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Houston, TX - 2020 NAPE Summit - Attendees  during Exhibit Hall at the 2020 NAPE Summit  at the George R Brown Convention Center here today, Thursday February 6, 2020. Photo by © NAPE/Todd Buchanan 2020 - Exhibit Hall

NAPE Summit 2020 – The Good, the Bad, and the Upbeat

Oil and Gas 360 The Good: NAPE is one of the best meeting places in our Oil and Gas marketplace. This year was no exception. Our team from Oil & Gas 360 were able to visit with CEO’s, presidents, marketing, sales, and old friends.  What a great mix of people under one roof, and I am the guy in the suit pictured below. I was able to sit down with David Fowler, President of Ring Energy, and review the Ring Energy performance for 2019 and the outlook for 2020. With the Wishbone acquisition last year, the Ring team was able to move the performance needle dramatically towards operating within free cash flow. They will be announcing their performance and timelines for free cash flow within the next month. David will be presenting at the EnerCom Dallas Investors Conference on Tuesday, the 11th of February. Members from the Energy Advisors Group[Read More…]

Greta Thunberg, the 16-year-old leader of a global protest against inaction on climate change, marched at a rally in New York City Friday. Around the world, millions of other people joined her.
Eduardo Munoz Alvarez/AP

Politicized, ignorant energy analysis infiltrates some surprising media channels – unchecked it will wipe us all out before climate change has a chance

BOE Report Oil & Gas 360 Publishers Note – Terry Etam makes some great points about our industry. We need to stand up and quit being politically correct when talking to people that have just gotten out of their parents basement (or still there). His bottom line is dead on right: “Silence is not really an option anymore; energy policies based on ignorance and wishful thinking have the potential to do more damage than another ten metres of sea level.” Oh no, I can feel it, another diatribe coming on. Like a developing migraine, there’s no point fighting it, the looming inevitability.  My trigger is inadvertently stumbling on blistering displays of energy ignorance, which set me off, and out comes the Incredible Hulk. Look, I don’t want to go there either. I’d rather write about secure and reliable energy supplies, birds chirping, sunshine and koala bears. I keep my nose[Read More…]

Source: Houston Chronicle

Apache, Total announce first oil discovery offshore of Suriname

Houston Chronicle Apache Corp. and the French energy major Total said Tuesday they’ve made a significant oil discovery offshore of the small South American nation of Suriname. The announcement comes after Apache first offered vague results in early December that disappointed investors, and Houston-based Apache then made a 50-50 partnership with Total to eventually hand over the operations to the French firm. In just more than a month, Wall Street sentiments have made an about face on Apache’s Suriname plans with the new joint venture and, now, the first promising results. Apache has pinned high hopes on Suriname after Exxon Mobil started developing huge oil projects offshore of neighboring Guyana. Apache is quick to point out that it is drilling just seven miles from the Guyana maritime border. Although Brazil and Venezuela both have many decades of oil experience, energy companies have begun focusing of late on their much smaller neighbors[Read More…]

Source: Reuters

ESG for the Oil and Gas industry – what you need to know for 2020

Oil and Gas 360 Happy 2020! Over the past six months, EnerCom has been crisscrossing the continent and meeting with oil and gas executives and the investment community to talk about Environmental, Social, and Governance (ESG). There are many definitions of ESG. One such example is;  “Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.”* What EnerCom has consistently found: Conversations about ESG are increasing within the oil and gas industry A growing number of investors are employing varying degrees of ESG valuation metrics Water programs and VOC, methane and CO2 emissions are key[Read More…]

Texas-based flatbed carrier with 260 trucks shuts down, citing insurance costs – This is a sign of tough times for Oil Field Service companies.

Texas-based flatbed carrier with 260 trucks shuts down, citing insurance costs – This is a sign of tough times for Oil Field Service companies.

