The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over $900 million of liquidity.
Gravity’s acquisition of On Point will create the largest commercial produced water disposal company by injection volumes in the Midland basin.
Diamondback Energy Inc. said it’s fundamentally changing the way it forecasts future growth after becoming the latest Permian basin shale producer to hit operational hurdles.
The days of relentless production growth from U.S. shale oil fields are ending, potentially aiding OPEC’s years-long effort to drain a worldwide supply glut, according to industry pioneers Scott Sheffield and Mark Papa.
OPEC slashed estimates for the amount of oil it will need to pump in coming years, projecting that its share of world markets will shrink until the middle of the next decade amid a flood of U.S. shale supplies.
Oxy pledged to slash spending by 40% next year after quarterly profit fell short of forecasts due in part to the oil explorer’s $37 billion takeover of Anadarko.
Permian basin frac crews, who are brought in to complete the final stage for creating a new oil well, have dropped 21% so far this year. For all of 2018, frac crews in the West Texas and New Mexico oil fields expanded by 1.3%.
The world’s biggest shale patch is now officially a drag on jobs creation in the Lone Star state.
The bolt-on acquisition is in line with Petrofac’s stated strategy to position its Engineering and Production Services for growth by diversifying into new markets and geographies.
Occidental Petroleum plans to sell a four-story office building in the heart of the Permian basin and move employees into a nearby one owned by Anadarko, the oil producer it bought for $37 billion three months ago.
U.S. shale production—the chief source of rapid growth that made the United States the world’s largest oil producer—is slowing down fast, says a new report by IHS Markit.
The move is a boon to explorers constrained by the curtailment program imposed this year to stave off a collapse in western Canadian heavy crude prices brought on by a lack of pipeline space.
Not only will the vote determine the future of carbon taxes, pipeline approvals and environmental regulations, it’s also a referendum on a dispute central to the country’s identity: Is Canada a global oil superpower or is it a leader in fighting climate change?
Clariant Oil Services launches WAXTREAT SubZero Pour Point Depressant technology for cold climate regions
WAXTREAT SubZero is a winterized PPD with customization capabilities, enhancing performance, while mitigating paraffin build-up, in crude oil pipeline systems, at the same time reducing OPEX requirements associated with pipeline cleaning.
Nearly all of the kingdom’s oil shipments to Canada travel to New Brunswick, home to a single refinery, Irving Oil Ltd.’s Saint John plant, which can process about 299,000 bpd. The refinery relied on Saudi crude for more than 40% of its supplies in July, Statistics Canada data show.
The unconventional revolution transformed the U.S. into the top hydrocarbon producer globally, fundamentally changing the global energy and political landscape. The production growth over the past decade contributes >$200 billion of incremental annual revenue to the U.S. economy.
Banks have begun trimming back the credit lines of America’s shale producers, further undercutting a beleaguered industry that’s been struggling to rebuild investor confidence.
The Port of Brownsville is one step closer to welcoming three new LNG projects with an investment totaling $38.75 billion after the Federal Energy Regulatory Commission (FERC) approved their proposals during its monthly commission meeting.
Canada’s oil patch will start feeling the full force of Canadian National Railway Co.’s worker strike by as early as Sunday, with two crude-by-rail terminal operators unable to receive any more oil deliveries.
Repsol SA is looking as far away as Western Canada for oil for its European refineries amid dwindling supplies from Mexico and Venezuela.
Shale wildcatters, after years eye-rolling at skeptics, are now saying global analysts are underestimating just how severe the industry’s slowdown is.
Improved disclosure of how type curves are created in shale basins will increase user understanding of the quality and reliability of these estimates, to make better-informed decisions.
At current oil prices, “what you cannot do is harvest cash and grow,” said Raoul LeBlanc, a Houston-based analyst at IHS Markit. “There’s an inflection point coming here because production growth is going to slow down massively.”
Based on EIA’s latest Short-Term Energy Outlook’s expected production levels at new and existing fields, annual crude oil production in the GOM will increase to an average of 1.9 MMbpd in 2019 and 2.0 MMbpd in 2020.
The U.S. Energy Information Administration reported that total U.S. energy-related carbon dioxide (CO₂) emissions in 2018 rose to 5.27 billion metric tons, 2.7% more than its 2017 level.
