Operators in North Dakota's Bakken oilfield reduced their rig count to 36 in April, down from 40 in March, marking the lowest number this year as a wave of consolidation has swept through the oil patch, state regulators said on Friday. "Their drilling budgets are disrupted especially if both are active in the Bakken. They may have an entirely new rig schedule, trying to coordinate with the midstream folks to come up with gas capture plans," said Lynn Helms, North Dakota director of mineral [Read more]
Heavy oil differential narrows slightly
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Friday: * WCS for May delivery in Hardisty, Alberta, settled at $13.45 a barrel below WTI, according to brokerage CalRock, after closing at $13.60 a barrel below the benchmark on Thursday. * Canadian heavy crude differentials have strengthened this month on news that the 600,000 barrel-per-day Trans Mountain pipeline expansion project is set to start [Read more]
Oil and gas activity in US Midwest, Rockies fell in Q1, Kansas Fed says
Oil and gas energy activity in Oklahoma, Colorado and the northern part of New Mexico fell in the first quarter of 2024, the Federal Reserve Bank of Kansas City said on Friday in its quarterly survey of energy activity. Drilling and business activity contracted for a fifth straight quarter and will likely continue to fall over the next six months, according to the survey, which included responses from 33 firms operating in the Midwest, the Rockies and parts of New Mexico. More than 75% of [Read more]
US natgas prices hold near 2-week low on lower demand forecasts
U.S. natural gas futures held near a two-week low on Friday on worries about a huge storage surplus and forecasts for lower demand over the next two weeks than previously expected due primarily to a drop in feedgas to the Freeport LNG export plant in Texas. Analysts forecast gas stockpiles were about 36% above normal levels for this time of year. That lack of price movement occurred despite a drop in output as producers reduced drilling activities after prices fell to a 3-1/2-year low in [Read more]
Texas earthquake could further restrict oil companies’ saltwater disposal options
A 4.4 magnitude earthquake that shook the largest U.S. shale field on Wednesday could lead to further restrictions on how operators there can dispose of saltwater associated with their oil and gas production, analysts said. The quake was the largest yet in the Stanton Seismic Response Area (SRA), a swath of the Permian basin near Midland, Texas, where regulators were already monitoring seismic activity linked to disposal of saltwater, a natural byproduct of oil and gas production. The [Read more]
US finalizes big reforms to federal oil and gas drilling
President Joe Biden's administration on Friday finalized a range of reforms designed to boost returns and address environmental harms from oil and gas drilling on public lands. The new rules follow years of criticism from green and taxpayer groups that federal oil and gas development was not benefiting the public. Many of the changes formalize provisions in Biden's landmark climate change law, the 2022 Inflation Reduction Act (IRA). Under the new policy, oil and gas companies will pay [Read more]
Hess signals Exxon arbitration could push a sale into next year
An Exxon Mobil arbitration case that could block the sale of Hess Corp to Chevron could drag on until year-end, Hess said in a U.S. securities filing on Friday. The filing signals any closing of its $53 billion sale to Chevron could fall into next year, at least six months later than a prior goal of finalising the deal the middle of this year. Exxon and CNOOC Ltd filed cases before the International Chamber of Commerce last month seeking to claim a right to a first refusal over any sale of [Read more]
Exxon moves forward with sixth oil project in Guyana, targets 1.3 million bpd output
Exxon Mobil has made a final investment decision for its sixth oil development project in offshore Guyana after receiving the required government and regulatory approvals, the company said on Friday. A consortium led by Exxon began crude output in Guyana in 2019, and has ramped up production to some 650,000 barrels per day (bpd) this year. The other members of the consortium are Hess Corp and CNOOC Ltd. The latest project will bring the Exxon-led consortium's production capacity in Guyana [Read more]
BP takeover is both appealing and daunting
(The authors are Reuters Breakingviews columnists. The opinions expressed are their own.) By Karen Kwok and Yawen Chen LONDON, April 12 (Reuters Breakingviews) - For any ambitious M&A adviser, there’s obvious appeal in pitching clients on a potential takeover of BP. The $110 billion energy group is cheap relative to rivals, and its new CEO is still learning the ropes. It also has assets that may appeal to cash-rich buyers like Abu Dhabi National Oil Company (ADNOC), which recently [Read more]
IEA trims oil demand forecast on weakness in wealthier countries
The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity. The Paris-based energy watchdog lowered its growth outlook for this year by 130,000 barrels per day (bpd) to 1.2 million bpd, adding that the release of pent-up demand by top oil importer China after easing COVID-19 curbs had run its course. "Delivery data for many countries came in on the soft side, as [Read more]
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