E&P
Lukoil-backed Congo Project to Begin LNG Output in December
Lukoil Vice President Ivan Romanovsky said the initiative will produce around 600,000 tonnes of LNG per year, and that Lukoil plans to boost total LNG output at the Marine XII oil and gas project in the Congo to 3 million tonnes by the end of 2025.
EIA: US Shale Production Set to Rise to Highest Since December 2019 in April
Shale production is expected to rise by 68,000 barrels daily — the slimmest rise since December 2022 — to 9.21 million bbl/d, the EIA data showed. Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise to 5.62 million bbl/d.
US LNG Exports Flat Despite Freeport LNG Partial Restart
U.S. exports of LNG were flat last month at 6.84 million tonnes, shipping data showed on Thursday, even as a long-idled Texas processing facility began shipping the fuel during an ongoing restart.
Pioneer Natural Resources Denies Report of Acquisition of Range Resources
Oil and gas explorer Pioneer Natural Resources Co. said on Friday that it was not pursuing any business combinations, after Bloomberg News reported that the oil and gas explorer was considering an acquisition of smaller U.S. rival Range Resources Corp.
Oman's Abraj Signs Oil Drilling, Extraction Deal with Chevron, Kuwait Gulf Oil Company
Oman's Abraj Energy Services said on Saturday it had signed a five-year 'strategic partnership deal' with Kuwait Gulf Oil Company and Saudi Arabian Chevron to extract and drill for oil in Kuwait.
Trinidad to Begin Negotiations for Gas Deal with Venezuela in March
A deal would help revive the nation's gas production, which contributes a large part of its export revenue and has been in decline. The joint venture could supply gas to Trinidad's liquefied natural gas and petrochemical industry.
Diamondback Energy Targets At Least $1 Billion in Non-Core Asset Sale; Beats Profit Estimates
U.S. oil and gas producer Diamondback Energy Inc said on Wednesday it was increasing its non-core asset sale target to at least $1 billion by the end of this year from $500 million. Additionally, the shale producer announced it beat Wall Street expectations for fourth-quarter profit, as tighter energy supplies following Russia's invasion of Ukraine boosted crude prices.
Expanding Gas Infrastructure Presents Alternative to Permian Constraints
(P&GJ) — Oil is still serious business in the Bakken Shale, but when it comes to midstream, the money is on natural gas. As in the Permian Basin, oil production in the Williston has a high rate of associated natural gas. But the Bakken’s residual gas is rich in natural gas liquids (NGLs), and that requires infrastructure generally more akin to North Texas’ Barnett Shale than West Texas’ Permian.
Chesapeake Energy to Reduce Drilling on Lower Natural Gas Prices
U.S. natural gas producer Chesapeake Energy on Wednesday said it would pull back on drilling and completing wells this year as natural gas prices fell to a quarter of what they were last summer.
US Official Says Russia's Crude Output Cut Signals Unsold Oil
Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday.
Tellurian Taps LNG Demand Surge to Deliver Fourfold Jump in Production
Tellurian Inc. on Wednesday reported a fourfold increase in quarterly natural gas production to meet a surge in demand triggered by Western sanctions against Russia over the Ukraine invasion.
US LNG Producers Poised to Leapfrog Rivals with Three New Projects
Projects best positioned to move ahead include Sempra Energy's Port Arthur plant in Texas, Energy Transfer LP's Lake Charles in Louisiana and NextDecade Corp.'s Rio Grande in Texas. They have all or most of the long-term LNG sales agreements needed to convince bank's that the projects are ready for debt financing, according to Reuters analysts.
Canada's Suncor Mulling Options to Replace Supply from Key Oil Sands Mine
Canada's Suncor Energy on Wednesday said it is weighing options for replacing around 200,000 barrels per day of raw bitumen supply from its largest oil sands mine, which is set to run out by the mid-2030s.
US Gas Producers Skimped on Price Hedges and Now Face A Reckoning
A rout in natural gas prices will hurt first-quarter earnings and cash flows at gas producers as hedges — the industry's version of price insurance — were inadequate to offset the expected losses, analysts and industry experts said.
Philippine Malampaya Gas Field Operator Seeks 15-Year Contract Extension
Prime Infra Holdings Inc., the new operator of the Philippines' Malampaya natural gas field, is seeking a 15-year extension of the project contract to be able to explore for additional supply around the reservoir, its chief executive said on Wednesday.
