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360 Articles

Offshore: Guyana Opportunity Could Be Transformative

Offshore: Guyana Opportunity Could Be Transformative

Exxon increases Stabroek discovered recoverable resource estimate to 4 billion BOE; sees 750 MBOEPD from it by 2025 ExxonMobil (ticker: XOM) and Hess Corporation (ticker: HES) announced today in separate news releases a significant increase in the estimate of the discovered recoverable resources for the 6.6-million-acre Stabroek Block located offshore of Guyana. The estimate of 4 BBOE is a 25% increase[Read More…]

ConocoPhillips Finds Up to a Billion Gross Barrels in Recent Alaskan Exploration

ConocoPhillips Finds Up to a Billion Gross Barrels in Recent Alaskan Exploration

COP holds 100% working interest After adding more to its Alaskan portfolio, ConocoPhillips (NYSE:COP) has stated that its total of gross discovered resource has been estimated at 0.5-1.1 BBOE, with 100% working interest and 75% of the play yet to be drilled. Source: ConocoPhillips Looking at the Greater Willow Area the company now estimates its 2016-2018 exploration and appraisal campaign[Read More…]

July 17, 2018 - 4:59 pm 360 Articles, Closing Bell Story, Discoveries
Africa’s Largest non-OPEC Producer is on a Roll

Africa’s Largest non-OPEC Producer is on a Roll

Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent, according to the EIA’s newest report on Egypt. In recent years, the country has seen political instability accompanied by growing power demand and a recovering energy industry. Natural gas supply shortages often cause frequent blackouts in Egypt – and 2011’s political[Read More…]

Trans-Alaska oil pipeline

A Minimum of 5.7 Billion Barrels Await Drillers at ANWR

The Arctic National Wildlife Refuge (ANWR) is located on the northern coast of Alaska, due east of both Prudhoe Bay and the National Petroleum Reserve-Alaska (NPRA). The coastal plain (the 1002 Area) covers 1.5 million acres and is about 8% of the total area of ANWR. USGS 1002 Area Map In its latest (1998) resource assessment, the United States Geological[Read More…]

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share. First quarter production, excluding Libya, was 1,224 MBOEPD. Production from Libya was 45 MBOEPD. Conoco said that it grew year-over-year production in the Eagle Ford, Bakken and Delaware by 20%.[Read More…]

Stena Carron - Daytime

Hess Net Q1 Production: 233 MBOEPD – Bakken 111 MBOEPD

Bakken production up 11% over Q1 2017 Hess Corporation (ticker: HES) reported a net loss of $106 million, or $(0.38) per common share in Q1 2018. This compares to a net loss of $324 million, or $(1.07) per share in Q1 2017. Oil and gas production went above the company’s guidance estimates. Net production averaged 233 MBOEPD (excluding Libya) and[Read More…]

Frontera Drums Up 70 MBOEPD in 2017, Plans 2018 Encore

Frontera Drums Up 70 MBOEPD in 2017, Plans 2018 Encore

Frontera Energy Corporation (ticker: FEC) reported a net loss of $217 million, or $(4.33) per share for 2017. In Q4 2017, the company posted a net loss of $33 million, or $(0.65) per share. The company attributed the year’s loss to impairment charges in the aggregate amount of $123 million and mark to market loss on risk management activities of[Read More…]

Canacol Energy Ltd.: Largest Caribbean Supplier of Natural Gas

Canacol Energy Ltd.: Largest Caribbean Supplier of Natural Gas

Calgary’s Canacol Energy Ltd. (ticker: CNE) recorded a net loss of USD$148 million for the year ended December 31, 2017, or $(0.48) per share – this compares to a net income of $23.6 million for the same period in 2016. For Q4 2017, the company had a net loss of $150.3 million, or $(0.85) per share – this compares to[Read More…]

