The global land drilling rig market has been through a tough downturn characterised by an inward focus through the supply chain on survival.
Looking at the recent evolution of oil production in the Lower 48 states (excl. Gulf of Mexico), Rystad Energy observes a continuous expansion, with a 430 000 bpd growth from December 2016 to May 2017.
Total has sanctioned the development of the first phase of the operated Aguada Pichana Este license in the giant Vaca Muerta shale play in Argentina. Moreover, the Group will also increase its interest in the license from 27.27% to 41%.
Oil prices are unlikely to rebound significantly from current levels, with a glut of supply and increasingly advanced methods of extraction set to keep the commodity’s price lower for longer, according to Stephen Jones, CIO at Kames Capital.
The latest published well production data from the Ohio Department of Natural Resources (ODNR) suggests that shale gas production in Ohio contracted by 180 million ft3/d in 4Q 2016, with only 58 new wells turned in line.
The EIA’s Annual Energy Outlook 2017 Reference case projects that US tight oil production will increase to more than 6 million bpd in the coming decade, making up most of total US oil production.
The company has won a bankruptcy auction to acquire the acres, including drilling rights on 44 100 net acres in the Utica and current natural gas production of approximately 80 million ft3 per day, from Stone Energy Corp.
TGS has begun field operations on the West Kermit 3D seismic survey in the Delaware Basin. This project will encompass a minimum of 150 square miles in Loving and Winkler Counties, TX.
Hawkwood Energy, has announced that it has reached a definitive agreement for its wholly-owned subsidiary Hawkwood Energy East Texas, LLC to acquire producing and non-producing assets from subsidiaries of Halcon Resources for US$500 million.
Anadarko Petroleum Corporation has announced that it has agreed to sell its Eagleford Shale assets in South Texas for US$2.3 billion to Sanchez Energy Corporation and Blackstone Group LP.