E&P
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.
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
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
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.
- PG&E Reduces Emissions from Gas Pipelines by More Than 20%
- Trans Mountain Pipeline Expansion Project to Nearly Triple Current Capacity to 890,000 bpd
- Spain's Tecnicas Reunidas, FCC to Build LNG Terminal Worth $1.1 Billion in Germany
- Canada Offers $26 Billion Green Tax Credits But Still Trails Behind US Incentives
- Pipeline Operator TC Energy Says Keystone Oil Spill Caused by Fatigue Crack
- Pipeline Operator TC Energy Says Keystone Oil Spill Caused by Fatigue Crack
- Permian In Spotlight as Energy Dealmaking Gathers Steam
- Trans Mountain Pipeline Expansion Project to Nearly Triple Current Capacity to 890,000 bpd
- Colombia's Cano Limon-Covenas Pipeline Attacked for Ninth Time in 2023
- Chad Nationalizes Exxon’s 621-Mile Pipeline as Dispute Over Asset Sale Escalates
