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Shale Oil & Gas News

 

Sinopec Gets Weirong Green Light

Nov 19, 2019

China's Sinopec has received approval from the ministry of natural resources to develop shale gas at the Weirong gas field in the southwestern province of Sichuan, the refiner said on Tuesday.The company plans to build 166 wells at the gas field with total production capacity of 3 billion cubic meters (bcm) each year.The first phase of construction is underway, with two testing wells reaching daily output of 313…

ConocoPhillips Profit Beats Estimates

Oct 29, 2019

US oil and gas company ConocoPhillips' quarterly profit shot ahead of analysts' estimates on Tuesday, as higher shale production offset the impact from lower crude prices and higher exploration costs.Total production, excluding Libya, rose 98…

China Aims to Boost Natural Gas Production

Oct 23, 2019

Following several years of natural gas consumption outpacing local production growth, China is introducing incentives to spur several forms of domestic production in hopes of reducing its reliance on imports.China’s natural gas imports, both by pipeline and as liquefied natural gas (LNG)…

U.S. oil production remains near record high

Sep 16, 2019

U.S. crude production remained close to a record level in June but growth has slowed significantly since the end of last year in response to lower oil prices and the slowdown is set to extend into 2020.Crude output averaged 12.1 million barrels per day (bpd) in June…

Energy Transfer to Buy SemGroup

Sep 16, 2019

Oil and gas pipeline company Energy Transfer LP said on Monday it would buy smaller rival SemGroup Corp for $1.35 billion and build a 75-mile oil pipeline to strengthen its oil transportation, terminalling and export operations.Energy Transfer…

Battered U.S. Oil Producers Soar on Saudi Attacks

Sep 16, 2019

Shares of U.S. oil and gas companies surged on Monday, as a jump in oil prices in the wake of attacks on Saudi Arabia's oil facilities drove a relief rally in one of the S&P 500's worst performing sectors this year.Shares in major energy conglomerates…

US Rig Count Slides

Sep 13, 2019

U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers cut spending, leading to slower growth in crude output.Drillers cut five oil rigs in the week to Sept. 13, bringing the total count down to 733…

US Shale to Peak at 14.5Mbpd in 2030

Sep 13, 2019

US shale supply will peak at approximately 14.5 million barrels per day (bpd) around 2030, said the energy research and business intelligence company Rystad Energy.In the past decade, crude oil coming from shale patches such as the Permian in…

Tax Breaks Approved for Russia's Largest Oilfield

Sep 12, 2019

Russia's finance ministry has in principle approved tax breaks for developing the Priobskoye oilfield, Russia's largest, to oil giants Rosneft and Gazprom Neft, Alexei Sazanov, head of the ministry's tax department said on Thursday.He added…

Baker Hughes: U.S. Oil Drillers Cut Rigs Again

Sep 06, 2019

U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept…

Gas Flaring Dips in the Permian

Sep 05, 2019

Natural gas flaring in the Permian dropped in the first quarter of 2019 – the first drop in one-and-a-half years, according to energy research firm Rystad Energy.Rystad Energy has been closely monitoring the level of natural gas flaring in the Permian since 2017…

Exxon, Chevron See Consolidation in Top U.S. Shale Field

Sep 04, 2019

The two largest U.S. oil and gas companies on Tuesday left the door open for more acquisitions in the country's top shale field.Exxon Mobil Corp expects to see industry consolidation to happen 'over some period of time,' in the Permian Basin in west Texas and New Mexico…

Rates Slowdown in Permian Basin

Sep 02, 2019

Though the Permian Basin still dominates US land drilling, the pace of growth in this region has slowed significantly.Older tight oil wells decline by 20% per year without material intervention, according to Rystad Energy.Contrary to common belief…

US Drillers Add Oil Rigs

Aug 16, 2019

U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.Companies added six oil rigs in the week to Aug. 16, the biggest increase since April…

Trafigura Started Crude Shipments via U.S. Pipeline Cactus II

Aug 12, 2019

Global commodities trader Trafigura has started shipments of Permian basin crude to the Corpus Christi oil hub in Texas via the newly operational Cactus II pipeline system, the company said in a statement on Monday.Trafigura signed a long-term…

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