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E&P Highlights: Dec. 16, 2024
Here’s a roundup of the latest E&P headlines, including a pair of contracts awarded offshore Brazil, development progress in the Tishomingo Field in Oklahoma and a partnership that will deploy advanced electric simul-frac fleets across the Permian Basin.
Marketed: Berlin Resources Woodford Shale Opportunity
Berlin Resources has retained EnergyNet for the sale of working interest participation in McClain County, Oklahoma.
NOV Appoints Former Denbury CEO Chris Kendall to Board
NOV Inc. appointed former Denbury CEO Chris Kendall to its board, which has expanded to 11 directors.
Sources: LNG Pause Report Will Critique Sector on Prices, Environment
The Department of Energy study tied to the yearlong pause on LNG permits may be released as soon as Dec. 17.
TotalEnergies Sells Half of UK Gas Power Plant to Subsidiary of EPH
TotalEnergies acquired the power plant, called West Burton Energy, for US$473.4 million in June.
What's Affecting Oil Prices This Week? (Dec. 16, 2024)
For the upcoming week, Stratas Advisors expect oil prices will move sideways with more downside risk than upside potential.
BP, ADNOC Investment Firm Launch NatGas-Focused JV
BP and ADNOC agreed to establish a new regional gas firm, Arcius Energy, to focus on developing Egyptian gas assets.
Utica’s Encino Adds Former Marathon Director to Board
Brent J. Smolik, who most recently served on Marathon Oil’s board until its merger with ConocoPhillips, will join Encino Acquisition Partners as a director.
Freehold Closes $182MM Acquisition of Midland Basin Interests
Freehold Royalties’ acquisition from a private seller includes around 1,300 boe/d of net production and 244,000 gross drilling acres largely operated by Exxon Mobil and Diamondback Energy.
Segrist: Cooling the Reaction: Nuclear Makes Promising but Slow Comeback
Nuclear power is awesome. Nuclear power is also hard—and a long way off from displacing natural gas as the primary source for the electricity the U.S. will desperately need.
Vitesse Energy to Buy Bakken Pureplay Lucero in $220MM Deal
Vitesse Energy will acquire Lucero Energy’s Bakken/Three Forks assets, including 25 net remaining locations, 1.9 net DUCs and 20 wells that are candidates for recompletions.
Phillips 66 Sells Stake in Gulf Coast Express for $865MM
After the sale, the ownership of the line will be split between affiliates of ArcLight Capital Partners and subsidiaries of Kinder Morgan, which owns the operating interest in the pipeline.
Wildcatting is Back: The New Lower 48 Oil Plays
Operators wanting to grow oil inventory organically are finding promising potential as modern drilling and completion costs have dropped while adding inventory via M&A is increasingly costly.
China's CNOOC Sells US Assets to Britain's INEOS
The Chinese oil and gas major said CNOOC Energy Holdings U.S.A. entered into a sales agreement with a subsidiary of INEOS relating to CNOOC's upstream oil and gas assets in the U.S. part of the Gulf of Mexico.
Venture Global’s Plaquemines LNG Starts Production
Venture Global LNG reached a final investment decision on the 20 million metric tons per annum Plaquemines facility 30 months ago.
Partnership to Deploy Clean Frac Fleets Across Permian Basin
Diamondback Energy, Halliburton Energy Services and VoltaGrid are working together to deploy four advanced electric simul-frac fleets across the Permian in an effort to enhance clean and efficient energy solutions in the region.
Exclusive: Conduit, Riley Permian Powering Up the Permian
Beau Egert, chief commercial officer for Conduit Power, said Riley Exploration Permian is taking control of their own to provide power for their consumption and the community.
Energy Transition in Motion (Week of Dec. 13, 2024)
Here is a look at some of this week’s renewable energy news, including the latest on explosive growth in grid-scale energy storage installations.
PHX Minerals Explores Sale After Rejecting Acquisition Bids
PHX Minerals hired bankers to explore a potential merger or sale of the firm, which manages assets across the Midcontinent and Haynesville Shale play. PHX has rejected multiple unsolicited acquisition bids in the past two years.
EIA: NatGas Consumption, Led by Powergen, Set Records in 2023-’24
A spike in power generation demand is driving the U.S. to use natural gas, the Energy Information Administration reports.
Dividends Declared the Week of Dec. 9
Here is a compilation of dividends declared from select upstream, midstream and service and supply companies during the week of Dec. 9.
US Oil, Gas Rig Count Unchanged at 589 in Week to Dec. 13, Baker Hughes Says
U.S. energy firms this week operated the same number of oil and natural gas rigs as they did last week, according to Baker Hughes' weekly report.
Tethys Oil Suspends Kunooz-1 Well in Oman
The decision to suspend its Kunooz-1 exploration well comes after flow testing failed to confirm the presence of commercially-viable hydrocarbons, Tethys said.
Delek to Buy Permian's Gravity Water Midstream for $285MM
Delek Logistics' purchase of Permian-focused Gravity Water Midstream adds more than 200 miles of permanent pipeline and 46 saltwater disposal facilities.
Equinor, Lazard Ponder Fate of the Inflation Reduction Act
With a new incoming Trump administration, there is concern about what changes are in store for President Biden’s signature climate legislation, the Inflation Reduction Act.
Venture Global Plaquemines Plant on Track to Produce LNG
Venture Global LNG’s Plaquemines plant was on track to pull in about 0.16 Bcf/d of pipeline gas on Dec. 13, up from 0.10 Bcf/d on Dec. 12, according to LSEG data.
CEO: Berry Gears Up for Horizontal Drilling in Uinta Stacked Pay
Berry Corp.’s legacy roots are in California’s Central Valley—but its growth engine is in Utah’s emerging Uinta Basin, CEO Fernando Araujo told Hart Energy.
Shell, Chevron Take FID on Phase 3 of GoM Silvertip Frio Project
Shell Plc and Chevron Corp. are taking a final investment decision on Phase 3 of the Silvertip project in the Gulf of Mexico.
Major Storage Withdrawal Sends NatGas Prices Higher
A cold start to December has resulted in one of the biggest storage drops in years.
Exclusive: Novi Labs’ Ludwig on AI Preventing Costly Drilling Mistakes
Novi Labs President and Co-Founder Jon Ludwig gives insight on how AI and machine learning allow diverse applications for oil and gas operations and less risk for cataclysmic failure, in this Hart Energy Exclusive interview.