Oil and gas leases blocked on Permian Basin state land most likely to produce fossil fuel March 11, 2024 Officials blocked oil and gas operations on southeast New Mexico lands within the Permian Basin as the State Land Office tangled with lawmakers on raising the amount companies pay to drill…
Ohio commission awards bids to frack oil and gas under state parks, wildlife areas
Ohio commission awards bids to frack oil and gas under state parks, wildlife areas Feb 26, 2024 An Ohio commission awarded bids to frack oil and gas under state parks Monday, despite statewide backlash and an ongoing investigation into possibly fraudulent support. The Ohio Oil and Gas Land Management Commission…
U.S. Drillers Scale Back Operations as Gas Prices Tumble
U.S. Drillers Scale Back Operations as Gas Prices Tumble Feb 16, 2024 U.S. natural gas producers are beginning to reduce drilling and investment as low prices weigh on their returns. Reuters reports that natural gas prices in the U.S. hit the lowest in three and a half year, betraying drillers’…
US oil companies to merge in $26bn deal as firms rush to buy up drilling land
US oil companies to merge in $26bn deal as firms rush to buy up drilling land 12 Feb 2024 Two American oil and gas companies have said they will merge in a $26bn (£21bn) deal, the latest in a wave of acquisitions designed to buy up the best land for…
Lawmakers look to send more state funds to clean up New Mexico’s abandoned oil wells
Lawmakers look to send more state funds to clean up New Mexico’s abandoned oil wells Feb 5, 2024 A bipartisan New Mexico Senate bill intended to unlock more state funding for the clean up of abandoned oil and gas wells was endorsed by industry leaders during the 2024 Legislative Session.…
U.S. Oil Drillers Are Going Electric—and Hitting Speed Bumps
U.S. Oil Drillers Are Going Electric—and Hitting Speed Bumps January 29, 2024 In the country’s busiest oil field, frackers are devouring nearly as much electricity as four Seattles every day—and they are clamoring for more. Diamondback Energy, a major producer in the Permian Basin of West Texas and New Mexico,…
Record M&A in the fourth quarter of 2023 is driven by ExxonMobil and Chevron deals
Record M&A in the fourth quarter of 2023 is driven by ExxonMobil and Chevron deals Energize Weekly, January 31, 2024 Upstream oil and gas mergers and acquisitions hit a record $144 billion in the fourth quarter of 2023 driven by two mega-deals – ExxonMobil’s $65 billion acquisition of Pioneer Natural…
Chesapeake to become top US natural gas producer with $7.4 billion deal for Southwestern
Chesapeake to become top US natural gas producer with $7.4 billion deal for Southwestern January 11, 2024 Chesapeake Energy (CHK.O), agreed to buy smaller rival Southwestern Energy (SWN.N), in an all-stock transaction valued at $7.4 billion, a deal that will make it the largest independent U.S. natural gas producer. The…
Analysts Look at Oil Demand Growth in 2024 and 2025
Analysts Look at Oil Demand Growth in 2024 and 2025 January 09, 2024 In a new report sent to Rigzone, analysts at Standard Chartered projected that global oil demand growth “will stay above the longer-term average” in 2024 and 2025. The analysts forecast increases of 1.54 million barrels per day…
Coordination of Texas electric and natural gas sectors key in dealing with blackouts
Coordination of Texas electric and natural gas sectors key in dealing with blackouts Energize Weekly, January 10, 2024 Better coordination between the Texas electric and natural gas industries is key to getting individual generating facilities up and running – a so-called blackstart – after a cold-weather blackout, according to a…
New Mexico officials propose regulations for reuse of fracking wastewater
New Mexico officials propose regulations for reuse of fracking wastewater December 29, 2023 New Mexico environmental officials have proposed a new regulatory framework for reusing wastewater with a focus on the used, salty byproducts of oil and natural gas drilling in a major U.S. production zone. The Environment Department announced…
Major oil companies atop a cash-flow wave reduce debt, increase shareholder payouts
Major oil companies atop a cash-flow wave reduce debt, increase shareholder payouts Energize Weekly, December 20, 2023 The world’s five largest oil companies, riding a wave of high energy prices, pulled in $613 billion in cash flow between January 2021 and September 2023, which they used to reduce debt and…
Feds propose 20-year ban on mining, oil and gas drilling on 225,000 acres in Thompson Divide
