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 —…
To replace Russian gas, Europe builds more LNG capacity and boosts U.S. imports
To replace Russian gas, Europe builds more LNG capacity and boosts U.S. imports Energize Weekly, January 4, 2023 In the dash to replace Russian natural gas supplies, liquefied natural gas (LNG) import capacity in the European Union (EU) and the United Kingdom (UK) is set to expand by a third…
US to Become Net Exporter of Crude Oil in 2023
US to Become Net Exporter of Crude Oil in 2023 19 December 2022 The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to…
High gas prices, energy security concerns make capturing fugitive and flared gas profitable
High gas prices, energy security concerns make capturing fugitive and flared gas profitable Energize Weekly, December 21, 2022 The combination of higher natural gas prices and geopolitical concerns about energy security is making the capture and commercialization of fugitive and flared emissions economically viable around the world, according to a…
Keystone pipeline has now leaked more oil in the US than any other since 2010: report
Keystone pipeline has now leaked more oil in the US than any other since 2010: report 12/12/22 On the heels of another spill last week, the massive Keystone pipeline has now leaked more oil than any other pipeline since 2010, according to a new report from Bloomberg. With more than…
Deepwater oil and gas production set to grow 60 percent by 2030 hitting 17 million BOE/D
Deepwater oil and gas production set to grow 60 percent by 2030 hitting 17 million BOE/D Energize Weekly, December 7, 2022 Deepwater oil and gas production is set to increase more than 60 percent between 2022 and 2030, reaching 17 million barrels oil equivalent per day (BOE/D) – equal to…
Interior Department finalizes plans for sale of oil and gas leases off coast of Alaska
Interior Department finalizes plans for sale of oil and gas leases off coast of Alaska November 28, 2022 The Interior Department announced final steps to carry out an oil and gas lease sale off Alaska’s coast, just the second such offshore lease sale of President Joe Biden ‘s tenure. The…
US offshore oil and gas rigs at ‘significant’ risk of cyberattacks, warns government watchdog
US offshore oil and gas rigs at ‘significant’ risk of cyberattacks, warns government watchdog November 22, 2022 U.S. offshore oil and gas infrastructure faces “significant and increasing” cybersecurity risks that require “urgent” attention, a U.S. government’s watchdog has warned. The Government Accountability Office said in a new report that the…
Equinor Leads the Way in Adoption of Low-emission Offshore Drilling Rigs, Westwood Says
Equinor Leads the Way in Adoption of Low-emission Offshore Drilling Rigs, Westwood Says November 15, 2022 The availability of emission-lowering upgrades for offshore rigs has been on the rise, but adoption of these new technologies is slow outside of Norway and the US Gulf of Mexico due to limited regulatory…
Spurred by high commodity prices, energy production revenues on federal lands surge
Spurred by high commodity prices, energy production revenues on federal lands surge Energize Weekly, November 16, 2022 Energy production on federal lands and offshore areas in 2022 generated $22 billion for the federal and state governments – the highest in revenues since 2008 and second highest in 39 years, according…
ConocoPhillips records big profits, expects to start work at $8 billion Alaska oil project early next year
ConocoPhillips records big profits, expects to start work at $8 billion Alaska oil project early next year 11/7/22 ConocoPhillips reported making huge profits in the latest quarter amid growing criticism that oil companies are benefiting as gas prices soar, and as President Joe Biden threatens to pursue a windfall profits…
Eversource CEO fears New England might not have enough natural gas if winter is bitter
Eversource CEO fears New England might not have enough natural gas if winter is bitter Oct 29, 2022 The top executive of one of the top energy suppliers in New England fears the region may not have enough power if a severe cold spell hits this winter. Eversource Energy CEO…
War in Ukraine is speeding a global energy transition, hobbling Russian exports, IEA says
War in Ukraine is speeding a global energy transition, hobbling Russian exports, IEA says Energize Weekly, November 2, 2022 Global fossil fuel consumption and greenhouse gas emissions are slowing with oil, coal and natural gas either peaking or reaching a plateau by 2030, according to the International Energy Agency (IEA).…
Global carbon capture capacity set to grow sixfold by 2030, BloombergNEF says
Global carbon capture capacity set to grow sixfold by 2030, BloombergNEF says Energize Weekly, October 26, 2022 Global carbon capture capacity, with more than $3 billion invested in the technology this year, is set to increase sixfold from current levels by 2030, according to an analysis by energy research firm…
Oil Prices Dip on Report Biden Preparing New Sales From Strategic Petroleum Reserve
