The transaction includes the transfer of approximately 450 000 net acres in the Fox Creek (Kaybob) and Rocky Mountain House (Willesden Green) areas, along with related infrastructure, currently producing around 30 000 boe/d from more than 270 wells.
Unless an effective COVID-19 vaccine is made available, the uncertainty in global energy demand will continue to weigh down oil prices, and delay shale industry recovery.
Rystad Energy is forecasting peak oil demand to arrive earlier and at a lower level than previously thought, leading to reduced E&P investments.
Pioneer will acquire all of the outstanding shares of Parsley in an all-stock transaction valued at approximately US$4.5 billion.
CNX Resources have successfully installed 27 361 ft of 5.5” 23# VA-EP-P110-NY VAtitan-TC on the Maj-12 pad in the Pennsylvania Utica Shale.
The shale company has voluntarily filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas.
Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.
Global spending is forecasted to reach US$383 billion this year, the lowest level in 15 years and a 29% decrease of US$156 billion compared to 2019.
The transaction includes the transfer of approximately 450 000 net leasehold acres across Pennsylvania, with approximately 350 producing Marcellus and Utica wells in Tioga County and associated facilities.