Here is a news regarding the success rates for discovering new oil and gas resources. Do you know that 2021 saw one of the lowest on record? However, with the return of high-impact oil exploration in 2022, O&G businesses have seen a much higher success rate. In fact, by September 2022, exploration, development, and production […]
This year, the United States became the world’s biggest liquefied natural gas (LNG) exporter. This is as deliveries to energy-starved buyers in Europe and Asia surged. In the current year, five developers have signed over 20 long-term deals. They are to supply more than 30 million metric tons/year of LNG or roughly 4 Bcf/d, to […]
Several European and US oil and gas Giants (producers), including France’s TotalEnergies, Norway’s Equinor, and Aker BP along with the UK’s Shell, released their quarterly reports this week. Thanks to the energy crisis, all four players delivered strong financial results. However, we can now see how the U.S. oil majors have performed in comparison with […]
President Joe Biden’s $737 billion Inflation Reduction Act (IRA) aims to address a cornucopia of American ills. Arguably its most important aspect is how it jump-starts the country’s fight against climate change. Have you heard about the strongest climate bill that’s coming? It attacks the country’s carbon emissions from both ends — consumption, and production […]
The US Energy Information Administration projects that the nation’s unconventional oil and gas production will reach record levels in November. There are indications that inflation could limit growth moving forward. According to the EIA’s monthly Drilling Productivity Report, shale oil production should surpass 9 million barrels per day in October. It will increase to 9.1 […]
After a counter-seasonal drop in July, global oil demand rebounded in August by 2 million barrels per day (BPD) to reach 99 percent of pre-Covid levels, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Oil demand growth in August was driven by higher consumption in the United States, China, Japan, Saudi Arabia, […]
Exxon Mobil Corp. is considering a takeover of Plano-based Denbury Incorporated. They are an oil and gas producer with the largest carbon dioxide pipeline network in the U.S. This is according to people familiar with the matter. Irving-based Exxon has expressed preliminary interest in the company. They are asking not to be identified because the […]
Oil and gas operations in the Permian Basin – shared by southeast New Mexico and West Texas – boomed in recent years with wells sprouting up around the state line between the two states. Wells even crossed state lines, being drilled horizontally from origin points in either New Mexico or Texas and stretching up to […]
The U.S. Interior Department took initial steps on Thursday toward holding oil and gas drilling auctions in New Mexico, Wyoming, and the Gulf of Mexico in the coming months. Terms of the onshore sales will reflect new requirements under President Joe Biden’s new climate change and drug pricing law the Inflation Reduction Act (IRA), including […]
The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 1.770 million barrels. On the other hand, analysts predicted oil prices rise of 333,000 barrels. U.S. crude inventories have grown by roughly 21 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell […]
