Shale ///
The Biden administration on Friday issued a long-awaited blueprint for overhauling oil and gas development on federal lands that includes boosting royalty rates despite high gasoline prices that have spurred demands to accelerate domestic production.
Crude oil and natural gas production in the Eagle Ford shale play, situated in southeast Texas, dropped by almost 35% and 20%, respectively, in May 2020 due to the COVID-19 pandemic, according to GlobalData.
Oil output in the Permian Basin is projected to hit a record as the largest U.S. shale patch leads the recovery in domestic production from its Covid-19 induced slump.
The ADIPEC conference, running from Nov. 15-18, is taking place in the wake of the COP26 climate talks and with energy prices soaring. Benchmark Brent crude has climbed almost 60% to above $80 a barrel, while gas prices in Asia and Europe hit record highs recently.
Surging oil and natural gas prices are spurring production increases from West Texas to the Upper Great Plains that probably will lift output to levels not seen since the early days of the pandemic, according to Rystad Energy AS.
Oil and gas producer Occidental Petroleum Corp.’s move to hedge its output has been a roller coaster over the past two years.
While President Joe Biden has been “jaw-boning” OPEC nations to pump more crude, the rest of the world finds it odd that the leader of the top oil producer isn’t paying more attention to domestic shale, said oil historian Daniel Yergin.
Southwestern Energy Company announced that it has entered into a definitive agreement with the third largest private Haynesville producer – GEP Haynesville, LLC under which it will acquire GEP for approximately $1.85 billion. The transaction is expected to close by year-end 2021, subject to customary closing conditions.
Jim Redden, Contributing Editor
Discipline tested, as gas continues upward trajectory
President Joe Biden should “back off” from domestic anti-oil policies if he wants to keep crude prices in check, according to one of America’s biggest shale drillers.
Harold Hamm, one of the richest and most prominent shale wildcatters, is finally taking a stake in North America’s biggest oil field.
Shale driller Diamondback Energy Inc. is bracing for a 10% jump in costs next year amid supply-chain snarls rippling through the oil industry.
“It’s hypocritical to kill clean fossil fuel jobs here in America claiming it ensures a clean environment, and then beg our foreign adversaries to produce more using much less environment-friendly methods," Railroad Commission of Texas Chairman Wayne Christian said in a statement.
Diamondback Energy Inc. just gave one of the first shale production forecasts for next year, and it’s holding pat.
As U.S. House Democrats inch closer to striking a deal on a massive Budget Reconciliation package with their counterparts in the Senate, it is important to note the potential implications for jobs in the upstream sector of the U.S. oil and gas industry.
Special-purpose acquisition companies have targeted electric vehicles, fintech, healthcare and even space this year, largely avoiding oil -- until now.
Recently, there have been several reports inaccurately portraying the efforts of the Railroad Commission of Texas to ensure that oil and gas operators are prepared to operate during the next weather emergency. I would like to set the record straight.
RRC has managed to exceed the Texas Legislature’s goals for inspections despite the global pandemic that impacted the agency’s operations and its regulated community.
Oil output in America’s most prolific shale patch is getting closer to levels seen before the pandemic-driven market crash, as crude prices surge.