Exxon Mobil Corp.’s acquisition of 3.4 billion barrels of oil equivalent (Bboe) in New Mexico’s highly-prolific, oil prone section of the Permian Basin, offers good value for the company, and validates the Delaware and operators who have made the Permian Basin their core strategy, industry analysts say. The company is the latest to expand its… Read more »
Posts By: Olivia Cao
EIA: US Set To Become Energy Exporter By 2026
NEW YORK, Jan 5 (Reuters) – The United States is projected to become a net energy exporter over the next decade due to rising natural gas exports and falling petroleum product imports, the U.S. Energy Information Administration said on Thursday. While the United States has been a net energy importer since 1953, declining energy imports… Read more »
Shale Specter Haunts OPEC as Oil Seen Rallying Into 2017
After pulling off the biggest oil-market deal in a decade, OPEC faces a new balancing act in 2017: boosting prices without igniting shale. The first shale boom spurred a global supply glut that started prices sliding in mid-2014, and was amplified that November by a pump-at-will OPEC strategy aimed at market dominance. During the ensuing rout, prices… Read more »
DEA Norge Extends Norwegian Sea Interests
DEA Norge AS announced Friday that it has acquired a participating interest in seven licenses in the Njord area in the Norwegian Sea, including a 20 percent increased interest in the Njord field, from Engie E&P Norge AS. “The acquisition adds approximately 45 million barrels of oil equivalent in reserves and contingent resources to DEA…. Read more »
Goodrich Petroleum Common Stock Commences Trading On OTCQX
Goodrich focused on TMS, Haynesville, Eagle Ford Goodrich Petroleum Corporation’s (OTCQX: GDPP) common stock commenced trading today on the OTCQX market under the trading symbol GDPP. Goodrich President Robert C. Turnham said in a statement, “We are very pleased to have the opportunity to trade on OTCQX and see this as an important step towards… Read more »
Chevron announces $20 Billion Capex in 2017
70% of planned upstream projects will generate production in 2 years California-based Chevron Corp. (ticker: CVX) announced its 2017 capital budget Wednesday. The company will cut its capex spending for the fourth consecutive year as it focuses on short-cycle, high-return investments, according to the company. Including $4.7 billion in affiliate expenditure, Chevron’s 2017 budget will… Read more »
OPEC Deal Will Go Ahead Even If Only Russia Commits
ABU DHABI, Dec 7 (Reuters) – OPEC’s deal to cut oil production will go ahead even if Russia becomes the only non-OPEC country to commit to reduce output at a meeting this week, Nigeria said on Wednesday, while the UAE voiced optimism that other producers would participate. OPEC agreed last week to slash output by… Read more »
OPEC Crude Cut Could Push Oil to $75 Per Barrel in 2017
Following months of global oil market angst, OPEC has pledged to cut its production by almost 1.5 million barrels per day (MMbpd) – a greater target than proposed when the cartel last met in Algeria. This first OPEC accord in eight years is designed to accelerate the rebalancing of a market that has shown some signs of… Read more »
OPEC to Cut Crude Production by 1 MMbpd in January
Following months of global oil market angst, the Organization of Oil Producing Countries (OPEC) has agreed to cut its crude production Jan. 1 by more than 1 million barrels per day (MMbpd) to 32.5 MMbpd. The International Energy Agency has estimated that as a group, OPEC currently produces 33.8 million MMbpd. In September, the cartel said member… Read more »
Australia Takes Aim At Oil And Gas Industry In Tax Review
MELBOURNE, Nov 30 (Reuters) – Australia is targeting the oil and gas industry for a tax review ahead of next year’s budget, in a push to boost revenue after a sharp slump over the past three years and collect more from multinational giants. Treasurer Scott Morrison said on Wednesday that takings from the nation’s petroleum… Read more »
