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E&P Highlights: May 13, 2024
Here’s a roundup of the latest E&P headlines, with a couple fields coming online, as well as new contract awards.
Marketed: Berlin Resources Anadarko Basin Opportunity
Berlin Resources LLC has retained EnergyNet for the sale of an Anadarko Basin opportunity in the Donita 35/2 AP #1H in Roger Mills County, Oklahoma.
Marketed: Wayfinder Resources, KSE Minerals Five Well Package in Oklahoma
Wayfinder Resources Operating and KSE Minerals has retained EnergyNet for the sale of a Mississippian/ Woodford opportunity in Canadian County, Oklahoma.
PropFlow Names David Ward as CEO
As CEO, David Ward will lead and build out PropFlow’s operations of eliminating debris from proppant at well sites in the Permian Basin and other plays.
Worley to Design CCS Facilities for Bayou Bend JV
Bayou Bend is a carbon capture and sequestration joint venture between Chevron, TotalEnergies and Equinor located along the Gulf Coast in Texas.
Cheniere’s Next Corpus Christi LNG Stage Online by Year-end
Cheniere executives are optimistic the first LNG cargo will depart from Train 1 of its Corpus Christi Stage 3 project by the end of 2024, and that the company will bring all seven trains at the project online before the end of 2026.
OTC: E&Ps Improving Operational Safety with Digitization
Artificial intelligence and the digitization of the oilfield have allowed for several improvements in keeping operators out of harm’s way, panelists said during the 2024 Offshore Technology Conference.
What's Affecting Oil Prices This Week? (May 13, 2024)
For 2024, increasing supply will be more challenging unless U.S. producers start ramping up their capex and drilling programs beyond their current plans.
NextDecade Raises ‘Going Concern’ Doubts Amid Rio Grande LNG FID
NextDecade, which is developing the Rio Grande LNG project in Brownsville, Texas, highlighted “going concerns” amid plans to take a final investment decision on Phase 2 of the project by year-end 2024.
ADNOC Drilling Secures $1.7B Contract for Unconventionals Recovery
ADNOC Drilling’s new incorporated company, Turnwell Industries, will deliver a total of 144 unconventional wells, as per the contract.
Enhanced Oil Recovery, Well Stimulation, Subsea, Deepwater, Offshore Technology Conference (OTC), Hart Energy Exclusive
Exclusive: Cost-effective Benefits of Extracting from Mature Assets
Baker Hughes' well abandonment leader Bart Joppe details the importance of extracting resources from mature assets and the company's approach to managing a well, in this Hart Energy Exclusive interview.
LM Energy to Expand Gas Gathering System in the Delaware
LM Energy is building new compressor stations and adding 70 miles of pipeline in the Delaware Basin.
ONEOK to Expand NGL Network Around Houston Through $280MM Acquisition
Easton Energy is agreeing to sell 450 miles of lines along Southeast Texas coast to ONEOK.
NANO Nuclear Energy Closes $10.25MM IPO
NANO Nuclear began trading on the Nasdaq Capital Market under the symbol NNE on May 8.
Dividends Declared in the Week of May 6
Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
Permian M&A: Oxy Shops Delaware Assets, Family Oil Cos. Stand Out
As operators scour the Permian Basin for M&A opportunities, they’re keeping an eye on a tepid divestiture market. Family-owned oil companies also stand out among the pack of private inventory holders remaining in the Permian, according to Enverus Intelligence Research.
GeoPark, Vitol Sign Offtake Deal for Llanos 34 Block
Under the agreement, GeoPark will sell and deliver to Vitol a minimum of 20,000 bbl/d of oil from the Llanos 34 Block in Colombia, which GeoPark holds 45% working interest.
Enbridge Plans to Increase Permian Oil Pipeline’s Capacity
Midstream company Enbridge announced an open season on the Gray Oak Pipeline for a proposed 120,000 bbl/d expansion and updated its M&A efforts.
Energy Transition in Motion (Week of May 10, 2024)
Here is a look at some of this week’s renewable energy news, including $1.5 billion in investment commitments for low-carbon energy initiatives.
Geothermal Energy Talk Rises to the Surface at OTC
Experts discuss what it’ll take to advance geothermal energy and bring scale to the emerging power source.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
Baker Hughes said oil rigs fell three to 496 this week, their lowest since November, while gas rigs rose one to 103.
IndustryVoice: Navigating the Stages of Technology Adoption in Emissions Management
Explore the emotional and operational journey of adopting Continuous Monitoring (CM) technology in emissions management through seven stages: Shock, Denial, Anger, Bargaining, Depression, Testing, and Acceptance. This article outlines the progression from initial skepticism to recognizing CM technology as a key facilitator for effective and efficient emissions management.
Chord Juggles Closing $4B Enerplus Deal, Plans to Drill 4-mile Laterals
Chord Energy expects to close its Enerplus acquisition by the end of May but, for now, is focused on three-mile and, eventually, four-mile laterals in the Williston Basin.
Crescent Energy: Bigger Uinta Frac Now Making 60% More Boe
Crescent Energy also reported companywide growth in D&C speeds, while well costs have declined 10%.
New Permian Math: Vital Energy and 42 Horseshoe Wells
Vital Energy anticipates making 42 double-long, horseshoe-shaped wells where straight lines would have made 84 wells. The estimated savings: $140 million.
EOG: Utica Oil Can ‘Compete with the Best Plays in America’
Oil per lateral foot in the Utica is as good as top Permian wells, EOG Resources told analysts May 3 as the company is taking the play to three-mile laterals and longer.
Magnolia Bolts-on 27,000 Acres in South Texas’ Giddings Field
Magnolia Oil & Gas said it paid $125 million to a private operator to acquire the acreage, which has minimal production.
Tetra Tech Acquires Convergence Controls & Engineering
Tetra Tech is acquiring Convergence Controls & Engineering to expand its digital water and energy offerings.
Energy Transfer Remains Hungry for M&A, Sees 1Q Oil Volumes Surge
Energy Transfer reported record first-quarter crude volumes and expects demand for petrochemicals to continue rising.
US Republican Attorneys General Sue to Stop EPA's Carbon Rule
The rule, finalized by President Joe Biden's administration last month as part of an effort to combat climate change, was challenged in three lawsuits filed in the U.S. Court of Appeals for the District of Columbia Circuit.