Coterra Energy will spend $3.95 billion to expand its Permian Basin footprint
Coterra Energy announced on Wednesday that it will buy certain assets from privately-held Avant Natural Resources, and Franklin Mountain Energy. The deal is worth $3.95 billion and includes cash and stock. The Permian Basin is a popular place for producers to expand their stock. The Permian Basin, located between Texas and New Mexico is a highly productive shale-oil basin with undeveloped reserves, a robust infrastructure, and large production.
YPF, the Argentine oil company, is focusing on Vaca Muerta and a production boost by 2025.
The CEO of Argentina's state-owned oil company YPF, Horacio Martin, said that the firm expects shale production to rise by 30 to 40 percent next year. Marin said that YPF, during a conference call to discuss its financial results, will concentrate its capital investments in its main shale resources, specifically the massive Vaca Muerta Formation. Vaca Muerta has the second largest shale-oil reserve in the world and is also home to one of the largest shale-gas reserves.
Argentina's Pampa Energia will pump $1.5 bln into a key shale-oil project by 2027
Pampa Energia, a natural gas producer in Argentina, announced on Thursday that it plans to invest $1.5billion between 2025-2027 in order to increase production in a major oil field in the massive Vaca Muerta shale deposit. Pampa Energia announced its intention to invest $700 millions next year in the Rincon de Aranda shale shale in western Neuquen Province. According to the presentation, the investment in the project will reach $1.5 billion between 2027 and 2027.
Vista Energy accelerates oil production in Argentina
Vista Energy's chief executive announced on Thursday that the company expects to reach a 100,000 barrels per day oil equivalent goal next year. This was originally set for 2026. The company is betting on a higher output from the top shale formations in the world. In a press release following a quarterly earnings conference, the company said it would invest between $1.1 billion and $1.3billion next year in order to achieve its revised target of bringing 60 wells online.
Drill, baby, drill in Argentina's Vaca Muerta shale lands!
Argentina's new, market-friendly government, and concerns about oil supplies from the Middle East, and elsewhere, are driving a boom in drilling and production in the Patagonian South, which is home to the giant Vaca Muerta shale, Spanish for "Dead Cow". In the flat, arid terrain, the production of shale oil and gas is surging. Fracking wells have been drilled in record numbers, and pipelines have been built to transport gas to the capital Buenos Aires – and beyond once LNG plants are operational.
Sinopec reports east China's shale field pumps 1,600 tons of oil per day
Sinopec, the state oil group, announced on Wednesday that it is progressing with the development of shale oils at its Jiyang pilot project in east China. The company now pumps 1,600 tons per day, up from just 100 tons in 2020. Sinopec, at this rate, is on course to meet a 2022 target of producing 500,000 tons per year by 2025 in Jiyang. Jiyang is located mainly in Shandong Province and covers 7,300 square kilometers (1.8 million acres).
Exxon is looking for buyers of Bakken Shale assets in North Dakota
Exxon Mobil Corp, a major U.S. oil company, plans to sell some of its assets within North Dakota's Bakken Shale Formation. The company announced this on Tuesday. Oil producers are re-evaluating their portfolios after a wave megamergers occurred in the U.S. Shale Patches. They want to determine which assets will remain central to their strategy, and which ones they should divest. In response to questions, a spokesperson for the company said: "ExxonMobil explores market interest for selected assets in North Dakota's Bakken Shale Play.
Occidental Petroleum reports lower oil and gas prices in Q3
Occidental Petroleum, a U.S.-based oil producer, announced on Wednesday that its oil and natural gas production prices were lower in the third quarter compared with the previous period. The company reported that the realized prices or the prices it received for its production during the third quarter were about 6% lower in total for its oil output, and 26% lower in its U.S. Natural Gas output. Concerns about the growth of global oil demand led to a decline in oil prices during the quarter July-September. U.S.
Diamondback Energy increases its third-quarter production estimate
Diamondback Energy, a U.S. shale oil producer, raised its production forecast for the third quarter on Tuesday in order to reflect its $26 Billion acquisition of Endeavor Energy. Last month, Texas-based Endeavor Energy completed its acquisition, making the company the third largest oil and gas producer within the Permian basin, the U.S.'s top shale-region. It is now just behind Exxon Mobil, and Chevron. The company expects to produce between 565…
Sources say that Citizen Energy, a producer of shale oil and gas, will buy Validus in a deal worth more than $2 billion.
According to sources familiar with the situation, Validus Energy, a privately held oil and natural gas producer, has agreed to purchase Citizen Energy, a rival company, for over $2 billion including debt. The U.S. Shale industry has seen a record wave of consolidation. After the COVID, oil prices surged and buyers were eager to secure the best drilling locations. Sources who requested anonymity because the talks are confidential said that Validus won the auction for Tulsa's Citizen Energy.
