The Woodlands-based Excelerate Energy last week debuted another tanker that can be used as an offshore LNG import terminal. The Sequoia was delivered to Excelerate after construction in South Korea. Houston Chronicle said Sequoia can store 173,400 cubic meters of LNG; it belongs to a class of ships known as floating storage and regasification units […]
Crude Prices: When Will the Upturn Turn Up?
In an article posted this week entitled, “Oil Rebounds with Economic Data Outweighing Virus Resurgence,” Bloomberg’s Hailey Waller and Grant Smith set forth some much-needed positive news for the oil and gas industry. It’s the question that is on everyone’s minds. When will the price of crude oil rise to a level that can sustain […]
Railroad Commission hears recommendations on reducing flaring
Commissioners of the Railroad Commission of Texas heard recommendations on flaring from three groups at a hearing in Austin June 16 and asked the RRC staff “to consider the recommendations and come back to the commission this fall with a plan of action.” Commissioners heard from industry trade associations, environmental advocacy groups, and oil and […]
Midland’s Intrepid acquires directional drilling business of Gyrodata
Midland-based Intrepid Directional Drilling Specialities acquired the directional drilling business, including personnel and equipment, of Houston-based Gyrodata to double Intrepid’s capabilities in North America and expand its presence in Latin America. Robert Trainer, president and CEO of Gyrodata, said April 30 when his company announced the sale, “We are helping to build a truly unique […]
EOG Resources among independents “best positioned” for recovery
U.S. bank Goldman Sachs told Argus Media that Parsley Energy, Pioneer Natural Resources, EOG Resources, Concho and Diamondback Energy are among upstream independents “best positioned for a recovery given their favorable supply costs, well inventories and balance sheets.” Argus said June 15 that EOG is focusing on developing its position in Delaware Basin. The firm […]
Matador completes wells in Eddy, Lea counties in Delaware Basin
Dallas-based Matador Resources said June 18 that five Ray State wells in eastern portion of Rustler Breaks in Eddy County and six Rodney Robinson wells in western portion of Antelope Ridge in Lea County have been completed and turned into sales. The company also said it is concluding completion operations on five Leatherneck wells in […]
Ingham’s Texas Petro Index posts second largest decline since 1995
Texas Petro Index from Texas Alliance of Energy Producers declined sharply in April from the previous month “as the state’s oil and gas economy began to register the full effects of covid-19, the Saudi-Russian price war and the resulting economic shutdown.” The index fell to 171.0 in April from 181.9 in March; the 10.9 drop […]
Permian crude oil production expected to decline in July to 4.263 million b/d
Production of crude oil and natural gas in each of the seven major regions in the U.S. is forecast to decline in July, according to the latest drilling productivity report from U.S. Energy Information Administration. The June 15 report said oil production in Permian Basin is expected to fall by 7,000 b/d to 4.263 million […]
Global 2020 spending to decline led by lower forecast for shale investments
A new report from Oslo-based research firm Rystad Energy released last week said global spending this year on oil and gas drilling is forecast to fall to its lowest level in 15 years – with shale investments expected “to take the biggest hit.” Rystad said shale spending will fall by more than 50 percent to […]
Bloomberg: ExxonMobil to delay startup of refinery in Beaumont
Bloomberg reported last week that ExxonMobil will delay startup of its refinery expansion in Beaumont by a year to 2023 “as the oil giant weathers low demand for petroleum products and seeks to save cash amid the covid-19 pandemic.” The project will make the Beaumont refinery the largest in the world, according to Bloomberg. Jeremy […]
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