Feds propose 20-year ban on mining, oil and gas drilling on 225,000 acres in Thompson Divide Dec 12, 2023 The Forest Service and Bureau of Land Management plan to remove 224,713 acres from possible mining or oil and gas drilling for the next 20 years would seem worthy of an…
Williams increases DJ basin gas gathering, processing assets through closed deals
Williams increases DJ basin gas gathering, processing assets through closed deals Nov. 30, 2023 Williams, Tulsa, Okla., closed two transactions that now position the company as the third largest gatherer in the Denver-Julesburg (DJ) basin, the company said in a release Nov. 30. The acquisitions have a combined value of…
IEA takes aim at oil and gas sector at COP28, industry offers an agreement to cut methane
IEA takes aim at oil and gas sector at COP28, industry offers an agreement to cut methane Energize Weekly, December 6, 2023 As the climate conference – COP28 – opened in Dubai, the International Energy Agency (IEA) fired a shot across the bow of the oil industry with an analysis…
News From the Oil Patch: U.S. sets all-time crude production record
News From the Oil Patch: U.S. sets all-time crude production record Oct 16, 2023 U.S. operators set an all-time record for crude oil production last week. According to the Energy Information Administration, domestic output averaged 13,218,000 barrels per day last week. That’s the best weekly tally ever, 140,000 barrels per…
Exxon’s blockbuster Pioneer merger needs Biden’s blessing
Exxon’s blockbuster Pioneer merger needs Biden’s blessing Oct 8, 2023 Exxon Mobil Corp. needs approval from the Biden administration before it can take over independent oil and gas producer Pioneer Natural Resources Co. in what would be the world’s biggest deal this year. That might not be such an easy…
Favorable economics, the need for new reserves boost global oil exploration investments
Favorable economics, the need for new reserves boost global oil exploration investments Energize Weekly, October 3, 2023 Global oil and gas exploration and production investments are set for a big rebound, according to energy analysts Wood Mackenzie and Rystad Energy. While not reaching the levels of the 2006-to-2014 boom years,…
Appeals Court Blocks Biden Bid to Limit Oil Drilling Auction
Appeals Court Blocks Biden Bid to Limit Oil Drilling Auction September 25, 2023 A federal court left in place an order forcing the Biden administration to expand an upcoming sale of offshore drilling rights in the Gulf of Mexico, while giving the government more time to hold the auction. The…
US natgas futures steady on healthy demand, lower supply
US natgas futures steady on healthy demand, lower supply Sept 25 U.S. natural gas futures steadied on Monday and consolidated gains from the previous session, buoyed by healthy demand and slightly lower output projections, even as the market transitions into the shoulder period for gas demand. Demand for power usually…
Increased U.S. natural gas production in 2023 is boosting LNG and ethane exports
Increased U.S. natural gas production in 2023 is boosting LNG and ethane exports Energize Weekly, September 20, 2023 Record U.S. natural gas production in 2023 is leading to a record ethane production and liquified natural gas (LNG) exports, according to the federal Energy Information Administration (EIA). The EIA is forecasting…
Legal assault awaits Biden’s Alaska lease cancellation
Legal assault awaits Biden’s Alaska lease cancellation 09/11/2023 An Alaska corporation is already teeing up a legal battle over the Biden administration’s decision to cancel contested oil and gas leases in a massive wildlife refuge. The Interior Department announced plans last week to revoke seven leases held by the Alaska…
Global oil and gas exploration spending is up at $50 billion in 2023 but reserves are down
Global oil and gas exploration spending is up at $50 billion in 2023 but reserves are down Energize Weekly, August 30, 2023 Conventional oil and gas exploration is on the upswing and spending is expected to reach $50 billion in 2023 – the highest in five years – but discovered…
Prairie Reports $2.4B Possible Reserves in Colorado
Prairie Reports $2.4B Possible Reserves in Colorado August 22, 2023 Prairie Operating Co. has reported a possible reserves basis of approximately 285.3 million barrels of oil equivalent (MMboe) at its non-producing position in Weld County, Colorado, citing an independent third-party evaluation. “The reserve report reflects the quality and scale of…
Chesapeake to complete Eagle Ford basin exit with SilverBow deal
