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Energy Information Administration reduced its forecast for crudeoil production this year. In its Short-Term Energy Outlook released Tuesday, EIA said, “Declining oil prices have contributed to U.S. producers slowing their drilling and completion activity this year. production of crudeoil was 11.99
Dr. Paul Clarke, CEO of CanCambria, stated: “We are very pleased to have signed this contract and look forward to completing the remaining steps, and closing in the next month. This basin adds several new exploration targets to the portfolio, with the potential to hold several undiscovered hydrocarbon accumulations of potential scale.
(NYSE American: REI) (Ring or the Company) announced that it has completed its previously-announced acquisition (the Transaction) of the Central Basin Platform (CBP) assets of Lime Rock Resources IV, LP (Lime Rock) on March 31, 2025. ABOUT RING ENERGY, INC. Ring Energy, Inc. For additional information, please visit www.ringenergy.com.
Houston-based Plains All American Pipeline said recently it acquired the Permian Basincrudeoil gathering system of Black Knight Midstream. Plains also acquired the remaining 50 percent interest in Cheyenne Pipeline in southeast Wyoming and completed a debottlenecking project at a fractionation complex in Edmonton, Canada.
The pipelines carrying crudeoil from the Permian Basin in West Texas to the Corpus Christi area have been as jammed as an urban highway on the Friday before Memorial Day weekend.
The Hacksaw CrudeOil Terminal, operated by EVX Midstream Partners, is a significant midstream infrastructure asset located in Tilden, McMullen County, Texas. Pipeline Connectivity : The terminal is connected to the Eagle Ford JV Pipeline, facilitating efficient transportation of crudeoil to downstream markets.
With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world.
With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world.
The Permian Basin continues to be a driving force behind U.S. oil and gas production, and ONEOK Inc. Heres a breakdown of what was said about the companys investments and outlook for the basin. Heres a breakdown of what was said about the companys investments and outlook for the basin. Bcf/d in 2025.
Ballymore is an example of how we are leveraging technology and driving efficiencies to help produce affordable, reliable energy from the deepwater Gulf of America, one of the lowest carbon intensity oil and gas producing basins in the world, said Brent Gros, vice president, Chevron Gulf of America.
Below we summarize recent (2024–2025) drilling activity, budget allocations, and production volumes in Oklahoma (primarily the Anadarko Basin and related plays) for six companies: Ovintiv , Mach Natural Resources , Devon Energy , Coterra Energy , Continental Resources , and Mewbourne Oil Company. Liquids” includes crudeoil and NGLs.
The figures a year ago included 689 oil wells, 183 gas wells and 19 dry holes. The three Permian basin districts7C, 8 and 8Acomprised 67.3% The total includes 613 to drill new oil or gas wells, 15 to re-enter plugged wellbores, 5 field transfers, 1 reclass and 62 for re-completion. in February, 72.4% in January and 71.5%
Image by pavalena via iStock Vietnam Oil and Gas Group (Petrovietnam) and its joint venture partners have signed a product sharing contract (PSC) for Block 15-1 on the southern continental shelf of Vietnam. The asset is one of the few blocks in Viernam that contains large-scale commercial oil and gas fields.
But it wasn’t until the 19th century that the true potential of the region’s oil wealth began to be understood and harnessed. The 1846 Breakthrough: Bibi Heybat Well In 1846, long before the American oil boom, the world’s first mechanically drilled oil well was completed at Bibi Heybat, just south of Baku.
In Angola, which has been an LNG producer since 2013, the NOC Sonangol is working with its New Gas Consortium partners Azule Energy, Cabinda Gulf Oil Company and TotalEnergies to increase LNG production capacity. Unlocking new E&P markets A slate of discoveries in recent years have opened up new oil and gas plays across the continent.
This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets, said Ezra Y. Yacob, Chairman and Chief Executive Officer of EOG. Wachtell, Lipton, Rosen & Katz is serving as EOGs lead legal advisor.
ConocoPhillips provided significant insights into its Permian Basin operations during its Q4 2024 earnings call, highlighting efficiency improvements, capital discipline, non-core asset sales, and potential growth opportunities tied to increasing U.S. Potential Impact of Tariffs and Permian Crude Pricing The potential U.S.
Crude-oil-focused drilling and completion in the Permian Basin is generating fast-increasing volumes of associated gas and creating opportunities for midstream companies that provide wellhead-to-water services for natural gas and NGLs.
million barrels per day of NGLs, crudeoil, refined products and petrochemicals. Teague said Enterprise has growth projects valued at $6 million scheduled for completion in 2025, including two natural gas processing plants in the Permian Basin in 3Q. billion cfd in the first quarter compared to 2024Q1.