A global glut of natural gas has gotten so massive that U.S. exporters could soon face their worst-case scenario: Halting shipments to get supply and demand back in balance.
The U.S. Energy Information Administration revises the U.S. crude oil production forecast it publishes in each Short-Term Energy Outlook based mainly on two factors: updates to EIA’s published historical data and EIA’s crude oil price forecast.
A report by analysts at Sanford C. Bernstein and Co. sees projects in the Gulf of Mexico and off of South America significantly boosting output next year. After that, though, the odds drop for any further growth gains, the report found.
The U.S. has forfeited some $18 billion tied to oil and gas production in the Gulf of Mexico since 2000 because of a decades-old law that gave energy companies a break on paying royalties when drilling in deep waters, federal investigators concluded Thursday.
Total announces that it has signed the definitive agreements with Novatek for the acquisition of a direct 10% interest in Arctic LNG 2, a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia.
Total SA will take 10% stake in a multi-billion-dollar liquefied natural gas project in Russia’s frozen north from Novatek PJSC.
Last weekend, Russia launched the last of a new crew of atomic icebreakers meant to consolidate the country’s dominance of commercial traffic in the Arctic. As much of the rest of the world recognizes climate change as an emergency, Russia is working hard to capitalize on it — and the U.S. appears to be far behind.
CNOOC Limited has announced that the company has signed a heads of agreement with JSC Novatek, a Russian gas producer, for the acquisition of 10% interest of the Arctic LNG 2 project.
Russia’s biggest liquefied natural gas producer expects to be able to mitigate any impact should U.S. sanctions on China prevent it from using a third of its fleet.
Zion Oil and Gas confirmed today that it will move forward with the operational plan in Israel that the firm outlined previously in its Nov. 29, 2018, press release.
The parties to a $15 billion deal to export Israeli natural gas to Egypt are changing the agreement to reduce the risk of disruptions.
Israel is willing to enter U.S.-mediated talks with Lebanon on setting a maritime border, the Energy Ministry said today.
Exxon Mobil is in discussions to build a platform that would expand the export reach of Israel’s biggest natural gas field.
Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, has announced that it has commenced its 2019 drilling program in Israel.
The Eastern Mediterranean Gas Conference (EMGC) is gearing up for another must-attend event in Cyprus.
Talks are in progress to build an underwater natural gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep.
Egypt expects to begin receiving natural gas from Israel by the end of 2019, the oil minister said, fulfilling a $15 billion deal that will position the North African country as an energy re-export hub on Europe’s doorstep.
The Israeli Ministry of Energy has awarded 12 new offshore blocks in Israel’s Exclusive Economic Zone in its second license round, adding British companies Cairn and Soco to an international roster of oil and gas companies operating in the country’s waters.
President Donald Trump spoke by phone on Saturday with Saudi Crown Prince Mohammed Bin Salman after a swarm of explosive drones hit key oil-industry targets in Saudi Arabia, the state-run Saudi Press Agency reported.
Fires at the plant were brought under control within hours, but the flow of crude from Saudi Arabia, the world’s biggest exporter, will almost certainly be affected, although we don’t yet know by how much or for how long. Traders who have shrugged off tensions in the Middle East for months will respond to this attack when markets open on Monday.
Saudi Arabia’s oil production was cut by half after a swarm of explosive drones struck at the heart of the kingdom’s oil industry and set the world’s biggest crude-processing plant ablaze.
President Hassan Rouhani vowed Monday that Iran would respond to an attack on one of its oil tankers in the Red Sea, saying the evidence suggested it was the work of a government not a terrorist group.
The Islamic Republic’s tanker company initially said the attacks probably came from Saudi Arabia, but later withdrew the claim.
The Pentagon is preparing a report on who was responsible for the weekend attack on Saudi oil facilities and intends to make it public within 48 hours, a U.S. defense official said.
Saudi Arabia said preliminary findings show Iranian weapons were used in the attack on one of its key oil installations, but stopped short of directly blaming the Islamic Republic for the strikes that cut its crude output by half and rattled oil markets.
The Trump administration sought to offer new evidence to back its claim that Iran conducted the attack on major Saudi Arabian oil facilities, saying the munitions used in the strikes were well beyond the capabilities of the Houthi rebels who claimed responsibility.