Apache Discovers Over 700 feet of Net Pay in Garten Prospect – North Sea

Apache Discovers Over 700 feet of Net Pay in Garten Prospect – North Sea

Earlier today Apache Corporation (Ticker: APA) announced an oil discovery on Block 9/18a Area-W in the United Kingdom sector of the North Sea. Garten is located 6 kilometers south of the Beryl Alpha Platform. The Garten discovery well targeted a downthrown structural closure and encountered more than 700 feet of net oil pay in stacked, high quality Jurassic-aged sandstone reservoirs.[Read More…]

March 23, 2018 - 5:54 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Offshore
Diamondback Energy Earns $115 Million in Q4, Earmarks $1.3 Billion-$1.5 Billion 2018 Permian Spend

Diamondback Energy Earns $115 Million in Q4, Earmarks $1.3 Billion-$1.5 Billion 2018 Permian Spend

Diamondback Energy, Inc. (ticker: FANG) pulled in a net income of $115 million in the fourth quarter of 2017, or $1.16 per diluted share. Diamondback spent $246 million on drilling, completions, non-operated properties and $61 million on infrastructure in the fourth quarter of 2017. For the full year 2017, Diamondback spent $737 million on drilling, completions, non-operated properties and $124[Read More…]

February 14, 2018 - 5:21 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Earnings, Fracing
Denbury Resources Plans $300 Million 2018 CapEx

Denbury Resources Plans $300 Million 2018 CapEx

Denbury Resources Inc. (ticker: DNR) released its preliminary year-end 2017 proved reserves, production and capital expenditures, along with its 2018 capital budget and estimated annual production. Preliminary Q4 2017/annual production Denbury’s production averaged 61,144 BOEPD (97% oil) during the fourth quarter of 2017, with CO2 tertiary properties accounting for 65% of overall production. Denbury’s continuing production for full-year 2017 averaged[Read More…]

February 13, 2018 - 5:28 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Fracing
ExxonMobil Stacks 2.7 Billion More Barrels into Reserves, Bringing 2017 Total to 21.2 Billion Barrels

ExxonMobil Stacks 2.7 Billion More Barrels into Reserves, Bringing 2017 Total to 21.2 Billion Barrels

Exxon Mobil Corporation (ticker: XOM) added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of 2017 production. ExxonMobil’s proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57% of the reserves, up from 53% in 2016. According to the company, ExxonMobil’s reserves life at current production rates is 14 years. During[Read More…]

February 8, 2018 - 3:39 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Fracing, International
Erin Energy Discovers Multiple Stacked Sands at Oyo-NW Well Offshore Nigeria

Erin Energy Discovers Multiple Stacked Sands at Oyo-NW Well Offshore Nigeria

Houston-based Erin Energy Corporation (ticker: ERN) completed the drilling of the Oyo-NW well, concluding it has discovered hydrocarbons in the Miocene formation. The well is located approximately 9.5 kilometers northwest of the Oyo Central field on the company’s offshore Nigeria block 120. The Miocene formation is where several of Erin Energy’s neighbors have discovered billions of barrels of hydrocarbons and from which several[Read More…]

GeoPark Discovers New Gas Play in Chile

GeoPark Discovers New Gas Play in Chile

GeoPark Limited (ticker: GPRK) said that in Chile the Uaken 1 exploration well in the Fell block was successfully drilled and tested. The well is operated by GeoPark and the company has 100% working interest. GeoPark Chile Map GeoPark drilled and completed the Uaken 1 exploration well to a total depth of 3,658 feet. A production test through different chokes[Read More…]

January 18, 2018 - 2:00 pm 360 Articles, Closing Bell Story, Discoveries, E&P, International
Source: Hess

Exxon Mobil Makes Sixth Oil Discovery Offshore Guyana

Exxon Mobil Corporation (ticker: XOM) has discovered its sixth oil reservoir in offshore Guyana since 2015, resulting from the Ranger-1 exploration well. The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels, according to Exxon. Exxon said that additional exploration drilling is[Read More…]

ExxonMobil Makes Fifth Discovery Offshore Guyana

ExxonMobil Makes Fifth Discovery Offshore Guyana

Turbo-1 encounters a reservoir of 75 feet of high-quality, oil-bearing sandstone approximately 30 miles from Liza phase one Exxon Mobil Corporation (ticker: XOM) said it has made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana. Turbot joins a string of discoveries for XOM in Guyana including Liza, Payara, Snoek and Liza Deep. Map: Hess Exxon said that[Read More…]