Last year, the Permian Basin Petroleum Association created a set of recommended practices to combat oilfield crime, incorporating physical, cyber, and operational security measures. The headquarters will be positioned in the Permian Basin but will be responsible for investigations statewide.
With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world.
Now, as we step into 2025 , the industry faces critical questions : Which basins will see the most growth? oil & gas basins , the leading companies , and market trends using the latest data and forecasts. In 2024, Ecopetrol invested $880 million into drilling new wells, with 91 wells planned for completion in 2025.
What is oil and gas upstream midstream downstream? Upstream involves locating, surveying, drilling, and extracting crudeoil and natural gas from underground reservoirs. Midstream activities involve the transportation, storage, and wholesale marketing of oil and gas. This includes both onshore and offshore activities.
The combined company becomes the largest Canadian light oil focused producer and the seventh largest producer in the Western Canadian Sedimentary Basin, with significant natural gas growth potential. times net debt/funds flow, which is expected to continue to further strengthen to 0.8
NGL Energy Partners LP has completed a series of non-core divestitures totaling approximately $270 million , including the sale of 17 NGL terminals, its Green Bay terminal, a refined products marketing business, crude railcars, and ownership in Limestone Ranch. refining network. and Canadian markets.
We also saw record performance in crudeoil transportation volumes (up 25%), midstream gathered volumes (up 6%), NGLs produced (up 26%), and NGL fractionation volumes (up 12%) and transportation volumes (up 4%). Strategic Highlights In July 2024, Energy Transfer completed the acquisition of WTG Midstream Holdings LLC.
natural gas production, particularly in the Haynesville Basin, as domestic gas prices surge. CEO Murray Auchincloss, speaking at the CERAWeek conference in Houston, highlighted the companys renewed focus on oil and gas, marking a strategic pivot from its previous emphasis on renewable energy. BP is doubling down on its U.S.
The slight recovery in drilling activity comes amid a challenging environment of fluctuating oil and gas prices, ongoing market uncertainties, and shifting priorities among energy companies. Energy Information Administration (EIA) projects continued growth in both crudeoil and natural gas output throughout 2025.
This trend aligns with industry shifts over the past couple of years, as lower oil and gas prices have led operators to prioritize shareholder returns, debt reduction, and capital efficiency over aggressive production increases. crudeoil production will rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.6
Ballymore is an example of how we are leveraging technology and driving efficiencies to help produce affordable, reliable energy from the deepwater Gulf of America, one of the lowest carbon intensity oil and gas producing basins in the world, said Brent Gros, Vice President of Chevron Gulf of America. owning the remaining 40%.
We also saw strong performance in crudeoil transportation volumes (up 15%), NGL transportation volumes (up 5%), NGL exports (up 2%), midstream gathered volumes (up 2%) and interstate natural gas transportation volumes (up 2%). Adjusted EBITDA was $705 million compared to $674 million for the fourth quarter of 2023.
Pioneer Natural Resources USA, Inc. ("Pioneer"), a natural gas producer operating in the Permian Basin, entered into a firm contract with MIECO, L.L.C. ("MIECO"), an energy trading firm.
anindependent liquids terminal and pipeline operator with approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crudeoil, refined products, renewable fuels, ammonia and specialty liquids. In a deal valued at $7.3 Bcf/d, and two additional processing plants that are under construction.
The company completed an expansion at the Tengiz oilfield in Kazakhstan in January and grew production from the Permian basin, the top U.S. Refining profit improved from the previous quarter, when Chevrons downstream operations reported the first loss in four years. oilfield, by 12% year-over-year.
But several shale companies have warned that weak oil prices would take a toll on output, with drillers including Diamondback Energy Inc. operators will drill and complete fewer wells through 2026, the EIA estimated. Already, the number of rigs drilling for crude in the U.S. saying production has already peaked.
Of course, that is complete hogwash (i.e., The practice of exporting LNG is environmentally friendlyit makes good and responsible use of the abundant associated gas that is produced along with the crudeoil extracted here in the Permian Basin. We also hear many out of Washington, D.C., misinformation).
Department of Energy said recently filling the nations strategic petroleum reserve will require $20 billion and several years to complete. The SPR, worlds largest emergency crudeoil stockpile with capacity to store 727 million barrels, now holds about 395 million barrels. The post Energy secretary says filling U.S.
the latest independent oil producer in the Permian basin, said last month. have announced major job cuts this year, but Wright said lower energy prices are of higher priority than falling employment in oil and gas. “The Strategic Petroleum Reserve should be completed this year, Wright said. Chevron Corp. and Apache Corp.
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