Marathon Oil Corporation has announced that it has closed on the sale of its 15% participating interest in the Atrush Block in Kurdistan.
The evacuation of some ExxonMobil Corp. workers is “unacceptable and unwarranted” because it has nothing to do with the security situation in southern Iraq, according the country’s energy minister.
Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has produced its two-millionth ton of oil since starting commercial production at its Sarqala field in the Kurdsitan Region of Iraq.
President of LUKOIL Vagit Alekperov has met with Thamir Abbas Ghadhban Al Ghadhban, Deputy Prime Minister and Minister of Oil of the Republic of Iraq, at the St. Petersburg International Economic Forum.
EIA says unplanned crude oil production outages for OPEC averaged 2.5 MMbpd in the first half of 2019, the highest six-month average since the end of 2015.
Iraq said that OPEC and its allies will consider deeper production cuts, though the comments come after the coalition has widely signaled reluctance to take such action.
A former oil executive pleaded guilty to five counts of corruption in the U.K. as part of one of the white-collar financial crime prosecutor’s biggest bribery investigations.
Qatar, the world’s biggest supplier of liquefied natural gas, plans to boost output capacity by almost two thirds after it adds production facilities to exploit recently discovered reserves.
Shrugging off a global supply glut that’s left liquefied natural gas prices struggling to recover from a three-year low, the world’s biggest producer of the fuel said it’s on track to expand production.
Qatar has invited Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and other “big players” to submit bids to help expand its part of the world’s largest natural gas field, Energy Minister Saad Sherida Al-Kaabi said.
Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now, but with a backdrop of growing concern about the strength of oil demand as the global economy slows.
Australia is on track to surpass Qatar as the world’s largest LNG exporter, according to Australia’s Department of Industry, Innovation, and Science (DIIS). Australia already surpasses Qatar in LNG export capacity and exported more LNG than Qatar in November 2018 and April 2019.
Qatar Petroleum is set to join most of its Persian Gulf counterparts and price its crude before loading instead of afterward from next year, according to people familiar with the plans. That
The investment will re-energize ADNOC’s first field producing Murban grade crude to sustain long-term crude oil production capacity and reinforces ADNOC’s commitment to maximizing value from Abu Dhabi’s vast hydrocarbon resources as it delivers its 2030 smart growth strategy.
“The program is a pivotal enabler of our plans to substantially increase drilling for conventional oil and gas as well as considerably ramp up the number of unconventional wells,” said Abdulmunim Saif Al Kindy, ADNOC’s upstream executive director.
Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members: If you stop cheating, we’ll keep on cutting.
Oil held its biggest surge in more than two months as OPEC ministers gather in Vienna do discuss output cuts.
Saudi Oil Minister Prince Abdulaziz bin Salman, in Vienna for his first meeting since taking the top job, is willing to raise production slightly if other countries keep failing to meet their existing output target, according to OPEC delegates.
Oil rose as the U.S. and China moved closer to a trade deal and before the OPEC+ alliance meets later this week to consider extending its output-cut policy.
OPEC and its allies sent mixed signals about whether they were considering deeper production cuts, fanning oil-market speculation before crucial talks in Vienna this week.
Crude is poised for a modest gain this week due to the positive sentiment around the trade deal, having surged by more than 7% last week as OPEC and its allies announced a surprise production cut.
Oil doubters got a surprise from Saudi Arabia on Friday: a pledge of deeper production cuts that sent futures surging for their best week since June.
OPEC stood on the verge of a deal to reduce its official output target in line with recent production, but after six hours of fraught talks in Vienna on Thursday ministers left the cartel’s headquarters before a final agreement was nailed down.
Saudi Arabia has priced its lighter crude at the widest premium to heavier oil in almost two years as new rules mandating cleaner shipping fuels drive demand for less-sulfurous grades.
Global oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco’s initial public offering, suggesting views are slowly changing in the kingdom where officials long dismissed the notion as overblown.
Saudi Arabia is reviewing its plan to cut domestic energy subsidies as it tries to balance its budget without hurting businesses that have relied on cheap power for a competitive edge.
With its campaign to diversify the economy and efforts within OPEC, Saudi Arabia’s focus is on trying to “bring stability” to its revenue and the market, Finance Minister Mohammed Al Jadaan said in an interview.
OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia.
An analysis from the influential consultant Carbon Tracker says the company will probably be “one of the last oil producers standing” in a carbon-constrained future.