Indian Energy Company ONGC Videsh Eyes Oil, Gas 'Hot Spots' in Africa, Latin America
ONGC Videsh is looking for exploration and production investment opportunities in Africa and Latin America, such as in Ghana and Surinam. OVL currently has a stake in 32 oil and gas projects in 15 countries, spanning projects in various phases, including exploration, development, production and pipelines.
IEA: China's Oil Demand Bounce May Push Producers to Reconsider Output
Oil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer, the International Energy Agency's Executive Director Fatih Birol said on Sunday.
Woodside, Partners to Pick Plan for Timor Sea Sunrise Gas Project Soon
Woodside Energy Group and its partners on Monday formally committed to working rapidly to pick the best option for developing the Greater Sunrise natural gas field, factoring in for the first time the potential benefits for East Timor.
Iran Signs $900 Million Deal to Develop Offshore Gas Field
Under the contract, IOEC is to launch production of 28 million cubic meters per day of gas in 14 months, which is to be sent to installations in Assalouyeh on Iran's Gulf coast via a 210-km (130-mile) undersea pipeline.
Biden Backs Scaled-Down Version of ConocoPhillips Alaska Oil Project
President Joe Biden's administration said on Wednesday it would support a scaled-back version of ConocoPhillips' planned $6 billion Willow oil and gas drilling project in Alaska but has not yet made a final decision on the contentious proposal.
US Issues License to Trinidad and Tobago to Develop Venezuela Offshore Gas Field
The Biden administration has granted a license to Trinidad and Tobago to develop a major gas field located in Venezuelan territorial waters, U.S. and Trinidad officials said on Tuesday, marking a further easing of some sanctions on Venezuela.
Argentina Pumps Record Shale Oil as Vaca Muerta Takes Off
Argentina posted record production of shale oil in December, the energy ministry said on Tuesday, as development of the country's huge Vaca Muerta shale formation fuels output gains.
Canadian Province and First Nations Agree to Revive Oil, Gas Development in Montney Play
The Canadian province of British Columbia (B.C.) announced a land, water and resource management agreement with the Blueberry River First Nations Indigenous group on Wednesday that will restart development in the vast Montney shale play. The deal includes an annual 750-hectare (1853-acre) cap on new land that oil and gas activity can disturb.
Mexico's Pemex Destroyed Resources Worth $342 Million from Two Top Gas Fields
Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed.
Indonesia Approves Revised $3.35 Billion Plan for Eni's Merakes Gas Fields
Indonesia has approved a revised plan of development for its Merakes and Merakes East gas fields with a total investment of $3.35 billion, its upstream oil and gas regulator said on Tuesday.
Indonesia Approves $3 Billion Development Plan for South China Sea Gas Block
Indonesia has approved the first plan of development for the Tuna offshore gas field with total estimated investment of $3.07 billion up to the start of production, upstream oil and gas regulator SKK Migas said on Monday.
Wintershall Dea and Partners to Invest $800 Million in Norway Gas Field
Germany's Wintershall Dea and its partners Petoro and Sval Energi will invest roughly $803.6 million to develop the Dvalin North gas field in the Norwegian Sea, the companies and Norway's energy ministry said on Tuesday.
Trinidad Soon to Decide on Bids for Deepwater Gas Exploration Auction
Trinidad and Tobago's Cabinet will make a decision soon on bids submitted for four deepwater exploration blocks that are key to expanding its natural gas production, Energy Minister Stuart Young said.
Argentina’s YPF Nearly Triples Q3 Profit on Upped Production, Prices
Argentina's national oil company YPF reported on Wednesday it nearly tripled its third-quarter net profit compared to the same period last year as production and prices rose.
Two New Natural Gas Reservoirs Discovered in Bahrain
Bahrain has announced two natural gas discoveries in the Al-Joubah and Al-Jawf reservoirs, state news agency BNA said on Tuesday.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- Enbridge Receives Approval to Begin Service on Louisiana Venice Gas Pipeline Project
- U.S. to Acquire 3 Million Barrels of Oil for Emergency Reserve in September
- AG&P LNG Acquires 49% Stake in Vietnam's Cai Mep LNG Terminal
- BP's Carbon Emissions Increase in 2023, Ending Decline Since 2019
- Texas Sues EPA Over Methane Emission Rules for Oil and Gas Sector
