Oil and gas activity declining in Oklahoma, Colorado, Wyoming Executives do not anticipate a significant increase in drilling in the near future, according to the Federal Reserve Bank of Kansas City’s most recent Energy Survey. The Kansas City Fed’s energy survey is quite similar to that of the Dallas Fed, but covers a different area. This survey contains responses from
From Bloomberg Mexico’s Finance Ministry confirmed that it spent about $1.23 billion to protect 2019 revenues against falling crude prices in the world’s largest annual oil deal. The oil producer locked in hedges at $55 a barrel, equivalent to the price approved by lawmakers for the 2019 budget, according to a Finance Ministry statement. The total expense comes to about
From Reuters India’s oil imports from Iran fell by 41 percent in December to 302,000 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, as pressure from U.S. sanctions took effect. The United States introduced tough sanctions aimed at crippling Iran’s oil revenue-dependent economy in November but gave a six-month waiver to eight nations, including India, which
February cuts will be at same level as January Alberta is holding course on its production cut plan even though the program has already achieved one of its primary goals, based on a release today. The province’s production cut plan requires all major oil companies to cut output, starting January. The cuts are intended to fade away over time, with
E&P companies account for 67% of 2018 bankruptcies Energy attorneys Haynes and Boone have released the firm’s updated list of oil and gas bankruptcies, detailing how the continuing downcycle has affected companies. While oil prices were robust for much of the year, this did not save companies from falling into bankruptcy in 2018. A total of 43 oil and gas
From Reuters EPIC Crude Pipeline LP said the projected third-quarter start-up of its crude pipeline from the Permian basin to Corpus Christi, Texas is in “some jeopardy” after U.S. regulators delayed action on its petition to set initial tariff rates. The San Antonio, Texas, based company said in a letter to U.S. Federal Energy Regulatory Commission dated Jan. 8 that
From Reuters Norway’s oil output in 2019 will be smaller than previously forecast and its lowest level in three decades, although it should rebound in the following years, the country’s oil industry regulator said on Thursday. Investment in Western Europe’s largest oil producer and Europe’s second-largest gas producer, behind Russia, is surging after a decline due to the slump in
From The Wall Street Journal Mexico faced a mounting crisis on Wednesday as gasoline shortages spread across the country after the government closed several key fuel pipelines to prevent theft by organized crime groups. Mexican President Andrés Manuel López Obrador on Wednesday urged motorists to avoid filling up their cars if possible, as the gasoline shortage spread to the nation’s
Q4 production exceeds expectations by 14 MBOEPD Chesapeake Energy (stock ticker: CHK) announced preliminary Q4 production, significantly exceeding expectations. Chesapeake produced about 463 MBOEPD in Q4, 86.5 MBOEPD of which was composed of oil. Bloomberg reports Chesapeake was expected to produce 449 MBOEPD in Q4, so this result significantly exceeds expectations. While the company’s production fell short of the 537
From Bloomberg Venezuela will remap its Caribbean oil and gas prospects in a move that could further stoke a century-long border dispute with Guyana and collide with Exxon Mobil Corp.’s venture in the region, people with knowledge of the plan said. The seismic survey is planned for the coming months and will include an eastern area of Venezuela that borders
From Reuters All countries that were granted waivers from the United States to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers. The United States withdrew from a nuclear deal with Iran last year and snapped sanctions in place to
From Reuters France’s Maurel & Prom will invest $400 million to acquire a 40 percent stake in a Venezuela oilfield joint venture called Petroregional del Lago, state oil company PDVSA [PDVSA.UL] President Manuel Quevedo said on Monday. Maurel & Prom said in a December statement it had agreed to pay 70 million euros ($80.5 million) to buy the stake from