October 5, 2017 - 12:14 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Offshore
Exclusive Video Interview with Erin Energy Chairman Frank Ingriselli

Exclusive Video Interview with Erin Energy Chairman Frank Ingriselli

Erin Energy: Oyo-9 to double company’s production by the end of 2017; subsequent exploration wells have potential to unlock a one billion barrel reserve opportunity At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with Erin Energy (ticker: ERN) Chairman Frank Ingriselli. Erin Energy has acquired a strategic portfolio of[Read More…]

A Significant Gas Discovery in New Mexico’s San Juan Basin

A Significant Gas Discovery in New Mexico’s San Juan Basin

IP 30 of 12.9 MMcf/d from Mancos shale – highest in 14 years: BP BP (ticker: BP) announced a discovery in New Mexico today, with strong results from a natural gas well in the Mancos Shale in the San Juan Basin. The NEBU 602 Com 1H well targets the Mancos Shale with a 10,000’ lateral in San Juan County, New[Read More…]

Exxon Discovers More Oil at Offshore Guyana Block

Exxon Discovers More Oil at Offshore Guyana Block

In its Payara reservoir, offshore of Guyana, ExxonMobil Corp. (ticker: XOM) discovered an additional accumulation of oil. The discovery increased ExxonMobil’s estimated oil in the Payara reservoir to 500 MMBOE, and the total estimated gross recoverable resource in the Stabroek Block to between 2.25 and 2.75 BBOE. Esso Exploration and Production Guyana Limited, an affiliate company of ExxonMobil, found 59[Read More…]

Going Private: Mexico’s First Private Offshore Well in 80 Years Pays Off Big

Going Private: Mexico’s First Private Offshore Well in 80 Years Pays Off Big

1.4 billion barrel discovery at 11,000 feet – en route to 14,000 Sierra Oil & Gas, Talos Energy and Premier Oil (ticker: PMO) have announced the discovery of a massive oil field in offshore Mexico, with more than 1 billion barrels of oil recoverable. According to the Financial Times, this is the fifth-largest oil discovery in the world in the[Read More…]

In Q2, 17 Tcf of Gas Discoveries Help BP Achieve its Natural Gas Goals

In Q2, 17 Tcf of Gas Discoveries Help BP Achieve its Natural Gas Goals

Trinidad, Senegal, Egypt efforts bear fruit BP (ticker: BP) announced highlights of its Q2 2017 exploration activities today, collecting the results of several different projects. Four discoveries representing 17+ Tcf of gas BP reports that it has made four gas discoveries so far in 2017. Two separate discoveries were made near Trinidad and Tobago. The Savannah exploration well was drilled[Read More…]

Gran Tierra Energy Producing Almost 30 MBOEPD in Colombia and Brazil

Gran Tierra Energy Producing Almost 30 MBOEPD in Colombia and Brazil

Headquartered in Calgary and with its main operations in Colombia, Gran Tierra Energy, Inc. (ticker: GTE) averaged 29,879 BOEPD in its first quarter of 2017. Source: Gran Tierra Energy Q1 activity During its first quarter of 2017, Gran Tierra recompleted its Costayaco-2 well into the “A” Limestone. This marks the third well producing out of the “A” Limestone. The company[Read More…]

June 29, 2017 - 5:05 pm 360 Articles, Canada, Closing Bell Story, Discoveries, E&P, TOGC 22
Another 15 Tcf of Natural Gas Discovered

Another 15 Tcf of Natural Gas Discovered

Kosmos has drilled six successful exploration wells in the area – gas destined for LNG exports Kosmos Energy (ticker: KOS) announced today the discovery of a very large gas field in offshore Senegal, adding to the company’s Senegal/Mauritania assets. The Yakaar-1 well has encountered 148 feet of net pay in three pools, with a gross hydrocarbon column of just 394[Read More…]