Chesapeake to complete Eagle Ford basin exit with SilverBow deal August 14, 2023 U.S. natural gas producer Chesapeake Energy (CHK.O) said on Monday it would sell its remaining Eagle Ford assets to SilverBow Resources (SBOW.N) for $700 million, completing its exit from the south Texas basin. The company’s asset sales…
A surge in carbon capture and storage projects brings promise, mergers and challenges
A surge in carbon capture and storage projects brings promise, mergers and challenges Energize Weekly, August 16, 2023 Initiatives in the carbon capture market are surging with new projects, acquisitions, and a swell in government funding, but the sector could face challenges in permitting, capital costs and adequate subsidies, according…
North America Drops Multiple Rigs
North America Drops Multiple Rigs August 07, 2023 North America has gone back to losing rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on August 4. The region dropped 10 rigs week on week, taking its total count to 847, comprising 659 U.S.…
Strategists Project 9.3MM Barrel USA Crude Inventory Drop
Strategists Project 9.3MM Barrel USA Crude Inventory Drop August 01, 2023 Macquarie strategists projected that U.S. crude inventories will be down 9.3 million barrels for the week ending July 28 in a new report sent to Rigzone on Monday. “This follows a 0.6 million barrel draw for the week ending…
US to Spend $700 Million for Oil and Gas Sector to Cut Methane Emissions
US to Spend $700 Million for Oil and Gas Sector to Cut Methane Emissions 7/24/2023 The U.S. government will provide up to $700 million in funding to monitor and reduce methane emissions from the oil and gas sector, setting aside half of the amount for grants to states, two agencies…
US shale oil/natgas output set to fall for first time since December – EIA
US shale oil/natgas output set to fall for first time since December – EIA July 17, 2023 U.S. shale oil and natural gas production will fall in August for the first time since December, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. Crude…
Biden administration announces $650 million to plug orphaned gas and oil wells
Biden administration announces $650 million to plug orphaned gas and oil wells 07/10/23 The Interior Department announced Monday more than $650 million in Bipartisan Infrastructure Law funding to plug abandoned oil and gas wells. The $660 million in funding, available to 27 states, will go toward the plugging of so-called…
North America Sees Rig Loss Regression
North America Sees Rig Loss Regression July 03, 2023 North America went back to losing rigs week on week, Baker Hughes’ latest rotary rig count, which was released on June 30, revealed. According to the count, North America dropped 10 rigs week on week, with the U.S. losing eight week…
Global oil and gas investment rises even as demand slows risking overcapacity in the sector
Global oil and gas investment rises even as demand slows risking overcapacity in the sector Energize Weekly, June 21, 2023 Global demand for oil is set to slow in the next five years even as investment in oil industry infrastructure is projected to grow, risking an overcapacity in production, according…
Supreme Court rejects challenge to California offshore fracking ban
Supreme Court rejects challenge to California offshore fracking ban June 5, 2023 The U.S. Supreme Court on Monday refused to hear a challenge brought by the oil industry to court orders that ban fracking in federal waters off the California coast, in a setback to oil companies who argued the…
Supermajors are scrubbing their greenhouse gas emissions by offloading dirtier assets
Supermajors are scrubbing their greenhouse gas emissions by offloading dirtier assets Energize Weekly, May 31, 2023 Seven of the world’s “supermajor” oil companies are cleaning up their greenhouse gas emissions in large part by offloading some of the dirtiest assets to small companies who are often poor environmental performers, according…
Chevron’s $7.6B purchase of PDC Energy creates the biggest oil and gas company in Colorado
Chevron’s $7.6B purchase of PDC Energy creates the biggest oil and gas company in Colorado May 23, 2023 Chevron Corp. is buying PDC Energy in a $7.6 billion deal that will make it by far and away the largest oil and gas producer in Colorado and continues a trend in…
Oil and gas M&A deals down 50 percent to $14.8 billion quarter-over-quarter in Q1 2023
Oil and gas M&A deals down 50 percent to $14.8 billion quarter-over-quarter in Q1 2023 Energize Weekly, May 10, 2023 Oil and gas industry mergers and acquisitions (M&A) flagged in the first quarter of 2023 with a 35 percent drop in deals to 74 and the value halved to $14.8…
Standard Chartered Dubs Latest USA EIA Data Highly Bullish
