Genesis Energy LP has completed preliminary work and is preparing to begin construction of a $75 million crude oil unit train unloading facility in Raceland, LA, the Houston-based company said Monday.
Articles from Permian Basin
Anadarko Petroleum Corp. is setting the wheels in motion to accelerate U.S. onshore drilling following the $2.64 billion cash sale for part of its offshore Mozambique natural gas project.
Liquids-rich and oil plays have clearly won the hearts and dollars of North American producers. The Eagle Ford and Bakken shales are stars now, but several others are poised to join or possibly eclipse them, according to a recent note by Standard & Poor’s Ratings Services (S&P).
Big Oil’s attempt to take over the North American onshore from U.S. independents so far hasn’t paid off as some would have imagined just a few years ago, with the majors still struggling to capture the kind of profits and production results they may have been anticipating.
Exploration and production (E&P) companies remain enthusiastic about the U.S. onshore, in particular the Permian Basin, Niobrara formation, Utica Shale and the Tuscaloosa Marine Shale (TMS), based on observations at the recent EnerCom Consulting oil and natural gas conference, said two analyst teams who were there. However, Marcellus Shale pricing appears to be a “real concern for the buyside.”
Strong growth in oil production — especially in the Permian Basin — propelled Devon Energy Corp. to record the highest average daily production rate in its history during the second quarter of 2013, as the company also saw positive test results in the Woodford Shale.
ConocoPhillips saw its combined production in the Permian Basin, Eagle Ford and Bakken shales nearly double during 2Q2013, and it expects to see future growth from its holdings as it transitions to multi-well pad drilling and experiments with tighter well spacing and hydraulic fracturing (fracking) stages.
Apache Corp., which has been streamlining its North American operations to concentrate on building output from the Permian and Anadarko basins, reported a huge jump in production, and profits, during the second quarter.