Reliance Industries has divested its interest in upstream assets in the Eagle Ford shale play in Texas.
The properties being sold include non-operated interests in over 400 producing wells (65.9 net) with recent production of greater than 4500 net boe/d (approximately 65% oil).
A report from Rystad Energy concludes that a surge in growth from Vaca Muerta is poised to lift Argentina’s country-wide oil production to the highest level in years, with the play’s competitiveness also rising against US basins.
Shell’s Permian business includes ownership in approximately 225 000 net acres with current production of around 175 000 boe/d.
Most US shale producers are being conservative in their production and capital guidance, as priorities remain around protecting balance sheets and generating free cash flow, according to GlobalData.
According to GlobalData’s latest report, ‘Bakken Shale in the US, 2021 – Oil and Gas Shale Market Analysis and Outlook to 2025’, Bakken Shale accounted for a mere 11% of oil and 2.8% of natural gas production in the US Lower 48 for 2020, which is a drop from 12% for crude oil and 3% for natural gas in 2019.
The two companies have agreed to develop 20 oil wells in the Bajada del Palo Oeste block, located in the Vaca Muerta shale play in Argentina.
The new facility is part of the company’s planned expansion into the northeast (Marcellus and Utica) market.
Applied Petroleum Technology has ramped up its presence in Houston to support US operators involved with shale oil as well as companies engaged in offshore E&P in the Gulf of Mexico.
The acquisition will add 1 billion ft3/d equivalent of gas production to EQT Corp's current net production.