Freightwaves Flatbed truckload operators have been unprofitable for most of 2019 Oil & Gas 360 Publishers Note: We have been watching the Oil Field Service (OFS) take serious losses due to the investor demand for short-term returns. Investors are calling for less CapEx spending, Free Cash Flow (FCF) and ultimately less drilling. Less drilling is adversely affecting the OFS companies at an alarming rate. More OFS companies will fail in 2020 with a few accidents, insurance rate increases, and overall changes in the market. Texas-based flatbed and oilfield truckload carrier Fleetwood Transportation hauled its last loads on Tuesday after deciding to shutter operations, citing insurance costs. SaferWatch reports that the carrier had 252 trucks, 673 trailers and employed 240 drivers. The fleet, based in Diboll, Texas (100 mile north of Houston), primarily hauled building materials and oilfield equipment. The company had been operating for 63 years, having commenced operations in[Read More…]

Apache Corporation and Total S.A. Announce 50-50 joint venture in Block 58 Offshore Suriname; Total to become future operator

Apache Corporation and Total S.A. Announce 50-50 joint venture in Block 58 Offshore Suriname; Total to become future operator

Apache Corporation Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT) today announced a joint venture agreement to explore and develop Block 58 offshore Suriname. Apache will receive various forms of consideration, including: $5 billion of cash carry on Apache’s first $7.5 billion of appraisal and development capital Under the terms of the agreement, Apache and Total will each hold a 50 percent working interest in Block 58, which comprises approximately 1.4 million acres in water depths ranging from less than 100 meters to more than 2,100 meters. Apache will operate the first three exploration wells in the block, including the Maka Central-1 well, and subsequently transfer operatorship to Total. In exchange for a 50-percent working interest, Apache will receive various forms of consideration, including: $5 billion of cash carry on Apache’s first $7.5 billion of appraisal and development capital;  25% cash carry on all of Apache’s appraisal and development capital beyond the first[Read More…]

December 23, 2019 - 7:15 am Closing Bell Story, Mergers & Acquisitions, Offshore, Popular 4
The uncertain role of natural gas in the transition to clean energy

The uncertain role of natural gas in the transition to clean energy

MIT News A new MIT study examines the opposing roles of natural gas in the battle against climate change — as a bridge toward a lower-emissions future, but also a contributor to greenhouse gas emissions. Natural gas, which is mostly methane, is viewed as a significant “bridge fuel” to help the world move away from the greenhouse gas emissions of fossil fuels, since burning natural gas for electricity produces about half as much carbon dioxide as burning coal. But methane is itself a potent greenhouse gas, and it currently leaks from production wells, storage tanks, pipelines, and urban distribution pipes for natural gas. Increasing its usage, as a strategy for decarbonizing the electricity supply, will also increase the potential for such “fugitive” methane emissions, although there is great uncertainty about how much to expect. Recent studies have documented the difficulty in even measuring today’s emissions levels. This uncertainty adds to[Read More…]

December 18, 2019 - 4:41 pm Closing Bell Story, Energy News, Natural Gas News, Popular 4
Interview: Novatek steps on gas pedal with Arctic LNG 2 construction, plans downstream LNG business in Germany and Poland

Interview: Novatek steps on gas pedal with Arctic LNG 2 construction, plans downstream LNG business in Germany and Poland

LNG World News Russia’s Novatek is pressing ahead with the construction of its second Arctic liquefied natural gas (LNG) export project, while in the meantime also planning to develop LNG downstream business in Germany and Poland, according to the company’s finance chief Mark Gyetvay. Arctic LNG 2 is Novatek’s second large-scale LNG export project following the launch of the Yamal LNG project two years ago. The second project located on the Gydan peninsula across the straight from the LNG plant on the Yamal peninsula includes the construction of three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. “We started pouring concrete for the first GBS at the end of July this year. Each unit will have 14 modules on the GBS platform, so for GBS 1 the modules are being constructed in China. The idea would be to eventually transition that work from foreign[Read More…]

December 9, 2019 - 11:44 am Arctic, Closing Bell Story, International, Natural Gas News, Popular 4
Amazon announces three new renewable energy projects in the US and Spain to support Amazon’s pledge to reach 80% renewable energy by 2024 and 100% renewable energy by 2030

