Oil

A two-year trend of rising proved reserves of natural gas and oil in the United States ground to a halt amid a decline in prices in 2019, according to the Energy Information Administration (EIA). Natural gas proved reserves decreased 1.9% year/year in 2019 to 494.9 Tcf from 504.5 Tcf. This is the first annual decrease…

The North American oil and natural gas midstream sector is certainly not “out of the woods,” but 2021 could look relatively “normal” in 2021, according to Raymond James & Associates Inc. Though driven largely by supply, the Raymond James team remains bullish on the price outlook across the hydrocarbon spectrum. The analysts said the demand-pull…

Global exploration operators are ready to get back to business in oil and natural gas onshore and offshore, with the international players likely to shell out more funds this year than their Lower 48 compadres. Energy analysts in recent weeks have begun offering their takes on the likely pace of activity and potential capital expenditures…

U.S. crude oil stocks declined by 8 million bbl during the week ended Jan. 1, although demand for petroleum products also fell sharply for the period, according to updated statistics published Wednesday by the Energy Information Administration (EIA). EIA said in its latest Weekly Petroleum Status Report that domestic crude inventories, excluding the Strategic Petroleum…

A multiyear effort by the Trump administration to promote oil and gas exploration and production (E&P) on federal lands in Alaska continues to advance as his presidency winds to a close. U.S. District Court Judge Sharon Gleason in Alaska ruled Tuesday that an oil and gas lease sale for tracts within the Alaska National Wildlife…

Failure to revive a mothballed production project prompted Calgary-based Suncor Energy Inc. to announce Tuesday a C$425 million ($319 million) write down on its 27.5% share of an oilfield offshore of Newfoundland. Suncor said majority owner Husky Energy Inc. stranded a 200 million bbl White Rose field addition by suspending construction when the Covid-19 virus…

Calgary-based Obsidian Energy Ltd. said Tuesday it is setting aside C$35 million ($27 million) in capital expenditures (capex) for a drilling program and C$5 million ($4 million) in decommissioning expenditures for the first half of 2021. The exploration and production company plans to drill up to eight wells at the Cardium development in Willesden Green…

Saudi Arabia on Tuesday announced it would cut oil production by a stunning 1 million b/d in February and March, sending crude prices to a 10-month high. The news came at the conclusion of the latest monthly meeting of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus. Saudi Arabia leads the…

A Bureau of Land Management (BLM) decision to allow year-round oil and natural gas drilling within 1.5 million acres of federal and Wyoming state land has ended a six-year stalemate among a consortium of producers and regulators. The BLM decision allows the exploration and production (E&P) companies to drill on 1,500 multi-well pads within the…