Exploration & Production - News
One source said a deeper cut in output was an option depending on estimated growth in supply from non-OPEC producers, mainly U.S. shale oil firms, among other scenarios.
Cook Inlet Oil & Gas Lease Sale 244 will offer 224 blocks toward the northern part of the federal Cook Inlet Planning Area for leasing, BOEM said May 18. The blocks stretch roughly from Kalgin Island in the north to Augustine Island in the south.
BlackRock Inc. said on May 12 that it voted in favor of a successful shareholder proposal calling for more climate change reporting by Occidental Petroleum Corp., in the first sign the world's largest asset manager was backing up its tough new talk on environmental matters.
Cobalt said it had filed requests for arbitration seeking more than $2 billion from Angola's state-run Sonangol after the two failed to reach an agreement on license deadline extensions on two deepwater blocks.
Suncor said on May 8 it will file a regulatory application for its 160,000 barrel-per-day (bbl/d) Lewis project later this year, and in March received approval for the 80,000 bbl/d Meadow Creek East plant. It also plans to file an application for the 40,000 bbl/d Meadow Creek West project later this year.
The oil industry expressed relief about the CBP announcement. Oil and gas majors operating in the U.S. Gulf of Mexico had stepped up lobbying efforts over the last two months to urge the CBP not to remove the waivers.
The move follows Secretarial Order 3350, which implements President Trump’s America-First Offshore Energy Strategy, and reverses a decision by the previous administration that ordered BOEM to deny the permit applications.
An affiliate of Denver-based Hawkwood Energy LLC is selling its operated stake in producing Eagle Ford Shale assets through a sealed-bid offering being handled by EnergyNet.
Getting the Trump administration to repeal the BLM methane rule had been a top priority of the oil and gas industry, but not all Republicans supported the measure because it would make it difficult to regulate methane waste in the future.
Petro River Oil said May 8 it struck a new oil field discovery in the company's 106,500-acre concession in Osage County, Okla., following the successful drilling of the Chat 2-11 exploration well.
The offer includes nonoperated working interest and overriding royalty interest in producing wells located in Harrison and Noble counties, Ohio.
Higher crude output from the U.S. should pressure global oil prices through the end of 2018, the U.S. Energy Information Administration (EIA) said May 9, ahead of OPEC's meeting later this month.