The retail tranche of Saudi Aramco’s initial public offering is fully covered with one day to go after 3.7 million investors applied to buy shares in the world’s biggest oil producer.
Saudi Arabia put a valuation on state-owned oil giant Aramco of between $1.6 trillion and $1.71 trillion, well below the $2 trillion target sought by Crown Prince Mohammed bin Salman since he first mooted an initial public offering in 2016.
Oil fell again, erasing earlier gains, as economic tensions between the U.S. and China flared ahead of talks aimed at resolving their long-running trade feud.
CNPC was the only international partner left in the project, after Total SA of France withdrew last year when U.S. President Donald Trump abandoned the 2015 nuclear accord and reimposed sanctions on Iran.
An Exxon Mobil oil and gas project off the coast of Vietnam is becoming a test of Beijing’s growing power in the South China Sea.
Asia accounts for more than 70% of Saudi Arabia’s crude exports, with the four biggest economies – China, Japan, India and South Korea – leading the pack, according to consultancy Wood Mackenzie. That leaves them particularly vulnerable to rising geopolitical tensions in the Middle East that are now causing global crude prices to soar.
South China Sea military tension escalates, risks to EandP heightened
Natural gas production has recently grown in China largely because of increased development in low-permeability formations in the form of tight gas, shale gas, and to a lesser extent, coalbed methane.
Gazprom reports preparations for the first pipeline supplies of Russian gas to China via the Power of Siberia gas pipeline, among several other eastern Russia gas projects.
Chinese oil imports from ship-to-ship transfers surged last month as flows from some traditional suppliers were crimped by the White House’s aggressive trade and foreign policies.
Libya’s oil production dropped to about 950,000 bpd, its lowest in five months, after the unauthorized closing of a valve on a pipeline linking the country’s largest oil field to an export terminal on the Mediterranean Sea.
Libyan oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt.
Libya’s most powerful military leader said the state oil company in Tripoli has the sole right to sell the nation’s crude, a statement that might ultimately help stabilize production that has swung wildly for almost a decade because of ongoing conflict.
Libya is heading towards mass chaos that puts oil output and exports at risk, just as its oil sector looked set to stage a recovery.
Libya boosted crude production by a third after restarting its biggest field, and its top oil official sees further gains when companies like BP Plc invest and start pumping oil in the politically divided OPEC nation.
Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut.
Turkey and Libya officially approved a contentious maritime deal that may fuel an energy showdown in the gas-rich waters of the eastern Mediterranean, where both countries are at odds with Greece.
Libya’s state energy company approved French oil giant Total SA’s acquisition of Marathon Oil Corp.’s assets in the North African country in a deal that could boost the OPEC nation’s production capacity.
Encana’s announcement of the planned U.S. move last month ratcheted up the gloom enveloping the Canadian oil industry and heightened anxieties about losing major domestic companies.
Shell’s future in the country is largely as a natural gas producer and exporter focused on the $30 billion LNG Canada project, though the company is also committed to its local chemicals and retail businesses, Shell Canada head Michael Crothers said in an interview.
Well, it has finally happened. A perfect combination of overly aggressive environmental activism, combined with fumbling by governmental authorities, has incapacitated the Canadian oil industry. (World Oil Editorial)
Larger federal deficits and continued uncertainty for the energy sector are in store for Canada after Prime Minister Justin Trudeau won a second term on Monday, investors and analysts say.
Canadian heavy oil prices have weakened ahead of an anticipated announcement that Alberta will ease production limits in exchange for shipping more crude by rail.
Another mixed outlook awaits the EandP sector
Kuwait plans to boost production from Canadian shale deposits by two thirds and increase output of natural gas in Australia as the OPEC member ramps up efforts to find and develop overseas deposits of the fuel.
In an exclusive interview with World Oil Editor-in-Chief Kurt Abraham, ConocoPhillips Chief Technology Officer Greg Leveille discusses the technical issues facing global EandP, particularly as relates to the many U.S. unconventional plays
Canadian energy firms have quietly outperformed their U.S. counterparts this year and, even after the run, a chorus of positive outlooks on the sector to the north continues.
Capital spending in Canada’s oil-sands reserves look set to continue to dwindle as pipeline bottlenecks persist and the Alberta government’s production limits remain in place.
