The Biden administration this week approved the construction of a deepwater crude oil export terminal 30 miles off the Texas coast near Freeport in Brazoria County that will be the largest of its kind in the U.S.  Sea Port Oil Terminal will be capable of loading two supertankers at once with an export capacity of […]

Pemex, Mexico’s state energy company, said this week it will cut at least 330,000 barrels per day of crude oil exports in May.  Reuters said that will leave customers in U.S., Europe and Asia with a third less supply from Mexico.  This follows the withdrawal of 436,000 b/d of Maya, Isthmus and Olmeca crudes in […]

Houston-based Enterprise Products Partners said last week it started service at its Mentone 3 natural gas processing plant in Delaware Basin and Leonidas natural gas processing plant in Midland Basin.  Each is capable of processing more than 300 million cfd of natural gas and extracting more than 40,000 b/d of NGLs. Enterprise also said April […]

U.S. Department of Energy said last week it will discontinue purchases to replenish the nation’s strategic petroleum reserve even though the SPR is only about half full.  DOE said the decision is based on increasing oil and gasoline prices.  DOE was scheduled to purchase 3 million barrels for August delivery and another 3 million barrels […]

Baker Hughes’ count of active drilling rigs in the U.S. declined as of April 5 for the third consecutive week.  It’s the first three-week decline since September-October 2023.  Baker Hughes said there were 620 rigs in U.S. (down 1 in the past week, down 131 in past year).  The U.S. count is down 9 during […]

Santa Clara-based Oklo, a fast fission clean energy power technology and nuclear fuel recycling company, said Monday it reached agreement with Midland’s Diamondback Energy to power Diamondback’s Permian Basin operations with emissions-free electricity from fission reactors.  Oklo said it intends to license, build and operate power plants capable of generating 50 megawatts of electric power […]

Occidental Petroleum and Pioneer Natural Resources are the top two operators of active drilling rigs in Permian Basin, according to Enverus.  Occidental had 24 active rigs in the week ending March 29 followed by Pioneer with 21 rigs.  Other Permian leading operators were Mewbourne Oil with 19, EOG Resources with 17, and ConocoPhillips, Devon Energy […]

Sydney, Australia-based Macquarie Group, global financial services company and investment bank, said it expects U.S. crude oil production to reach about 14 million barrels per day by yearend 2024.  According to Oil & Gas Journal, the projections in a recent report by Macquarie include a slight downward adjustment in the shale outlook offset by anticipated […]