China’s Sinopec said it has discovered major shale gas reserves in the Jinshi 103HF exploratory well in the country’s Sichuan basin.
Origin Energy will sell its interests in Australia’s Northern Territory Beetaloo basin - where expectations are high that the area could be on par with shale gas plays in North America – in a A$60 million (US$40.3 million) deal with Tamboran (B1), a joint venture owned by Tamboran Resources (ASK:TBN) and US oil and gas billionaire Bryan Sheffield.
Thailand’s upstream natural gas sector is struggling to reverse falling output due to bad planning and policy from the government, coupled with a seeming lack of innovation at PTT Exploration & Production (BKK:PTTEP), a state-backed company, that is taking increasing control of the country’s gas resources.
Major shale-oil drillers are dreading the prospect of $100-a-barrel crude on fears it will tempt less-disciplined rivals to expand output and create a new supply glut.
Asian liquefied natural gas (LNG) traders are rushing to secure shipments from the US, where prices are among the cheapest in the world, amid a dash to replenish supply before the winter.
Multiple shale gas exploration wells are being drilled in the remote Beetaloo basin in Australia’s Northern Territory and recent results have raised expectations that the area could be on par with shale gas plays in North America. Significantly, investors could finally find out whether the shale play is commercial by the end of next year.
Positive shale gas exploration results in Australia’s remote Northern Territory have seen UK-listed Falcon Oil & Gas’ share price treble since Friday on expectations that the Beetaloo basin could be on par with shale gas plays in North America.
China’s Sinopec has discovered another 34.029 billion cubic metres (cm) of gas reserves at the Zhongjiang field in the Sichuan basin. Total gas reserves in the basin now stand at 106.1 billion cm, said the Chinese national oil company.
First came the production discipline, and now here’s the cash.
Marathon Oil Corp. used to represent everything that was wrong with U.S. shale: enormous debtloads, lavish executive pay and a seeming willingness to spend whatever it took to boost output. The company hemorrhaged money, and the stock plunged 84% from a peak in 2014 through the end of last year.
“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.
The merger of Cabot Oil & Gas Corp. with Cimarex Energy Co. announced Monday has confounded investors and analysts, leaving them to question the logic behind a tie-up that the companies say will increase diversification.
Energy Voice considers the prospect of an oil supercycle and its potential supply crunch, rising demand, and triple digit oil prices.
Japanese companies are increasingly focused on upstream portfolio rationalisation, with divestment of non-operated stakes in smaller oil, as well as other non-core assets, expected to accelerate, research from Wood Mackenzie shows.
The Securities and Exchange Commission has been largely silent on the financial wreckage of the U.S. shale industry in recent years, but that may be about to change.
Oil demand will grow at “a little over 4 million barrels per day” in 2021, King Abdullah Petroleum Studies and Research Centre (KAPSARC) president Adam Sieminski has predicted.
Demand in Europe and the US may have peaked already, the heads of three trading companies have said, but growth will be sustained by Asia.
America’s oil production will never again reach the record 13 million barrels a day set earlier this year, just before the pandemic devastated global demand, according to Occidental Petroleum Corp.
Schlumberger, the world’s largest oilfield services company, agreed to sell its US fracking business to a smaller rival following a collapse in demand.
As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Parsley Energy Inc. all saying they’re restarting closed wells.
The coronavirus pandemic has triggered the “largest drop in global energy investment in history”, the International Energy Agency (IEA) has said, launching its World Energy Investment 2020 report.
Demand for hydraulic fracturing services in shale plays across the United States is expected to reach rock bottom in May and stay low in the summer before a recovery begins in the fall, the Norwegian global energy research firm Rystad Energy reported.
There could be 10 million barrels per day more of supply than demand in March and April this year, according to IHS Markit.
America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers.
Weir Group has announced it is preparing to exit its struggling oil and gas business, bringing uncertainty for 50 Aberdeen jobs.