A week-long rail strike that halted shipments of oil and other goods across Canada, threatening to take a multibillion-dollar bite out of the economy, is over.
The price of Canadian heavy crude weakened Tuesday as a worker strike at the nation’s largest railway curbed oil shipments, exacerbating a supply glut that’s crippled Canada’s oil industry.
Capital keeps marching out of Canada’s oil industry, with Kinder Morgan’s sale of its remaining holdings in the country on Wednesday adding to more than $30 billion of foreign-company divestitures in the past three years.
Hong Kong billionaire Li Ka-shing’s oil sands investment is hurting — and some analysts are calling on him to stop the bleeding.
The U.S. oil giant called time on its Kitimat LNG plant on Wednesday, saying it plans to sell its 50% stake and that the project “will not be funded by Chevron and may be of higher value to another company.”
The United States set new records for proved reserves of oil and natural gas, as well as for production in 2018
Year-over-year increases in U.S. proved reserves resulted in record-high levels of crude oil and lease condensate, up 12%, and natural gas up 9% in 2018, according to the U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2018 report. The U.S. Energy Information Administration (EIA) published its annual reserves report today, based on data reported on the survey Form EIA-23L, Annual Report of Domestic Oil and Gas Reserves, which highlighted the new records for reserves.
On December 10, 2019, Southern California Gas Company’s (SoCalGas) working natural gas inventory totaled 74.4 billion cubic feet (Bcf), nearly equal to the year-ago stock level and 9% higher than it was in 2017. Demand for natural gas in Southern California often peaks in December, when average temperatures in the region are typically at their lowest. Although the current stock level is similar to last winter’s, SoCalGas has more flexibility to withdraw natural gas from storage to meet winter demand than last year.
The partnership will deliver unprecedented capabilities to petrotechnical domain experts in response to global demand for AI, bridging the gap between machine learning and domain expertise to enable better insights.
Energy equity carnage was alive and well throughout 2019, and the start of 2020 could bring more of the same for the beaten-up sector, though some analysts are turning positive.
API: New research underscores opportunities to sustain U.S. energy leadership and environmental progress
The American Petroleum Institute today welcomed two new reports by the National Petroleum Council that demonstrate how the United States can address the dual challenge of providing affordable, reliable energy while addressing the risks of climate change.
Springfield Exploration and Production Limited and its partners have made a significant oil discovery following its maiden Afina-1 well drilling campaign in the West Cape Three Points Block 2, offshore Ghana.
Rice University has launched Carbon Hub, a major research initiative to create a zero-emissions future in which oil and natural gas provide both clean energy and advanced materials that help house, move, clothe and feed people.
Maersk Drilling has signed agreements with Halliburton and Petrofac to collaborate on a shallow and deepwater exploration program to be delivered under Maersk Drilling’s master alliance agreement with Seapulse.
Norway’s oil lobby raised the investment forecast for the country’s offshore industry for the coming years, even if it still sees a sharp drop in 2021 amid a lack of big new projects.
Following the theme Innovative Energy Solutions, the program will feature eight high-level plenary sessions across five days, with several global leaders from the oil and gas sector now confirmed to speak.
Global oil markets still face a surplus next year even if OPEC and its partners deliver newly-announced production cuts in full, the International Energy Agency said.
Exxon Mobil won a closely watched securities-fraud trial that delved into its internal accounting for the financial risks of climate change, a striking rejection of New York state’s claim that the company misled investors for years.
Equinor performed rigorous testing of the Stauper technology at the Grane Field in the North Sea, and the results showed that up to 99.5% of oil was removed from the produced water.
Chevron expects to write down as much as $11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices.
API joined more than 200 companies and associations covering a wide range of industries in the USMCA Coalition, which has been working to secure the agreement’s approval in Congress.
Springfield Exploration and Production Limited and its partners have made a significant oil discovery following its maiden Afina-1 well drilling campaign in the West Cape Three Points Block 2, offshore Ghana.
Jones Energy stockholders will receive approximately $14.11 in cash for each share of Jones Energy Class A common stock or each unit of Jones Energy Holdings II, LLC they own, as applicable.
A Denver-based company that installs data centers at shale drilling sites to take advantage of excess natural gas supplies says it now has eight operations across the U.S. and plans another 30 in the first half of next year.