Amazon announces three new renewable energy projects in the US and Spain to support Amazon’s pledge to reach 80% renewable energy by 2024 and 100% renewable energy by 2030

Business Wire Amazon has launched over 70 renewable energy projects that are projected to deliver more than 5.3 million MWh of renewable energy annually. Amazon (NASDAQ: AMZN) today announced three new renewable energy projects in the US and Spain that support Amazon’s commitment to The Climate Pledge and reaching 80% renewable energy by 2024 and 100% renewable energy target by 2030 on its path to net zero carbon by 2040. Amazon is committed to major investments in renewable energy as a critical step toward addressing the company’s carbon footprint globally, and Amazon’s newest renewable energy project in Europe will be the company’s first large-scale project in Spain, located southeast of Sevilla. Once complete, the new solar farm will provide 149 megawatts (MW) of new renewable capacity. Amazon’s newest renewable energy solar projects in the US will be located in Lee County, Illinois and in Northern Virginia. Together, they total 180[Read More…]

Source: Houston Chronicle

Texas oil explorers say predictions of growth contradict dire reality

Houston Chronicle Texas wildcatters, after years eye-rolling at shale skeptics, are now saying global analysts are underestimating just how severe the industry’s slowdown is. What’s ticking folks off these days is how the International Energy Agency in Paris and the Energy Information Administration in Washington still predict robust U.S. production growth next year, despite the dire reality on the ground. The IEA expects an increase of 900,000 barrels a day, while the EIA forecasts 1 million, which would mean practically replicating this year’s expansion. Those projections don’t jibe with the vibe in Texas, home to about half of U.S. crude output. Capital-hungry producers are being starved of funding, stocks have plunged and there’s been zero appetite for public offerings, making the downturn potentially more enduring than previous price-related busts. “All I know is, after 47 years, they’re usually wrong.” Frank Lodzinski, an industry veteran of almost five decades who’s chief[Read More…]

November 27, 2019 - 12:00 pm Closing Bell Story, Crude Oil News, Energy News, People, Popular 4
SitePro acquires Integrated Control Solutions

SitePro acquires Integrated Control Solutions

Energy Tech Leader, SitePro, Continues to Transform Industry with Acquisition of ICS SitePro, the leading automation technology solutions and service provider for the energy industry, today announced the acquisition of Integrated Control Solutions (ICS). The acquisition of ICS brings together two cutting-edge oilfield automation providers, both with unique technology and managed services and solutions, that combine to provide Upstream & Midstream Operators with a state-of-the-art automation software platform and best in class reliable service. SitePro’s acquisition of ICS combines two veteran leadership teams and increases service availability in the operating regions the company serves. Randy Greer and Dominic Whitworth, who have led ICS for more than a decade, bring a wealth of knowledge and industry expertise to SitePro along with a great team. David Bateman, Chairman of the Board and Co-Chief Executive Officer of SitePro said, “The ICS acquisition is a key part of our corporate development strategy to expand the number[Read More…]

Source: Reuters

Shell warns slowing global economy could hit $25 billion buyback timetable

Source: Reuters LONDON (Reuters) – Royal Dutch Shell warned on Thursday that uncertain economic conditions could slow its $25 billion share buyback program, the world’s largest, after its third-quarter profits easily beat expectations on strong oil and gas trading. The better-than-expected results in the face of oil prices that fell 17% year on year underscores Shell’s transformation in recent years, with deep cost cuts and a focus on returns after the 2014 industry downturn. Yet slowing demand for oil and gas around the world amid trade tensions between the United States and China, the world’s two largest energy consumers, could take a toll, Shell said. Shell shares were down by around 4% at 1057 GMT, compared with a 1% decline in the FTSE index. CEO Ben van Beurden said in a statement that Shell’s intention to buy back $25 billion of shares by the end of next year remains unchanged.[Read More…]