Oil Prices Dip on Report Biden Preparing New Sales From Strategic Petroleum Reserve 10/18/22 Global oil prices moved lower Tuesday amid reports that President Joe Biden is planning to unveil another release of crude from the nation’s emergency reserves in an effort to reduce energy costs heading into the mid-term…
French Refinery Strike Opens Door for More US Exports to Asia
French Refinery Strike Opens Door for More US Exports to Asia October 10, 2022 Asian refiners snapped up at least 12 million barrels of US crude oil in the past two weeks as a strike in France dims demand from one of Europe’s largest buyers. Refiners, mostly from South Korea,…
Oil-eating microbes excrete the world’s cheapest “clean” hydrogen
Oil-eating microbes excrete the world’s cheapest “clean” hydrogen October 03, 2022 Texan company Cemvita is promising clean hydrogen at less than US$1/kg, after testing a fascinating new technique in the lab and the field. The idea is to pump specially developed microbes into depleted oil wells, where they’ll eat oil…
Threat of recession and drop in oil demand and prices worry Permian producers
Threat of recession and drop in oil demand and prices worry Permian producers Energize Weekly, October 5, 2022 Even as oil production rebounds in the Permian Basin, industry executives are worried about a drop in demand due to a recession and remain dogged by rising costs and supply chain problems,…
Goldman Sachs Drops Oil Price Forecast
Goldman Sachs Drops Oil Price Forecast Sep 27, 2022 Goldman Sachs cut its oil price forecast on Tuesday on the deteriorating global economic outlook—although it remained bullish on oil. Goldman said it remained bullish, anticipating that oil prices would likely rise from the current levels given the state of the…
Biden to Release 10MM Oil Barrels Ahead of EU-Russian Ban
Biden to Release 10MM Oil Barrels Ahead of EU-Russian Ban September 20, 2022 The Department of Energy will offer additional US reserve crude for sale ahead of plans by the European Union to ban most Russian oil in December. The agency will offer 10 million barrels of low-sulfur crude for…
New methane tax more a regulation aimed at curbing emissions than a revenue raiser
New methane tax more a regulation aimed at curbing emissions than a revenue raiser Energize Weekly, September 14, 2022 A methane tax in the Inflation Reduction Act will likely serve more as a regulation than a revenue raiser, spurring oil and gas operations to cut down on fugitive emissions to…
EQT to Buy Marcellus Gas and Pipeline Assets for $5 Billion
EQT to Buy Marcellus Gas and Pipeline Assets for $5 Billion September 6, 2022 EQT Corp., the largest US natural gas producer, agreed to acquire a privately held competitor in a $5.2 billion deal to expand holdings in the prolific Marcellus shale. Read more
Eagle Ford Crude Oil Production Still Not On Pre-Pandemic Levels
Eagle Ford Crude Oil Production Still Not On Pre-Pandemic Levels August 30, 2022 Constant increases in the past six months have not yet put Eagle Ford crude oil production on par with pre-pandemic levels, the U.S. Energy Information Administration said. According to the EIA’s latest Drilling Productivity Report, crude oil…
Rig Of The Future To Be Powered By Floating Wind, Hydropower
Rig Of The Future To Be Powered By Floating Wind, Hydropower August 23, 2022 Huisman has designed a new harsh environment semi-submersible drilling rig that can be powered with onshore-produced hydroelectricity but also with floating wind turbines. The Dutch firm said that the new rig design was aimed at making…
Texas natural gas exports to Mexico hit a record but a regional shortage may loom
Texas natural gas exports to Mexico hit a record but a regional shortage may loom Energize Weekly, August 24, 2022 West Texas natural gas exports to Mexico reached a record in May, but the combination of growing Mexican exports and new Gulf Coast liquified natural gas (LNG) terminals could leave…
National Grid’s first-of-its-kind renewable energy RFI validates a fossil-free energy strategy for the Northeast
National Grid’s first-of-its-kind renewable energy RFI validates a fossil-free energy strategy for the Northeast August 16, 2022 National Grid has located robust stocks of renewable natural gas (RNG) and hydrogen potentially available for its customers in Massachusetts and New York through the Company’s first-of-its kind Northeast clean energy request for…
USA Drops Rigs
USA Drops Rigs August 08, 2022 The U.S. rig count dropped by three week on week, according to Baker Hughes’ latest rotary rig count, which was published on August 5. Read more
Williams CEO Says Robust Natural Gas Demand ‘Driving a Great Pipeline of Growth Opportunities’
Williams CEO Says Robust Natural Gas Demand ‘Driving a Great Pipeline of Growth Opportunities’ August 2, 2022 The chief executive of Williams, a natural gas processing and transportation specialist, said mounting calls for LNG and robust summer cooling demand are driving exceptional activity levels on the Transcontinental Gas Pipe Line…
