LNG) and oil trade, as well as for other commodities. “The transit point is extremely vital,” ClipperData’s Matt Smith told NGI. Smith is director of…
House Democrats’ FRAC Act Taking Aim Once Again to Boost Unconventional Drilling Oversight
A group of House Democrats is making another attempt to increase oversight of the oil and gas industry with a package of legislation that was introduced Monday. The legislation, including House Resolution (HR) 4014, takes aim at among other things hydraulic fracturing (fracking), which is used in unconventional drilling to complete wells. The Fracturing Responsibility…
Latin American Upstream Oil, Gas Activity Emerging from Coronavirus Slump
Latin America’s oil and gas producing countries are returning to pre-coronavirus levels of activity after a year of uncertainty and disruption. Last February, just before the coronavirus reached the region, 184 oil and gas rigs were active across Latin America, according to information from oilfield services provider Baker Hughes Co. Drilling activity dipped, then plunged,…
Oil Demand Outlook Said Strong, but Spare Capacity Keeping Prices in Check
Global demand for oil and natural gas is likely to continue growing for the foreseeable future, although talk of an impending oil price “supercycle” has proved premature for now, a panel of experts agreed Friday. For the next five years, “We have a very constructive view on oil demand,” said ConocoPhillips chief economist Helen Currie…
Canada’s Tourmaline Gets Natural Gas Production Bump After Acquisitions
Canadian independent Tourmaline Oil Corp. broke production records in 4Q2020 after a pair of acquisitions boosted its output. The independent which has assets in British Columbia and Alberta, said recently it exited the quarter producing more than 400,000 boe/d after acquiring smaller Canadian players Jupiter Resources Inc. and Modern Resources Inc. in December. The deals…
Ring Energy Steps Up Permian Drilling in NWS as Oil Prices Rebound
Permian Basin pure-play Ring Energy Inc. is accelerating plans to drill up to eight wells this year on its Northwest Shelf (NWS) acreage amid a rally in oil prices, the CEO said Wednesday. “We were originally thinking that we were going to pick up a drilling rig to start our next campaign sometime in the…
Stockpiles of U.S. Crude Mount; IEA Says Global Oil Demand Recovery Gradual Through 2023
U.S. oil inventories increased for a third-consecutive week as demand for travel fuels remained light and as refinery activity, while increasing, held far below capacity following the blast of winter weather that froze the Texas energy grid in February. Domestic commercial crude inventories for the week ended March 12 — excluding those in the Strategic…
Oil, Natural Gas Companies Urged to Leverage Infrastructure, Expertise to Advance Biden Climate Agenda
Oil and natural gas companies can play a vital role in achieving President Biden’s ambitious climate change goals if they choose to embrace it. In remarks delivered at CERAweek by IHS Markit, which was held in early March, Department of Energy (DOE) Secretary Jennifer Granholm and Special Presidential Envoy for Climate John Kerry said fossil…
Northern Oil Lifts Production Forecast, Hunts for More Deals
Lower 48 independent Northern Oil and Gas Inc. has raised its production guidance for 2021 as it expects remaining curtailments to ease amid stronger commodity prices. The company expects to produce 37,750-42,750 boe/d on its properties in the Permian and Williston basins in 2021, with oil making up 78-80% of the mix. By comparison, the…