Exploration & Production - News
Hess expects oil output to grow more than 10% per year compounded through 2025, citing higher growth opportunities at its Bakken shale and offshore Guyana projects.
Butkin Oil retained RedOaks Energy Advisors to sell certain operated, conventional oil properties in Carter and Stephens counties, Okla.
Oil producer cartel OPEC and its partners will need to keep production lower than their agreed target through 2019 for benchmark Brent crude to come back to $70 a barrel (bbl), oil and gas consultancy Rystad Energy said.
OPEC said on Dec. 12 it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output.
The board of Faroe Petroleum, in which DNO already owns 28%, has said the company was worth substantially more than DNO's takeover bid, first announced on Nov. 26.
French energy company Total has strengthened its position in Mauritania by winning contracts for two new exploration blocks deep offshore.
Environmental groups opposed to offshore drilling sued the federal government to prevent future seismic tests for oil and gas deposits in Atlantic waters off the U.S. East Coast.
Mexico’s energy regulator on Dec. 11 canceled two oilfield auctions scheduled for February, after the new leftist government said it would not hand over more resources to private companies until they proved themselves as producers.
Panther Energy retained Detring Energy Advisors to sell oil and gas leasehold assets located in Vernon and Beauregard Parishes of the Western Louisiana Austin Chalk trend.
A shale revolution has helped the U.S. produce a record amount of oil this year and topple Russia and Saudi Arabia as the world's biggest producer.
Merit Energy retained Houlihan Lokey Capital to sell liquids-weighted, shallow-decline Hugoton Basin properties located in southern Kansas and northern Oklahoma.
Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bbl/d) in January, its energy minister said on Dec. 11, less than its final target under a global production deal reached last week, aiming for gradual, smooth reductions.