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US crude oil production from onshore federal lands hit a record 1.7M bpd in 2024, according to the EIA and the Department of the Interior.

US onshore oil production soars to record highs

US crude oil production from onshore federal lands hit a record 1.7 million barrels per day (bpd) in 2024, according to the EIA and the Department of the Interior. That’s a sixfold jump since 2008—far outpacing the broader rise in national crude output, which nearly tripled to 13.2 million bpd over the same period. The driver? An explosion of activity in New Mexico’s portion of the Permian Basin, where leasing, permitting, and drilling have surged in recent years.

From FY2020 through FY2023, New Mexico accounted for the majority of federal land drilling permits approved and well bores started. The state has quietly become the epicenter of the federal onshore oil boom, combining geological riches with favorable permitting conditions and existing infrastructure.

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Source: Oil & Gas 360

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Chevron clears hurdles to acquire Hess Corporation, set to expand oil and gas operations in four key regions.

Chevron-Hess merger of $53 billion crosses the finish line, oil & gas assets’ fusion comes next

With the arbitration proceedings that followed in the wake of Chevron’s $53 billion all-stock deal to acquire Hess Corporation, now out of the way, the U.S. player is the new partner in Guyana’s Stabroek block, where ExxonMobil and CNOOC are its partners. The Hess acquisition is Chevron’s third upstream deal since 2020, following Noble Energy in 2020, REG in 2022, and PDC Energy in 2023.

Previously, ExxonMobil and CNOOC initiated the arbitration process, as they believed they should have a right to a first refusal over any sale of Hess’ 30% interest in Guyana’s oil-rich offshore block under the existing joint operating agreement. This delayed the Chevron-Hess merger, originally announced in 2023, dragging the business combination closure date into 2025.

Despite obstacles in its path, the U.S. duo still managed to progress the merger by securing Hess stockholder approval and clearing the Federal Trade Commission (FTC) antitrust review, convinced that preemptive rights in the Stabroek block joint operating agreement do not apply.

Following the arbitration win, Chevron highlighted: “With the merger complete, Chevron and Hess are moving forward with integrated operations—and looking forward to a quick, efficient transition. When two companies come together, the result should be more than just bigger—it should be better, too.

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Source: Offshore Energy

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The EIA projected that U.S. crude oil production will average 13.37M bpd in 2025–2026, up from 13.21M bpd in 2024.

USA EIA reveals latest USA crude oil production forecast

The U.S. Energy Information Administration (EIA) revealed its latest U.S. crude oil production forecast in its July short term energy outlook (STEO), which was released earlier this month. Learn how USA EIA reveals latest USA crude oil production forecast.

In its July STEO, the EIA projected that U.S. crude oil production, including lease condensate, will average 13.37 million barrels per day across 2025 and 2026. The STEO highlighted that this output came in at 13.21 million barrels per day in 2024.

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Source: Rigzone

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President Trump’s second-term agenda has reinvigorated US private equity groups' interest in oil and gas sector buyouts and business deals.

US federal policies driving fresh interest in oil and gas

President Donald Trump’s second-term agenda has reinvigorated US federal policies to private equity groups and revived their interest in traditional opportunities to buy and sell businesses in the oil and gas sector.

Private equity exits in the sector in 2025 are on track to smash the figure for 2024, according to S&P Global. The analyst reported that there were 17 private equity exits in oil and gas globally, worth a combined $18.5bn, between January 1 and May 21. Of those, 13 deals totalling $15.9bn were in the US and Canada.

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Source: Sustainable Views

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US energy firms this week added oil and natural gas rigs for the first time in 12 weeks, per Baker Hughes report.

US drillers add oil/gas rigs for first time in 12 weeks, Baker Hughes says

U.S. energy firms this week added oil and natural gas rigs for the first time in 12 weeks, energy services firm Baker Hughes said in its closely followed report on Friday. How will this impact US drillers?

The oil and gas rig count, an early indicator of future output, rose by seven, its biggest weekly increase since December, to 544 in the week to July 18.

Despite this week’s rig increase, Baker Hughes said the total count was still down 42 rigs, or 7% below this time last year.

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Source: msn

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Texas launches DOGE Task Force to boost oil, gas efficiency, cut delays, and modernize systems without cutting staff, RRC says.

Texas oil regulator launches DOGE task force

Texas Railroad Commissioner Wayne Christian announced the launch of the “Delivering Oil and Gas Efficiently (DOGE) Task Force” in a statement posted on the Railroad Commission of Texas (RRC) website recently. So what is about this Texas oil regulator?

