Exploration & Production - News
Benchmark Brent oil edged up on Dec. 7 after indications Russia would contribute a bigger output cut than previously suggested to an OPEC and non-OPEC deal, although prospects for an overall agreement still hung in the balance.
San Ramon, Calif.-based Chevron said it plans to spend $3.6 billion to produce oil and gas in the Permian Basin of West Texas and New Mexico and $1.6 billion for other shale investments.
Spain’s Repsol SA expects to raise production in the Marcellus natural gas shale field by about 50% by year-end 2020 due to efficiency gains, an executive said at an industry conference in New York on Dec. 6.
OPEC tentatively agreed an oil-output cut on Dec. 6 but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.
OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Dec. 6.
Despite a promise in his inauguration speech to roll back the energy reform, the 65-year-old president did not rule out inviting more private sector investment in extracting oil from Mexico's untapped deepwater fields in the Gulf of Mexico.
Production from the neutral zone between Saudi Arabia and Kuwait won’t be resumed anytime soon, as the issue became political rather than technical issue.
Faroe Petroleum's CEO Stewart said the deal with Equinor had been in the works before DNO launched its takeover offer last month and was not intended to stop the bid.
Canadian Natural Resources Ltd. (NYSE: CNQ) on Dec. 5 forecast 2019 capital budget about CA$1 billion (US$753 million) lower than last year, blaming a lack of market access for its oil and “dysfunctional” government processes.
Brazilian state-controlled oil company Petrobras said it could raise $26.9 billion through asset sales and partnerships by 2023 as part of a new strategic business plan.
DEA Deutsche Erdoel agreed to buy independent Mexican company Sierra Oil and Gas at a time of growing uncertainty over the private sector's role in Mexico's oil industry.
Sanchez Energy engaged Moelis & Co. LLC as financial adviser to explore strategic alternatives to strengthen its balance sheet and maximize the value of the Eagle Ford-focused company.