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]
Headlines
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]
Well of the Week – Hot on the trail
The last time the Petro Ninja – Enlighten Geoscience Well of the Week considered the importance of geothermics was back in 2018 with Some Like It Hot. The focus at that time was on the effect subtle variations in geothermal gradient (GTG) had on the viscosity of shallow heavy oil production. At the time, the development of geothermal energy as a stable baseload source of electricity and heat was just getting started in western Canada. It is an understatement to say that a lot has changed in 6 [Read more]
Hess sanctions Whiptail development offshore Guyana
Whiptail development receives government approval; production targeted to begin in 2027 Sixth Stabroek Block development will add gross production capacity of approximately 250,000 barrels of oil per day On track to deliver gross production capacity on the block of approximately 1.3 million barrels of oil per day by end of 2027 NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today announced it has made a final investment decision to proceed with Whiptail, the sixth development [Read more]
Canadian Rig Count Summary – Active rig count falls to 128
Canada’s active rig count came in at 128 this morning, 1 rig fewer than last Friday. Albertan rig activity increased slightly, with the province's active rig count bumping from 99 up to 102. Saskatchewan’s rig count fell by 1 (from 4 to 3), while BC’s active rig count fell from 26 to 23. This is the second consecutive week in which BC's rig count has declined, suggesting the spring slowdown is persisting. With respect to target commodities, the number of oil rigs increased from 60 to 61 [Read more]
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