DOGE is described in the statement as “a new internal initiative focused on improving processes, enhancing communication, and strengthening the Railroad Commission of Texas as a responsive, pro-business agency”. The statement noted that the DOGE initiative “is not about cutting personnel – it’s about cutting delays, confusion, and outdated systems”.

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Source: Rigzone

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AI is transforming oil & gas, boosting efficiency, output, and safety as energy giants race toward full digital transformation.

The AI revolution in oil & gas: A new era of smart energy

The oil and gas industry is in the middle of a massive digital overhaul. Artificial intelligence (AI) is rapidly changing everything, from finding new resources and drilling wells to managing production and day-to-day operations. Facing rising costs, unpredictable markets, and pressure to cut emissions, energy companies are increasingly turning to AI to boost efficiency, increase output, and enhance safety. What began as a cautious approach to AI has quickly become a full-on sprint towards digital transformation. Supermajors like BP plc BP, Chevron CVX, ExxonMobil XOM and TotalEnergies TTE are now using AI to gain competitive advantages that seemed impossible just 10 years ago. So what are the AI revolution in oil & gas happening now?

BP and Palantir: The Power of Digital Twins

British oil major BP is a prime example of a leader aggressively using AI across its operations. At the heart of this strategy is a decade-long partnership with software maker Palantir Technologies PLTR. Together, BP and Palantir have built a sophisticated digital copy — or digital twin — of BP’s global oil and gas infrastructure. This includes operations in key areas, such as the Gulf of America, the North Sea, and Oman’s Khazzan gas fields. This digital twin brings together data from over two million sensors, giving BP a real-time view of its physical assets.

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Source: yahoo!finance

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Oil and gas industry

Oil and gas industry praises Trump permitting reform

The Trump administration on Tuesday announced new permitting reforms. This is after years of the oil and gas industry calling on administrations and Congress to streamline a burdensome process.

The Department of Energy published an interim final rule rescinding all National Environmental Policy Act (NEPA) regulations. It also published new NEPA guidance procedures that “replace outdated rules with clear deadlines. It will restore agency authority and put us back on the path to energy dominance, job creation, and commonsense action,”. This is what Energy Secretary Chris Wright said.

The NEPA reforms restore the DOE’s role “originally envisioned by Congress. It will be informing agency decision makers, not needlessly obstructing the development of critical infrastructure,” Deputy Energy Secretary James Danly said. “We’re eliminating decades of unnecessary procedures and reestablishing a legally sound permitting regime that is disciplined, predictable, and fast.”Agencies finally have the authority to conduct reviews efficiently, avoid duplicative reviews, and deliver timely decisions consistent with the law.”

The Council on Environmental Quality coordinated an interagency effort to simplify NEPA compliance. This is to lower construction costs, eliminate years-long delays, and ensure that environmental reviews can no longer stall American energy production. There will be infrastructure development, which will result in the proposed reforms.

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Source: The Center Square

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The US EIA revealed its latest US crude oil and natural gas proved reserves figures in a report posted on its site recently.

EIA reveals latest USA oil, gas proved reserves figures

The U.S. Energy Information Administration (EIA reveals its latest U.S. crude oil and natural gas proved reserves figures in a report posted on its site recently.

According to the report, which includes data up to 2023, U.S. crude oil and lease condensate proved reserves decreased 3.9 percent year over year from 2022, from 48.3 billion barrels to 46.4 billion barrels.

North Dakota crude oil and lease condensate reserves decreased 12.3 percent from 2022, the report showed, highlighting that, at 611 million barrels, this was the largest annual net decline reported among all states. The second largest net decline of oil reserves occurred in Alaska, according to the report, which pointed out that the state saw an 11.4 percent, or 384 million barrel, drop.

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Source: Rigzone

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Coterra will run 9 rigs in the Permian Basin in the second half of 2025, two more than the number executives had planned to in early May.

Coterra raises rig plans in the Permian

Coterra Energy Inc., Houston, will run nine rigs in the Permian basin during the second half of this year, two more than the number executives had planned to in early May.

Speaking at the JPMorgan Energy, Power, Renewables & Mining Conference in New York, Coterra chairman, president and chief executive officer Tom Jorden said June 24 that going with nine rigs reflects his team’s confidence in the stability of the oil market, which had looked like it was struggling this spring.

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Source: Oil & Gas Journal

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