Exploration & Production
Contango Oil & Gas provided an update on its second and third wells drilled on its Southern Delaware Basin acreage in Pecos County, Texas, the Houston company said May 24.
Demand is expected to pick up in the second quarter, according to OPEC’s president. But that doesn’t mean another extension is off the table.
The FY 2018 budget supports oil spill research and Trump's 'America First Energy' and includes $112 million in current appropriations and $92.9 million in revenue from rental receipts, cost recoveries and inspection fees.
OPEC decided it would extend cuts in oil output by nine months to March 2018 on May 25, an OPEC delegate said according to a Reuters report.
Stratas Advisors’ Jeff Quigley is in Vienna and will offer in-depth analysis from the OPEC meeting.
Since the summer months of 2016, activity has been on the mend in the Haynesville as rigs consistently picked up and are expected to remain steady throughout 2017-2018.
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.
International exploration and technology remain crucial to filling future energy demand.
Gas production is at its lowest mark in two months and 3.5% lower than the year-ago period, but still a bit higher than production tallies at the beginning of 2017.