Oil

Oil production from the vaunted Vaca Muerta shale deposit in the Neuquén basin in Western Argentina has come roaring back after months of slower exploration and production activity. Vaca Muerta reached a record high of 124,000 b/d in December, and it can continue toward 145,000–150,000 by the end of 2021 if current activity levels continue,…

Exports and industrial use will be the key drivers of natural gas consumption growth in the United States through 2050, while demand from other sectors, including electricity generation, is expected to increase slowly or remain flat, according to the Energy Information Administration’s (EIA) latest long-term projections. Under the baseline reference case in the agency’s Annual…

Phillips 66 wants to exploit the technology base it has to advance a lower carbon business platform, while maintaining a strong balance sheet and returning value to shareholders. The Houston-based energy firm sharply reduced the 2021 capital expenditure (capex) budget to $1.7 billion, down from $3.1 billion last year. About $1.1 billion of sustaining capital…

Oil production from the vaunted Vaca Muerta shale deposit in the Neuquén basin in Western Argentina has come roaring back after months of slower exploration and production activity. Vaca Muerta reached a record high of 124,000 b/d in December, and it can continue toward 145,000–150,000 by the end of 2021 if current activity levels continue,…

Enbridge Inc. has won the first in a series of court rulings regarding lawsuits protesting the construction of the $2.6 billion Minnesota leg in its Line 3 oil pipeline replacement project. The Minnesota Court of Appeals turned down a request by two Ojibwe native bands for a preliminary injunction to halt work launched in December…

Total domestic petroleum stockpiles increased in the final week of January while demand declined amid lighter needs for transportation fuels, the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) showed. Demand has proven choppy week/week over the last several months, but it has consistently been well below year-earlier, pre-coronavirus levels because of travel…

The craterous impact of the Covid-19 pandemic on energy demand is likely to ripple out into the next decade, with consumption potentially not returning to pre-pandemic levels until 2029 or later, the U.S. Energy Information Administration (EIA) said in its latest long-term projections. The agency’s 2021 Annual Energy Outlook (AEO2021), released on Wednesday, projects changes…

The Texas oil and natural gas industry is poised to find its “cyclical trough” early this year, according to one of the state’s leading industry groups.  The state’s share of total U.S. oil production had grown to roughly 42% in 2019, and by the end of 2020 its share was up to 44%, according to…

Texas Gov. Greg Abbott has directed state agencies to use the tools in their toolbox to challenge the Biden administration’s actions that threaten the oil and natural gas industry. Abbott last week issued state Executive Order GA-33 that he said is designed to protect the nation’s largest energy state from what he said is federal…