E&P

Canadian Oil, Gas Producers Plan to Drill 8% More Wells in 2024, Riding Pipeline Expansion Wave

Canadian oil and gas producers will drill 8% more wells in 2024 to take advantage of greater access to pipelines, with the Trans Mountain oil pipeline expansion due to open, an industry group said in an annual forecast on Friday.

Santos Forecasts Lower 2024 Output as Bayu-Undan Gas Field Nears End of Life

Australia's Santos forecast a fall in 2024 output on Wednesday, as its Bayu-Undan gas field's life comes to an end and production from the West Australian offshore field declines.

Eni to Invest $10 Billion in Ivory Coast's Baleine Field for Oil and Gas Development

The Baleine field, where certified reserves are estimated at 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas, was discovered in 2021 by the Italian energy group off the east coast of the West African country.

Full Production Restored at Chevron's Gorgon LNG Facility After Electrical Incident

Full production has returned to a liquefied natural gas (LNG) train at Chevron's Gorgon facility in Western Australia, a company spokesperson said on Wednesday.

Gulf of Mexico Oil Spill Affects Seven Producers, Investigation Underway

U.S. officials said on Tuesday seven energy companies have been impacted by an oil discharge near Main Pass Oil Gathering Co.'s (MPOG) pipeline system in the Gulf of Mexico that is estimated to have released more than a million gallons of crude oil.

Chevron Resumes Natural Gas Supply from Israel's Tamar Offshore Field

Chevron said on Monday it had resumed the supply of natural gas from the offshore Tamar field, a month after it was told by Israel to halt operations due to violence in the region.

Mach Natural Resources to Buy Anadarko Basin Assets for $815 Million

Mach Natural Resources said on Monday said it will buy certain oil and gas assets in the Anadarko Basin in Oklahoma from privately-held Paloma Partners for $815 million in cash.

Occidental Petroleum Beats Q3 Estimates on Higher Production

Occidental Petroleum on Tuesday beat analysts' third-quarter profit estimates on strong U.S. oil production, but its results were well below a year ago due to lower energy prices and weaker chemical and pipeline results.

Electrical Incident Curtails LNG Output at Chevron's Gorgon Facility

An "electrical incident" last month has curtailed the output of LNG at Chevron's Gorgon facility in Western Australia, a company spokesperson said on Thursday.

Chesapeake Energy's Production Falls 15% and Profit Declines Amid Slumping Gas Prices

Chesapeake's Q3 production dropped by 15%, resulting in a profit of $70 million compared to $883 million in 2022. This decline was due to its exit from the Eagle Ford basin as part of a shift towards exclusive natural gas production, driven by activist investment firm Kimmeridge Energy Management.

Opinion: Chevron’s $53 Billion Deal Is a Risky Imitation of Exxon's Strategy

Chevron has decided, like Exxon Mobil, that it’s better to discover oil on the New York Stock Exchange than drilling in the ground. The $318 billion oil giant said Monday it would buy New York-based Hess for $53 billion in an all-stock deal.

Chevron to Buy Hess for $53 Billion in All-Stock Deal

Chevron agreed to buy U.S. rival Hess Corp. for $53 billion in stock in a deal that reflects top U.S. energy companies' drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.

Israel Suspends Chevron's Tamar Gas Field Amid Hamas Attacks

Israel has suspended production at the Tamar gas field off its southern coast and will seek alternative fuel sources to meet its needs, the energy ministry said on Monday following three days of violence in the region.

Biggest Oil and Gas Sector Deals Since 2000

Exxon Mobil is on the brink of a game-changing $60 billion acquisition of shale producer Pioneer Natural Resources, marking their most significant deal since 1998. This landmark move is set to redefine the energy landscape, and our article highlights the major oil and gas sector transactions that have shaped the industry since 2000.

Eni Makes Major Gas Discovery in Indonesia

Italian energy group Eni has made a significant gas discovery in Indonesia, opening the door to strengthening its position in the Asian country, where it has been present since 2001 with a portfolio of exploration and production assets.

Germany's SEFE Studying Hydrogen Production, WIGA Stake Hike

Nationalized German gas importer and trader SEFE on Tuesday said it was interested in clean hydrogen production under its remit to help spearhead the green energy transition.

DNO Makes Norway Gas Condensate Discovery

Norwegian oil company DNO said on Tuesday it had discovered gas condensate at its Norma prospect in the North Sea and that it would continue to drill for more resources nearby.

US Contacts Oil Producers, Refiners as Gasoline Prices Rise

The head of the White House Council of Economic Advisers said that the U.S. Energy Department has talked to oil producers and refiners to ensure stable fuel supplies during rising gasoline prices.

TotalEnergies to Start Gas Production at Argentina's Fenix Field in 2024

France's TotalEnergies will start drilling at the Fenix field off the southern Argentine province of Tierra del Fuego in March 2024, and expects to start production the following November, Vice President Catherine Remy said.

Top US Shale Firms Slightly Raise Oil Output, Struggle for Significant Growth

Favoring earnings over higher production has helped U.S. companies deliver strong profits with modest volume increases. The OPEC producer group's cuts have helped keep prices above $70 a barrel for most of the year.

OMV Makes Austria’s Largest Natural Gas Discovery in 40 Years

(P&GJ) — OMV has announced the Wittau Tief-2a exploration well to be a confirmed new natural gas discovery – the country's largest natural gas discovery in 40 years. The OMV operated well is in Lower Austria and was drilled at a final depth of 5,000 meters after five months of operations.

Russia's Putin Approves Departure of Arctic LNG 2's First Line to Production Site

Russian President Vladimir Putin approved Arctic LNG 2's first line departure via the Northern Sea Route from the Murmansk region to its future production site on the Gydan peninsula, the Kremlin said on Thursday.

Ohio's Columbiana County Evacuates 450 After Gas Leak at Hilcorp Energy Well

Ohio Governor Mike DeWine said on Tuesday that more than 450 people have been evacuated from areas within a mile of a natural gas well in Columbiana County while state authorities responded to a gas leak there.

US Shale's Muted Reply to OPEC Oil Cuts to Limit Supply, Executive Says

Muted increases in U.S. oil production and cuts by the OPEC+ producing-nations group will limit crude supply in the months ahead, pushing up prices, an executive at U.S. shale producer EOG Resources said on Wednesday.

OMV Petrom Makes Largest Crude Oil Discovery in Decades

The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern Romania holding over 30 million barrels of oil equivalent of recoverable resources.

EIA: US Oil Output to Rise to Record High in July But Growth Narrowing

Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise by 1,000 bpd to a record-high 5.76 million bpd. That would be the smallest monthly increase for the region since February.

Lukoil Raises Oil Output at Iraq's West Qurna 2 to 480,000 bpd

Russia's Lukoil has increased oil production at Iraq's southern West Qurna 2 oilfield by 80,000 barrels per day (bpd) to a total of 480,000 bpd, an oil official told Reuters on Thursday.

Shale R&D Cuts Cast Shadow on Future of US Oil Production

Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap.

EIA: Texas, New Mexico Led US Crude Oil Production Last Year

(P&GJ) — U.S. crude oil production grew 5.6%, or 0.6 million bpd, in 2022 compared with 2021, averaging 11.9 million bpd, according to the U.S. Energy Information Administration (EIA). The two states the Permian Basin spans—Texas and New Mexico—contributed the most growth to U.S. crude oil production in 2022.

US Permian Natural Gas Flaring Could Rise in 2024, Report Shows

Natural gas flaring in the top U.S. shale basin is poised to increase next year, a report released on Tuesday projected, as the region's output exceeds available pipeline capacity.