US upstream news

88 Energy has announced further successful flow test results from the Company’s Hickory-1 discovery well, located in Project Phoenix on the North Slope of Alaska.

The United States produced more crude oil than any nation at any time, according to the International Energy Statistics, for the past six years in a row.

Diamondback Energy, and Endeavor Energy Resources has announced that they have entered into a definitive merger agreement under which Diamondback and Endeavor will merge in a transaction valued at approximately US$26 billion.

The company has completed a well cement placement project for a large international operator in the US Gulf of Mexico, delivering an inner-string cementing on a subsea well's 22 in. surface casing in a water depth of approximately 2000 m.

The Energy Information Administration estimate that U.S. marketed natural gas production in the Lower 48 states (L48) will grow by 5% in 2023 and 2% in 2024.

The merger combines Pioneer’s more than 850 000 net acres in the Midland Basin with ExxonMobil’s 570 000 net acres in the Delaware and Midland Basins. Together, the companies will have an estimated 16 billion boe resource in the Permian.

Vitesse has acquired additional oil and gas interests in the Williston Basin of North Dakota that will result in approximately US$50 million of acquisition and related development capital expenditures, primarily in the 3Q/4Q23.

The Railroad Commission of Texas issued a total of 820 original drilling permits in August 2023. The total includes 710 to drill new oil or gas wells, 8 to re-enter plugged wellbores and 92 for re-completions of existing wellbores.

The reinvestment rate of US shale oil producers has hit its highest level in three years in the 2Q23, but the recent trajectory will not last, according to Rystad Energy research.

EIA expects new milestones for US crude oil production amid sustained global petroleum demand and rising prices.