Production ///

Aramco discovers two new oil and gas fields in northern Saudi Arabia

Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman.

Laura to strike U.S. oil and gas infrastructure as “potentially catastrophic” Cat 4 hurricane

The tropical threat has prompted more than 84% of oil output and nearly 61% of natural gas production in the Gulf of Mexico to be shut, according to the Interior Department’s Bureau of Safety and Environmental Enforcement.

Category 3 hurricane Laura targets U.S. energy infrastructure

Laura’s winds will likely peak at 115 miles (185 kilometers) per hour as it comes ashore early Thursday, the National Hurricane Center said. Laura has disrupted offshore oil and natural gas production, shuttered refineries and export terminals and prompted mandatory evacuations.

Oil prices climb as two hurricanes shutter U.S. offshore production

Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday Sunday. The storms Marco and Laura -- the latter of which is forecast to become a hurricane -- are coming from different directions and have the potential to cause billions of dollars in damage.

API polling in Pennsylvania, Ohio shows strong oil and gas industry support

With the first of two party conventions underway this week, API Pennsylvania released new polling conducted by Morning Consult showing voters value American energy security and affordability and believe it is important for the U.S. not to rely on foreign energy sources.

Serva Group acquires Permian manufacturer ValTek Industries

Serva Group announced the acquisition of ValTek Industries, a Permian-based manufacturer of hydraulic fracturing pumps and pump parts, including high pressure pumps, fluid ends, power ends, and expendable parts such as valves and seats for the oil and gas industry.

OPEC+ leaders push to maintain production cuts as oil recovery slows

Saudi Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak hailed the rebound in oil prices and demand, but repeatedly urged their allies in a video conference on Wednesday not to ease off their output curbs.

High costs, low oil prices increasing financial risks for deepwater drillers

Firms including Transocean, Seadrill and Pacific Drilling are exploring strategic options as they seek to stave off default, leaving more than $30 billion of debt at risk. The industry’s turmoil has sparked the biggest wave of restructurings since 2017, when the effects of the last oil price downturn reverberated through the industry.

Neptune Energy and Eserv partner for digitization of Cygnus platform

Neptune Energy announced a new partnership with 3D technology specialist, Eserv, as part of the ongoing digitalization of Neptune’s assets including its operated Cygnus gas platform in the UK southern North Sea.

Restoring profitability of mature, unconventional wells

Scott Benzie, Coretrax

Recovering reserves left behind in mature horizontal wells requires refracturing with modern techniques. A new single-trip expandable technology enables operators to restimulate existing perforations, to increase production and EUR with relatively low capital investment.

A tough summer for oil-dependent nations may foretell their new normal

The prospects for petrostates have dramatically shifted from just a decade ago. Oil prices were near $100 a barrel then and consumers were worried about supplies running out. Now, OPEC is increasingly having to reckon with the prospect of peak demand, when consumption starts to decline as wind and solar power become more popular.

Impact of Covid-19 on oil supply, demand and price to 2030

Peter R. A. Wells, Strategic Petroleum Insights

The COVID-19 pandemic will have a profound and lasting impact on oil supply, demand and price for the next 10 years. Two scenarios are presented to help producers understand the challenges associated with fast/slow economic recoveries.

Southwestern Energy to acquire Montage Resources in all-stock deal

Based on the 3-day average closing share prices of the companies as of August 11, 2020 and under the terms of the agreement, Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share.

NETL uses machine learning to prevent and predict oil spills

Jared Ciferno, Kelly Rose, NETL

NETL’s ORM suite comprises tools that can be used individually, or coupled together, to provide a full scope of data to evaluate, explore and ultimately prevent different spill scenarios.

Prumo, bp and Siemens enter into partnership with SPIC on Brazil LNG projects

Under the agreement, SPIC will initially acquire 33% of the GNA I and GNA II LNG-to-power projects, located in Port of Açu, Rio de Janeiro. SPIC has also entered into an agreement to participate in the future expansion projects GNA III and GNA IV, which are expected to be fueled by a combination of LNG and domestic gas from Brazil’s vast pre-salt reserves.

Norway cuts September crude shipments to help limit global supply

While Norway isn’t officially participating in production cuts orchestrated by the Organization of Petroleum Exporting Countries and allied nations, it nonetheless pledged to curb output.

OPEC+ pressures Iraq to take deeper cuts as non-compliance continues

Iraq made its strongest commitment yet to implement deep cuts in crude production after the country’s oil minister and his Saudi counterpart held a phone call Thursday.

Exxon warns low oil prices may erase 20% of proved reserve value

If depressed prices persist for the rest of the year, “certain quantities of crude oil, bitumen and natural gas will not qualify as proved reserves at year-end 2020,” the company said in a regulatory filing on Wednesday.

Dakota Access Pipeline wins a U.S. appeals court reprieve

Judges said Wednesday that they expect the U.S. Army Corps of Engineers to clarify in front of a federal district court whether the agency thinks the pipeline must shut after a key permit was vacated in July. The decision from the U.S. Court of Appeals for the District of Columbia Circuit buys pipeline operator Energy Transfer LP some time after the July 6 shutdown order rocked the industry.

Texas oil regulators update rules to limit gas flaring

While the amount of gas produced in Texas declined by 13 percent from June 2019 to May 2020, the portion of produced gas that was flared dropped even more sharply by 79% during that same time period.