E&P

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

Europe / E&P / Gas

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.

Energean Drilling Program Discovers More Gas Off Israel

Eastern Mediterranean-focused oil and gas producer Energean has made a commercial discovery at its Zeus exploration well off the coast of Israel and upgraded its neighboring Athena discovery, it said on Monday.

Analyst: Argentina's Shale Output to Stall Amid Bottlenecks

The Vaca Muerta shale region in the Neuquen province needs more drilling rigs, hydraulic fracturing fleets and natural gas pipelines transport to continue growing, said Alexandre Ramos, Rystad Energy's vice president of shale research.

Mubadala Energy Makes Significant Gas Discovery Offshore Malaysia

(P&GJ) — Mubadala Energy, the Abu Dhabi headquartered international energy company, has confirmed the discovery of a good quality gas reservoir penetrated by the Cengkih-1 exploration well in Block SK320 offshore Malaysia.

Pipeline Bottlenecks Force Canada’s Tourmaline, Kelt Exploration to Reduce Production

Two Canadian natural gas producers on Monday said they had temporarily reduced production due to pipeline bottlenecks that led to a collapse in western Canadian gas prices in the second half of August.

Tellurian Reports 47% Increase in Natural Gas Production for Q2 2022

Tellurian said on Wednesday that the company generated $61.3 million in revenues from natural gas sales on an increase of production of approximately 47% in Q2, ending the quarter with $823 million of cash on hand.

Sources: ConocoPhillips Eyes Gulf of Mexico Exit to Strengthen Permian Position

ConocoPhillips is exploring a sale of its stake in the Ursa platform and Princess subsea well in the Gulf of Mexico in what would mark its exit from deepwater energy production off the U.S. Gulf coast, sources told Reuters on Wednesday.

Environmentalists Challenge North Sea Gas Drilling Plans in Dutch Court

Gas / E&P

Environmentalist groups in Germany and the Netherlands are challenging plans for a new gas field in the North Sea, a German non-profit organization said on Friday, possibly complicating Europe's hunt for alternatives to Russian fuel.

Norway Oil Ministry Approves Hiked Gas Output at Several Offshore Fields

Norway's oil ministry on Monday said it had approved adjusted production permits for six offshore fields but that would not change the expected amount of gas Norway would export in 2022.

Pennsylvania’s Gas Drilling Impact Fee Distribution Rises by $100 Million

The Pennsylvania Public Utility Commission (PUC), which has been collecting fees from gas wells and distributing them to local governments, said it has collected and distributed over $2.2 billion to Pennsylvania communities.

EIA Expects Nine New Gulf of Mexico Natural Gas, Crude Oil Fields to Start in 2022

The U.S. Energy Information Administration forecasts that new fields coming online in 2022 will account for 5% of natural gas production and 14% of crude oil production in the U.S. Federal Offshore Gulf of Mexico by the end of 2023.

TotalEnergies Wins Stake in Qatar's LNG Expansion Project

TotalEnergies has signed a partnership deal with QatarEnergy for the North Field East LNG expansion project, which will include six LNG trains that will ramp up Qatar’s liquefaction capacity from 77 MTPA to 126 MTPA by 2027.

Dutch Government Reluctant to Boost Production from Groningen Gas Field

Tapping the Groningen gas field, which is being wound down due to a series of earthquakes, should be a "last resort", a Dutch minister said on Tuesday, after a government advisory body suggested using the field to help fill gas stores.

Sources: EIG In Talks to Acquire Portion of Repsol’s Oil, Gas Business

E&P

EIG Global Energy Partners is in early discussions with Repsol to buy a slice of the Spanish company's oil and gas exploration and production business, three sources with knowledge of the matter told Reuters.

Closely Watched Exploration Well Off Western Australia Finds No Gas, Oil

Western Gas said on Monday its Sasanof-1 exploration well off Western Australia found no hydrocarbons, in a big disappointment for one of the most closely watched drilling campaigns in Australia this year.

Israel Rejects Lebanese Accusation About Gas Field, Says Conflict Unlikely

Israel has denied a Lebanese allegation it is encroaching on a disputed Mediterranean natural gas field, playing down on Monday any prospect of conflict over the dispute.

Philippine Tycoon Razon to Buy Majority of South China Sea Gas Field

Philippines ports and gaming tycoon Enrique Razon is acquiring a majority stake in a South China Sea gas field from a close ally of outgoing President Rodrigo Duterte, a move seen benefitting his oil exploration franchise on the Reed Bank.

Oil Turns Negative as OPEC Eyes Russia Suspension from Output Deal

Oil / E&P

Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.

US Gas Drilling Rig Count Highest Since 2019

The total number of rigs drilling for gas has climbed to 150, the highest since late 2019, and up from just 100 this time a year ago, according to field services company Baker Hughes.

Argentina Easing Energy Firms' FX Access to Spur Vaca Muerta Development

Argentina is easing access to foreign currency for oil and gas companies that increase production in the South American country, part of a bid to accelerate the development of the huge Vaca Muerta shale formation and trim reliance on costly imports.