Posts Categorized: Uncategorized

ABU DHABI, Feb 20 (Reuters) – Abu Dhabi awarded a 4 percent stake in its giant onshore oil concession to CEFC China Energy Co for a fee of 3.3 billion dirhams ($900 million), state-owned Abu Dhabi National Oil Co (ADNOC) said on Monday. The stake is the last to be awarded in the concession after… Read more »

Fulfilling his campaign pledge to bring the Keystone XL and Dakota Access pipelines back to the table, President Donald Trump signed executive orders Tuesday reversing the position forged by former President Barack Obama. The orders don’t fast-track either pipeline, but “advance” them for renegotiation. Trump has long said he could obtain a “better deal” for… Read more »

Following 23 consecutive months of declines in oil and gas jobs in Texas, November saw jobs being added to the industry, according to Texas oil economist Karr Ingham. Ingham, who created and maintains the Texas Petro Index (TPI), said after two years of depressed upstream activity, the industry is positioned to bounce back. “This is… Read more »

(Bloomberg) — Oil-price gains will trigger a “significant” increase in U.S. shale output as OPEC and other producers rein in supply, according to the head of the International Energy Agency. “U.S. shale-oil production will definitely react strongly,” Executive Director Fatih Birol said Wednesday in a Bloomberg Television interview in Davos, Switzerland. At $56 to $57 a… Read more »

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 »

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 »

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 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 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 »

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 »