From the New York Times HOUSTON — It is unusual for the United States, Saudi Arabia and Russia to see eye-to-eye, much less try to achieve common energy policy goals, even indirectly. But that is what seems to be happening, and it is taking the edge off the yearlong rise in oil and gasoline prices. Even if those countries have
Shell is projecting estimated peak production of 40 MBOEPD from Kaikias Shell Offshore, Inc. (ticker: RDS.A) started production early at the first phase of the Kaikias project, a subsea development in the U.S. Gulf of Mexico with estimated peak production of 40,000 BOEPD. Shell has reduced costs by around 30% at this deep-water project since taking the investment decision in
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
Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered down, strengthened their balance sheets, made technological leaps and kept on producing oil and gas—without depending on the reappearance of
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. In its latest (1998) resource assessment, the United States Geological Survey (USGS) estimated that
Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common
Consolidation continues in the Permian, with Callon Petroleum (ticker: CPE) purchasing $570 million in assets Thursday. Callon intends to acquire 28,657 net acres in the Delaware, primarily in Ward and Loving Counties, from Cimarex Energy (ticker: XEC). This acreage is partially contiguous with Callon’s assets in the Delaware, and is all at least nearby. Over 90% of the new acreage
On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any debt owed to the
Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained
Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA
Oil & Gas 360® takes a look at three companies with operations in the Permian: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Corporation (ticker: APA) Halcón Resources Production for the first quarter of 2018 averaged 10,967 BOEPD for Halcón, comprised of 70% oil. This production rate represents a 75% growth rate from the fourth quarter of
Sterling Resources speeds up Bretana field development Peru-focused E&P Sterling Resources Ltd. (ticker: SLG) has advanced the 2018 capital program at the Bretana field in Northeast Peru. Last December, the company acquired 100% working interest in the field. At the time, the company estimated that the project would come online in 10 to 12 months for ~$24.6 million. Project’s budgeted