Source: The Houston Chronicle

Big Oil circles Permian riches as shale stocks collapse

From The Houston Chronicle A bloodbath in energy stocks is creating a rich opportunity for Big Oil to dominate America’s hottest shale play. Independent producers in the Permian Basin of Texas and New Mexico are trading much lower than when Chevron Corp. bid for Anadarko Petroleum Corp. in April. Royal Dutch Shell Plc and ConocoPhillips have expressed interest in bulking up in shale at the right price. Exxon Mobil Corp.’s chief said Wednesday his company is keeping a “watchful eye” on the Permian for potential deals. Oil’s drop to near $55 a barrel, from $75 in October, is putting pressure on shale producers at a time when investors are losing faith in an industry that has burned about $200 billion of cash in a decade. Despite record U.S. output, the S&P index of independent exploration and production companies is trading near its troughs of 2008 and 2015, when crude prices[Read More…]

Source: Elevate Midstream Partners

Tailwater-Backed Elevate Midstream Enters into Eight Year Agreement with Sabine Oil and Gas

By Tyler Losier, Energy Reporter, Oil & Gas 360 Elevate Midstream Partners enters into eight year gathering and treating agreement with Sabine Oil and Gas Elevate Midstream Partners LLC, a private company based out of Houston, has entered into an eight-year gas gathering and treating agreement with Sabine Oil and Gas Corporation, an independent E&P operating exclusively in Texas. The transaction is being completed in partnership with Tailwater Capital, an energy-focused private equity firm based in Dallas, and Elevate’s financial sponsor. To carry out this new agreement, Elevate will build approximately 19 miles of 16-inch gas gathering pipelines, in addition to associated laterals. The project will include amine, dehy… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Oil Prices Could Crash by $30 if China Buys Iranian Crude: BofA

Oil Prices Could Crash by $30 if China Buys Iranian Crude: BofA

From CNBC Crude oil prices could sink by as much as $30 a barrel if China decides to buy Iranian crude oil in retaliation to the latest U.S. tariff measures, according to Bank of America Merrill Lynch. “While we retain our $60 a barrel Brent forecast for next year, we admit that a Chinese decision to reinitiate Iran crude purchases could send oil prices into a tailspin,” a BofA Merrill Lynch Global Research report said Friday, warning that prices could sink by as much as $20-30 a barrel in that scenario. The Chinese Ministry of Commerce has threatened countermeasures after President Donald Trump threatened to slap a 10% tariff on $300 billion dollars of Chinese goods. The decision Thursday floored oil markets and sent crude plunging 8% — the most in four years. Analysts warn that “oil volatility is set to rise again” as markets wait for a Chinese response[Read More…]

Source: Lime Rock Resources

Buyer Revealed in Range’s $634 Million Appalachian Asset Sale

By Tyler Losier, Energy Reporter, Oil & Gas 360 Lime Rock Resources purchases 350,000 net surface acres of overriding royalty interests from Range Resources Corporation Lime Rock Resources, the E&P arm of private equity firm Lime Rock Partners, has closed on the acquisition of a non-operated overriding royalty interest (ORRI) in 350,000 net surface acres of the Marcellus shale, representing the company’s first procurement in the Appalachian basin. The ORRI is being sold by Range Resources (stock ticker: RRC) as part of the company’s divestiture of $634 million worth of Appalachian assets announced last week. Up until this point, the identity of the buyers involved in these transactions had not been disclosed. Source:… Login or click here to subscribe

Colorado: Aurora City Council Approves Operator Agreement with ConocoPhillips for 300-Well Development

Colorado: Aurora City Council Approves Operator Agreement with ConocoPhillips for 300-Well Development

By Bevo Beaven, Editor, Oil & Gas 360 Local control in Colorado: one city works out strict health, safety, environmental controls for oil and gas operators; lands in environmental movement crosshairs anyway Adjacent to Denver’s eastern border, the city of Aurora, Colorado sprawls into three counties—Arapahoe, Adams and Douglas. It is one of the nation’s fastest growing cities. It’s bigger than Pittsburgh, Cincinnati and St. Louis. Recently, the Aurora City Council managed to ruffle some environmental groups’ feathers when it approved an agreement with ConocoPhillips (stock ticker: COP). Both the company and the city agreed to a set of strict safety, noise, odor and environmental protection rules. The agreement presets the cou… Login or click here to subscribe

