Drilling ///
As the U.S. presidential election cycle nears its final chapter on Tuesday, and Tuesday evening, we at World Oil think it’s appropriate to remind our fellow professionals in the U.S. oil and gas industry what is at stake.
Jim Redden, Contributing Editor
The blunt truth
Trump sees full-throated support for fracking as a crucial element in Pennsylvania, where he’s trailing Joe Biden and which would likely clinch the presidency for the Democrat, should he win it.
Despite increased drilling activity and strong Q3 results across the board for the supermajors, Exxon Mobil spent the week slashing headcount and planning major asset sales to meet its dividend commitments.
The drill bit with unique concave-shaped cutting elements reduces drilling costs and improves overall drilling performance.
TruLink service provides high-definition wellbore architecture surveys to enhance end-to-end well construction operations.
The Luiperd-1X well on Block 11B/12B was drilled to a total depth of about 3,400 meters and encountered 73 meters of gas condensate. Total will now conduct a detailed assessment of the reservoir in conjunction with Qatar Petroleum and its other partners.
Trump issued an executive order to require an economic analysis of fracking, as the president seeks to use what he portrays as Biden’s mixed messages on energy to capture votes in the swing states of Pennsylvania and Ohio.
Worsening demand outlook is coinciding with Libya’s push to almost double crude output, as it reopened its last major oil field. The nation’s production could top 1 million barrels a day within weeks.
For several months now, we have told you our concerns about a potential Joe Biden presidency, as relates to the oil and gas industry’s future.
While it’s true the energy ecosystem is in transition, former Vice President Biden is incorrect that it means replacing one form of energy with another or phasing out oil and gas.
EQT Corp., the biggest producer of U.S. natural gas, is seeking to acquire rival CNX Resources Corp., according to people familiar with the matter, as M&A accelerates in the distressed shale patch.
After the debate, Biden sought to emphasize that the fossil fuel industry wouldn’t “be gone” until 2050, and that oil workers are “not going to lose their jobs.”
Energy Secretary Dario Martinez said spending on subsidies is still better than the alternative of buying LNG cargoes, despite low current prices. “We’ve done the analysis and we really benefit from doing this,” Martinez told reporters in Buenos Aires Wednesday.
Biden’s plans would have uneven impacts within the oil and gas sector, particularly hurting companies with significant investments on federal land. Other producers, such as Pioneer Natural Resources Co. and Hamm’s Continental Resources, which do not have federal oil leases, might see their holdings swell in value.
The American Petroleum Institute corrected the record on discussions about a fracking ban, implementing a carbon-free power sector by 2035, replacing natural gas and oil jobs with clean energy jobs, and policies to reduce CO2 emissions.
There are several ways Biden could halt fracking on federal lands using executive power. He could ban new oil and gas leases, halt new permits, or seek a specific regulatory ban on fracking, all of which Biden has telegraphed at one point or another on the campaign trail.
Varel International Energy Services, a long-standing provider of drilling and downhole solutions, announced their settled litigation with Taurex Drill Bits, including claims of intellectual property infringement for specific drill bit technology.
“There’s only going to be three or four independents that are investable by shareholders” after the recent market rout, Pioneer CEO Scott Sheffield said on a conference call with analysts. “The best companies have been picked off the past few weeks.”
The explorer has been waiting since 2017 to close its divestment in the Lake Albert Development Project, an effort repeatedly stymied by tax disagreements.