Codell Sandstone Attracting Oil Drillers to Wyoming

Codell Sandstone Attracting Oil Drillers to Wyoming

Success in the Codell sandstone: Wyoming Geological Survey examines 119 producing Codell horizontal oil wells in Laramie County  Source: State of Wyoming Geological Survey The Codell sandstone could be a formation that operators might begin to take seriously. A new report from the State of Wyoming Geological Survey (WSGS) looks at data from 119 horizontal wells owned by six operators that[Read More…]

Energy for a Lifetime: USGS Quadruples NatGas Estimate from 70 Tcf to 304 Tcf for Bossier and Haynesville Plays

Energy for a Lifetime: USGS Quadruples NatGas Estimate from 70 Tcf to 304 Tcf for Bossier and Haynesville Plays

Two formations hold 4 billion barrels of oil, 2 billion barrels of NGLs: USGS On April 13th, the U.S. Geological Survey ( USGS ) released what it calls “the largest continuous natural gas assessment it has yet conducted” – a new resource update  for two southern U.S. gas plays: The Bossier and Haynesville formations of the onshore and State waters portion of the U.S. Gulf[Read More…]

Repsol and Armstrong Energy Announce Largest U.S. Onshore Conventional Hydrocarbons Discovery in 30 Years

Repsol and Armstrong Energy Announce Largest U.S. Onshore Conventional Hydrocarbons Discovery in 30 Years

Horseshoe-1: massive Alaska North Slope oil discovery Repsol (ticker: REP) and privately held Denver based Armstrong Energy LLC announced today the discovery of a massive oil field in Alaska, with an estimated 1.2 billion barrels of oil recoverable. This is the largest U.S. onshore conventional hydrocarbons discovery in the last 30 years, Repsol said in a press release. Drilled during[Read More…]

March 10, 2017 - 8:39 am 360 Articles, Arctic, Closing Bell Story, Discoveries, Popular
Manitok Energy’s Second Carseland Well IPs at 442 BOEPD

Manitok Energy’s Second Carseland Well IPs at 442 BOEPD

Manitok Energy Inc. (Ticker: MEI) announced initial production test results from the second horizontal well of its Q4 drilling program. Source: Manitok Energy The 13-33-022-25W4 horizontal well, in which Manitok has 100% working interest, in Carseland, targeted the Lithic Glauconitic (“LG”) zone and was completed with a multi-stage fracture stimulation. In the last 24 hours of the production test, and[Read More…]

Manitok Finds Second Prospective Zone at Carseland, Reports Horizontal Well Results

Manitok Finds Second Prospective Zone at Carseland, Reports Horizontal Well Results

Manitok: New prospective zone to be tested during completion operations Manitok Energy Inc. (ticker: MEI) has announced the initial production test results from its first horizontal well of the fourth quarter drilling program. Initial production test of 674 BOEPD The 14-32-022-25W4 horizontal well (100% working interest) in Carseland, targeted the Lithic Glauconitic (“LG”) zone and was completed with a multi-stage fracture[Read More…]

Strategic Oil & Gas Tests New Muskeg Well at 1,263 BOEPD

Strategic Oil & Gas Tests New Muskeg Well at 1,263 BOEPD

Strategic’s West Marlowe play receives first 4-well pad Strategic Oil & Gas Ltd. (ticker: SOG) has drilled its first four-well pad in the development corridor at West Marlowe in northern Alberta. Strategic reported that its recent Muskeg horizontal well, 2-13, has an average rate of 1,263 barrels of oil equivalent per day (BOEPD) over the last 24 hours on test. Strategic[Read More…]

November 1, 2016 - 5:45 pm 360 Articles, Canada, Closing Bell Story, Discoveries
Total Outperforms Peers, Upstream Buoyed by LNG Business

Total Outperforms Peers, Upstream Buoyed by LNG Business

Total: “positioned to be the most profitable European major oil company” French oil major Total (ticker: TOT) reported its third quarter earnings today. The company has continued to send the same message every quarter, focusing on increasing production and declining operational costs and capital spending. “We expect the environment to remain volatile but based on our 2015 and first half[Read More…]