Oil and Gas Funding is Evolving: An Oil & Gas 360® Special Report

Oil and Gas Funding is Evolving: An Oil & Gas 360® Special Report

For now, Wall Street has turned off the shale funding spigot  By Bevo Beaven, Editor, Oil & Gas 360, with Richard Rostad, Analyst Oil and gas funding is evolving. Initial public offerings, secondaries and follow-on equity raises are no longer an easy-to-turn-on cash spigot that sits ready to fill the bank accounts of public exploration and production (E&P) companies with the millions or billions of dollars the upstream oil and gas companies need to replace declining production. If you’re an oil or natural gas producer you need to continually drill and develop new acreage at a faster rate than the natural decline curve in order to grow production, replace reserves and build your company’s value. But starting in Q4 of last year, Wall Street has been loudly shouting “no thanks” to pumping more funds into shale companies. That means companies are having to become attractive to new sources of energy[Read More…]

Export Bonanza: the U.S. Exported 2 Million Barrels per Day of Crude Oil in 2018 to 42 Destinations

Export Bonanza: the U.S. Exported 2 Million Barrels per Day of Crude Oil in 2018 to 42 Destinations

LOOP’s addition of crude export capability stomps the export accelerator  In 2018, U.S. exports of crude oil rose to 2.0 million barrels per day (b/d), nearly double the 1.2 million b/d rate in 2017, according to new data from EIA. Export volumes by destination changed significantly during the year, as U.S. crude oil exports to China fell and exports to other destinations such as South Korea, Taiwan, and Canada increased. The increase in U.S. crude oil exports was the result of increasing U.S. crude oil production and infrastructure changes. U.S. crude oil production increased 17% to 10.9 million b/d in 2018, with U.S. Gulf Coast states—the departure point for more than 90% of U.S. crude oil exports—producing 7.1 million b/d. The increased production is mostly of light, sweet crude oils, but U.S. Gulf Coast refineries are configured mostly to process heavy, sour crude oils. This increasing production and mismatch between crude oil type[Read More…]

Colorado Energy Overhaul: After Sprinting through the Senate in 5 Days, Energy Bill Leaps to the House

Colorado Energy Overhaul: After Sprinting through the Senate in 5 Days, Energy Bill Leaps to the House

Colorado House Energy & Environment Committee will hear SB 19-181 on Monday Revised Fiscal Note looks at oil and gas production and tax revenues Colorado Democrats own all three branches of government in 2019. It’s been a head-spinning week watching the controversial and highly contested energy overhaul bill zoom through the Colorado Senate. SB 19-181 was introduced on March 8 and then blasted through three Senate committees and passed a senate floor vote in only five days. Supporters of the new Colorado governor’s agenda, an agenda of legislation that includes moving Colorado completely away from fossil fuels, the Senate Democrat majority cemented a fast victory in the Wednesday vote. The chamber voted 19-15 along party lines to se… Login or click here to subscribe

DJ Producers Weigh In on What They Expect in 2019

DJ Producers Weigh In on What They Expect in 2019

Two of the major DJ Basin producers, HighPoint Resources (stock ticker: HPR) and Bonanza Creek Energy (stock ticker: BCEI) held earnings calls last week, discussing prevailing views in one of the country’s premier shale basins. By Richard Rostad, analyst, Oil & Gas 360 On potential new regulations [EDITOR’S NOTE: both earnings calls were held prior to the proposed new energy bill for Colorado’s introduction in the Colorado legislature, which occurred in the afternoon on Friday, Mar. 1.] Q: Any thoughts on what we might expect from this omnibus bill? I mean, obviously, there’s been some conflicting media reports out there. Bonanza Creek Energy: The conversations I have with peers and others in the trade groups seems to indicate to me that we can expect maybe two dimensions to an omnibus bill. It’s always a little risky to speculate on legislation while it’s still pending, but there seems to be two[Read More…]