Brazil's Prio talks to Sinochem about buying Peregrino Oil Field stake
In a filing with the Securities and Exchange Commission on Wednesday, Brazilian oil company Prio said that it is in discussions with Sinochem of China about the possible purchase of a stake within the Peregrino Oil Field. Prio said that no binding agreement had been reached yet, after the newspaper Folha de S.Paulo published earlier in the day a report stating that Sinochem was hoping to close a deal this week valued up to $1.9 billion, for Sinochem’s 40% stake in this field.
Analysts say that Colombia must develop a natgas plan soon to prevent blackouts.
If it wants to prevent power blackouts in Colombia, the head of Wood Mackenzie’s Americas Gas and LNG division said that Colombia needs to decide quickly whether it will focus on LNG imports or promote domestic production of natural gas. Colombia, under leftist president Gustavo Petro has moved away fracking in order to develop its reserves shale oil and gas. A Santa Marta court judge ordered earlier this month that work be suspended on a major offshore gas project run by Ecopetrol, the state-controlled company and Brazil's Petrobras.
Argentina's energy investments are expected to reach $15 billion next year due to deregulation
The Energy Secretary Eduardo Rodriguez Chirillo stated on Tuesday that Argentina expects to see investments in its energy sector reach $15 billion by 2025, and $16.5 billion by 2026 as a result of the market deregulation efforts. According to Rodriguez, the estimated expenditure includes additional funds flowing from the country's investment promotion regime RIGI, which Rodriguez estimates ranges from $2 billion to $25 billion per year.
OPEC+ Has Oil Price and Demand Problems. It Should Solve Demand
OPEC+ has two problems and two solutions.The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia.The second issue is that crude demand has so far disappointed the somewhat optimistic forecasts made by OPEC for 2024 growth.The first solution is for OPEC+ to surprise the market…
Sources say that Sinochem, a Chinese company, plans to withdraw from its US shale joint venture with Exxon.
Sinochem, a Chinese state-backed oil company, plans to sell its 40% stake, worth upwards of $ 2 billion, in a U.S. joint venture with Exxon Mobil, according to people familiar with the situation. Sources claim that Sinochem hired Barclays investment bankers to help it with the sale of its Wolfcamp joint-venture stake. Source: Exxon has the first right of refusal to sell the joint venture, which is majority owned and operated by the company.
Kemp: Oil traders focus on economy, not dwindling stock.
The oil prices have fallen in recent weeks, as traders focus their attention on a potential slowdown of the major economies. At the end of the month of June, the Organization for Economic Cooperation and Development's (OECD) advanced economies had 2,761,000,000 barrels of crude and refined product in their commercial stocks. The stocks were 120 million barrels below the seasonal average of the past ten years (-4%, or -7.71 standard deviations)…
Kemp: Oil traders focus on the economy, not dwindling stock
The oil prices fell in recent weeks, as traders looked past the depletion of global inventories and focused on a future threat that could be posed by the possible slowdown of major economies.At the end of the month of June, the Organization for Economic Cooperation and Development's (OECD) advanced economies had 2,761,000,000 barrels of commercial crude and refined product stocks.The stocks were 120,000,000 barrels below the seasonal average of the past ten years (-4%…
Oil and Gas Rig Numbers Drop in the US
U.S. energy firms today cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes stated in its closely followed report on Friday.The oil and gas rig count, an early indicator of future output, fell by three to 586 in the week to Aug. 2. the overall rig count down 73, or 11%, below this time last year. Baker Hughes said oil well were consistent at 482 this week, while gas rigs fell by three to 98.
China's Sinopec Finds Shale Oil at Shengli Field
A unit of state-run oil Chinese and gas major Sinopec Corp has found an initial 458 million tonnes (3.34 billion barrels) of geological shale oil reserves at its Shengli field, the official Xinhua news agency reported on Tuesday.Shengli, in Shandong province, is one of China's largest conventional oil and gas fields but Sinopec, has been exploring the Jiyang trough at the deposit for unconventional resources in a bid to bolster production.In 2019, the company, which operates China's biggest shale gas project in Chongqing, agreed to study shale
WTI-Brent Spread Narrows as Oil Market Tightens
The price gap between the world's two most actively traded oil contracts narrowed to its lowest in more than seven months, demonstrating that U.S. oil output is still in the COVID-19 doldrums with the market likely to remain undersupplied.North Sea Brent futures traded at a premium of $1.89 to U.S. West Texas Intermediate (WTI) on Friday, its narrowest since November 11."We believe that the recent narrowing of the WTI-Brent price spread ...
