Baker Hughes: US rig count down 1 unit to 987

The US drilling rig count was down a single unit to 987 the week ended May 17, according to Baker Hughes data. The count is down 59 units from this time a year ago when the count stood at 1,046. Source: News

US House panel studies E&P impacts on water supplies

Members split along party lines on May 16 as a US House Natural Resources Committee subcommittee considered whether US above-ground and underwater supplies are protected adequately from potentially damaging leaks or spills from onshore oil and gas exploration and production. Democrats felt more federal regulation is needed while Republicans said many states are providing enough […]

Liquids yield driving Montney production growth forecast

Total production in Canada’s Montney play will likely reach 10 bcfd of natural gas equivalent this year, an increase of 16% from 2018, and is forecasted to reach 20 bcfed by 2030, driven by rising liquids yield across various sub-plays, according to Wood Mackenzie research. Source: News

API: US petroleum markets remained solid in April

US petroleum markets turned in a solid overall performance in April, according to the latest Monthly Statistical Report from the American Petroleum Institute. Crude oil production sustained a record-tying 12.1 million b/d while total petroleum demand was the highest for the month since 2007 at more than 20 million b/d. Source: News

ExxonMobil: Permian basin work to benefit New Mexico

ExxonMobil Corp.’s development of Permian basin resources in New Mexico will generate $64 billion in net economic benefits for the state and local communities over the next 40 years, according to a study conducted for ExxonMobil by Impact Data Source. Source: News

Freeport LNG receives FERC approval for Train 4

Freeport LNG Development LP reported obtaining approval from the US Federal Energy Regulatory Commission to site, construct, and operate its fourth natural gas liquefaction train, which will be integrated into its existing gas liquefaction and LNG export facility on Quintana Island near Freeport, Tex. Source: News

MARKET WATCH: Oil benchmarks gain for third session

Crude oil benchmarks gained on markets in New York and London for a third consecutive trading session May 16 with light, sweet crude marking its biggest single-session gain in 3 weeks as the June contract closed above $62.80/bbl and the July contract closed above $63/bbl. Source: News

Tatneft, Uzbekneftegaz outline PSA

Tatneft and Uzbekneftegaz have signed an agreement outlining main terms of a production-sharing agreement for a block designated Pritashkent in Uzbekistan. Source: News