Last month Encana said it plans to invest nearly 70% of this budget to boost production in Permian and Montney, as oil investors pressure producers to improve production without significantly increasing capital budgets.
Cold weather has pushed inventories well below averages for this time of year.
New England’s overall reception to fossil fuels has defrosted a bit, presenting an opportunity for more Marcellus-Utica gas to move there.
U.S. oil production has returned to its record high point, 47 years after the previous peak during the final days of the last Texas oil boom
Crestwood Equity Partners CEO Robert Phillips opened the Marcellus-Utica Midstream Conference by touting the regions tremendous natural gas potential as well as its regulatory and stability challenges.
ExxonMobil, the largest U.S. energy group, plans to increase its shale oil production in the Permian Basin of Texas and New Mexico fivefold to 500,000 barrels a day (bbl/d) in 2025, the company said on Jan. 30.
To increase production operators still need to access capital on relatively short timeframes.
Canadian producers and global oil majors are increasingly exploring the Duvernay and Montney formations, which they say could rival the most prolific U.S. shale fields.
Newly-imposed U.S. sanctions against two Russian energy ministry officials are “unlawful” and Moscow will seek explanations from Washington, Russian Energy Minister Alexander Novak said on Saturday, according to local news agencies.
Industry veterans share keys to success in today’s market.