Oil and gas companies are exploring in disparate parts of the world to add more reserves to fulfill growing world energy demand. Egypt intensified oil and gas exploration efforts in the Mediterranean and Red Sea while Ecuador recently opened more onshore blocks to international investors. Source: News
Growth in LNG demand could outpace new supply capacity, projects
A glut of liquefaction capacity earlier anticipated by LNG project developers is unlikely to materialize, and stronger-than-expected demand could result in a market constrained by supply as early as 2020. Source: News
Denbury to acquire Penn Virginia in $1.7-billion deal
Denbury Resources Inc., Plano, Tex., reported it would acquire and merge with Penn Virginia Corp. in a $1.7-billion deal that Denbury says would offer the combine short-cycle investment optionality and future enhanced oil recovery potential in the oil window of the Eagle Ford shale. Source: News
New Zealand Oil & Gas farms in to Ironbark prospect
New Zealand Oil & Gas Ltd. (NZOG), Wellington, reached a conditional agreement to farm into the Western Australian North West Shelf permit WA-359-P that contains the large, undrilled Ironbark prospect. Source: News
Deloitte: Downstream, chemicals are ‘bright spots’ in industry outlook
A majority of oil, natural gas, and chemicals executives are confident in the industry’s continued recovery and expect the price of West Texas Intermediate crude to average $70/bbl or more in 2020, according to a recently released survey conducted by Deloitte. Source: News
The oil industry revolution will not be televised
The term “revolution” is often used inappropriately, usually by someone exaggerating the importance of their own efforts, from the impact on transportation of the Segway to any one of a myriad new skincare products. Source: News
Trump administration reimposes oil, other sanctions against Iran
The US government will reimpose on Nov. 5 oil and other sanctions against Iran that were lifted under a 2015 multinational nuclear arms control agreement, the Trump administration announced on Nov. 2. Eight countries that officials would not identify will receive temporary exemptions. They reportedly include China, Japan, and India, which rely heavily on crude […]
Baker Hughes: US rig count down 1 unit to 1,067
The US drilling rig count is down 1 unit to 1,067 rigs working for the week ended Nov. 2, according to Baker Hughes data. The count is up 169 units from the 898 rigs working this time a year ago. Source: News
Donnie Moore named Gulfport interim chief executive officer
Donnie Moore has been appointed to serve as interim chief executive officer of Gulfport Energy Corp., Oklahoma City. He succeeds Michael G. Moore who, effective Oct. 29, stepped down from his position as chief executive officer and president and resigned from the company’s board. Source: News
ExxonMobil reports third-quarter earnings of $6.2 billion
ExxonMobil Corp. reported estimated third-quarter earnings of $6.2 billion compared with $4 billion in the same quarter in 2017. Cash flow from operating activities of $11.1 billion was the highest since third-quarter 2014. Capital and exploration expenditures were $6.6 billion—$18.1 billion year-to-date—and up 10% from the prior year. Source: News