Three Titans Tick Off $57 Billion in Profits

Three Titans Tick Off $57 Billion in Profits

Sizeable profits: ExxonMobil adds $20.8 billion, Chevron $14.8 billion, Shell $21.4 billion Royal Dutch Shell (stock ticker: RDSA, $RDSA), ExxonMobil (stock ticker: XOM, $XOM) and Chevron (stock ticker: CVX, $CVX) have all reported 2018 earnings during the previous 24 hours. Shell earns $21.4 billion profit for the year Royal Dutch Shell started things off, reporting unaudited results yesterday, including full year earnings of $21.4 billion for 2018, which reflected higher realized oil, gas and LNG prices, partly offset by movements in deferred tax positions. Cash flow from operating activities for the fourth quarter 2018 was $22.0 billion, which included positive working capital movements of $9.1 billion, mainly as a result of a fall… Login or click here to subscribe

The Oil & Gas Story in 2018 was Written by Strong Oil Prices

The Oil & Gas Story in 2018 was Written by Strong Oil Prices

Oil prices above breakeven for three quarters of the year positive for drillers On the whole, 2018 produced good news for U.S. oil and gas companies, at least through the first three quarters of the year. Prices were above breakeven level for the first nine months of 2018, allowing producers to kick drilling plans and capital usage into high gear, boosting production to record levels during the year. A global oil glut that had wreaked havoc on the industry in 2015 and 2016 was declared ‘neutralized’ entering the year, and oil prices above breakeven were in force during most of the year, with WTI sitting above $60 for three quarters, above $65 for two of those quarters. The benchmark U.S. crude oil price exceeded $70 per barrel four times during the year and punched through $75 at the beginning of October. Q1-Q3 2018: Higher oil prices brought liquidity, growth The[Read More…]

New Crude Oil Export Project Moves Forward in Corpus Christi

New Crude Oil Export Project Moves Forward in Corpus Christi

Lone Star Ports and Martin Midstream Partners will create exclusive VLCC export solution on Harbor Island EPIC crude oil pipeline will connect Harbor Island to more than 1 MMBOPD A week ago, the funding to dredge the Corpus Christi ship channel was given the thumbs up by the U.S. Army Corps of Engineers. Now, the Port of Corpus Christi Authority has released an update as to development of the crude oil export terminal on Harbor Island, Texas. Corpus Christi-based Lone Star Ports, LLC will lead the development of the terminal, which will be the first U.S. onshore export terminal servicing fully-laden Very Large Crude Carriers (VLCCs). Port of Corpus Christi conducted a VLCC supertanker test run (not fully laden) in the fall. Phot… Login or click here to subscribe

Sanchez Energy Engages Financial Advisor to Explore Strategic Alternatives

Sanchez Energy Engages Financial Advisor to Explore Strategic Alternatives

Sanchez Energy Announces Engagement of Financial Advisor to Explore Strategic Alternatives

John Hofmeister Sets the Record Straight after Obama Takes Credit for Oil Boom

John Hofmeister Sets the Record Straight after Obama Takes Credit for Oil Boom

‘That was me, people’ – Barack Obama, taking credit for oil production boom at Houston event From Fox News Former President Barack Obama on Tuesday took credit for the boom in U.S. oil and gas production, saying, “That was me, people.” Obama made the remark during at a gala for Rice University’s Baker Institute for Public Policy in Houston, Texas, touting energy production under his administration. “You wouldn’t always know it, but it went up every year I was president,” he said to applause. “That whole — suddenly America’s like the biggest oil producer and the biggest gas — that was me, people.” On “Fox & Friends” Thursday, former Shell Oil Company President John Hofmeister said Obama is correct that oil production increased throughout his two terms, but “he had nothing to do with it.” “This was production in states like Texas, Oklahoma, Pennsylvania, Ohio, Colorado, North Dakota, in particular. And[Read More…]