Standard Chartered Dubs Latest USA EIA Data Highly Bullish May 02, 2023 In a new report sent to Rigzone on April 28, analysts at Standard Chartered said the latest Energy Information Administration (EIA) weekly data was “highly bullish” according to the company’s U.S. oil data bull-bear index, which they said…
Pa.’s natural gas production curbed by capacity limits
Pa.’s natural gas production curbed by capacity limits APR 25, 2023 Pennsylvania natural gas production fell by two percentage points in 2022 as pipelines run at full capacity and future development slows. Although the state maintains its number two status nationwide — just behind Texas — industry advocates say politics…
North America Drops 38 Rigs
North America Drops 38 Rigs March 28, 2023 North America dropped another 38 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on March 24. The count showed that Canada decreased its rig figures by 42 week on week, while the U.S. added four…
Oil And Gas Firms Failed To Cut Back On Flaring In 2022
Oil And Gas Firms Failed To Cut Back On Flaring In 2022 March 3, 2023 Despite bold promises from several oil and gas firms, many failed to reduce their natural gas flaring in 2022. With increasing pressure from environmental organisations and governments to reduce carbon emissions, will 2023 be any…
U.S. drillers cut the most oil and gas rigs in a month since June 2020 – Baker Hughes
U.S. drillers cut the most oil and gas rigs in a month since June 2020 – Baker Hughes February 27, 2023 U.S. energy firms in February cut the most oil and natural gas rigs in a month since June 2020, with the gas rig count falling to the lowest since…
December weather led to 13% decline in North Dakota oil and gas production
December weather led to 13% decline in North Dakota oil and gas production 02-16-23 North Dakota oil production fell 13% in December and fell below 1 million barrels per day for only the fourth month since early 2017. The sharp drop, however, was expected after the state was hit by…
U.S. shale oil and natgas output set to rise to record highs in March -EIA
U.S. shale oil and natgas output set to rise to record highs in March -EIA February 13, 2023 U.S. crude oil and natural gas production from the seven biggest shale basins is expected to rise to record highs in March, the U.S. Energy Information Administration (EIA) said in its monthly…
Hydrogen is supplementing natural gas, but critics remain wary
Hydrogen is supplementing natural gas, but critics remain wary FEB 6, 2023 A public utility is experimenting with blending small amounts of carbon-free hydrogen into natural gas lines in some Minnesota homes, but critics argue the procedure remains largely an exercise in hot air. As first reported last week by…
Number of oil and gas mergers and acquisitions hits a 17-year low in Q4 of 2022
Number of oil and gas mergers and acquisitions hits a 17-year low in Q4 of 2022 Energize Weekly, February 1, 2023 The volume of oil and gas sector mergers and acquisitions fell to a 17-year low in the last quarter of 2022 as deal value for the quarter declined 13…
Biden administration threatens veto of GOP bill restricting strategic oil reserve releases
Biden administration threatens veto of GOP bill restricting strategic oil reserve releases Jan 23, 2023 The Biden administration is threatening to veto Republican-led legislation that would restrict the release of oil from the country’s emergency reserve. “If Congress were to pass H.R. 21, the president would veto it. He will…
US House passes bill to ban US strategic oil reserve sales to China; Senate path unclear
US House passes bill to ban US strategic oil reserve sales to China; Senate path unclear 12 Jan 2023 The US House of Representatives advanced legislation Jan. 12 aimed at preventing crude oil from the US Strategic Petroleum Reserve from ending up in China, sending the measure to the Senate…
Why natural gas prices — and bills — are soaring in Southern California
Why natural gas prices — and bills — are soaring in Southern California JAN. 9, 2023 Southern California Gas Co. and San Diego Gas & Electric have issued stark warnings to customers that their January natural gas bills could double, citing factors for historically high wholesale costs that include sinking…
Meet the renewable energy source poised for growth with the help of the oil industry
Meet the renewable energy source poised for growth with the help of the oil industry 01/01/2023 One of the oldest forms of clean power is ready for a comeback — and it’s not wind or solar. Geothermal energy — the technology that harnesses the heat beneath the Earth’s crust —…