November 29, 2018 - 1:24 pm Closing Bell Story, Energy News, People, Politics & Opinions, Popular 4
Courtesy of RSP Permian

Oil & Gas Industry CEOs Pledge $100 Million to Attack Permian Woes

Just about a year ago, a handful of oil and gas CEOs were urged to take action by their own. Tim Dove, CEO of Pioneer Natural Resources (stock ticker: PXD) and Travis Stice, CEO of Diamondback Energy (stock ticker: FANG) asked a group of fellow Permian Basin oil producers to help identify and find ways to solve the human needs problems in the West Texas-New Mexico region. The warning was that if shortages in a qualified workforce, problems with roads, healthcare and housing weren’t addressed now, the Permian’s profit-delivering fever-pitch of development would be stifled to a whisper in the next few years. The two articles below, the first from the Midland Reporter-Telegram, published in Jan. 2018, and yesterday’s update from Reuters (beneath the MRT story), together tell the tale. Pioneer CEO: Partnership Needed to Identify Population’s Needs Permian Strategic Partnership is expected to provide a plan for issues including[Read More…]

Bill Armstrong’s Risk-Taking Discovery is ‘Game Changer’ for North Slope

Bill Armstrong’s Risk-Taking Discovery is ‘Game Changer’ for North Slope

Taking a chance on overlooked rock formation in Alaska was key From the Anchorage Daily News What companies are calling a “renaissance” at Alaska’s North Slope oil fields can be traced back to a 2013 discovery by a small-scale geologist willing to take big risks. Bill Armstrong is credited with finding massive quantities of oil in an overlooked rock formation, tucked between producing oil fields, on the western side of North Slope development. The discovery in the Nanushuk formation has been hailed as one of the largest onshore finds in the U.S. in decades. The Nanushuk, a relatively shallow rock formation created eons ago as mountains eroded, is now the rage as oil companies hunt similar opportunities in those rocks and others. “It’s a game-changer,” said Mark Myers, former head of the U.S. Geological Survey under President George W. Bush. Geologists had failed to spot the formation’s potential for decades, as they[Read More…]

November 19, 2018 - 1:55 pm Closing Bell Story, Energy News, People, Popular 4
Source: WPX

Rigs Surge Ahead in Wild Week

Activity breaks out of five-month equilibrium Drilling activity increased sharply this week, reaching another post-downturn high, according to the latest edition of Baker Hughes’ Weekly Rig Count. A net 14 rigs began drilling this week, meaning there are now 1,081 rigs active in the U.S. This represents a decisive break from the past five months, when rig counts hovered around 1,055 rigs. This rig count has not been seen in the U.S. since mid-March 2015. Eleven land-based rigs came online in the week, while three offshore rigs began drilling. There are currently 1,057 land-based, three inland waters and 21 offshore rigs active in the country. The increase in oil and gas-targeting rigs was proportional to current activity, as 1… Login or click here to subscribe

Encana Founder Blames Trudeau for Newfield Deal

Encana Founder Blames Trudeau for Newfield Deal

From Bloomberg Encana Corp.’s founder and former Chief Executive Officer Gwyn Morgan said he’s disappointed by the driller’s $5.5 billion purchase of Newfield Exploration Co., which moves focus to the U.S. and dashes his hopes that the company would represent Canada on the world stage. Morgan, who named the oil and gas producer Encana to evoke “Energy Canada,” blames the move on Prime Minister Justin Trudeau’s environmental policies, which he has said are making the country irrelevant in the global energy industry. The Newfield deal extends Encana’s reach into the shale fields of Oklahoma. It also moves the company toward what current CEO Doug Suttles called a “headquarter-less model,” with operations controlled from offices near Houston, Suttles’ home city of Denver and in the company’s official base of Calgary. “I’m deeply saddened that, as a result of the disastrous policies of the Trudeau government, what was once the largest Canadian-headquartered energy[Read More…]