Wood Mackenzie Forecasts Continued Growth in the Permian Basin in the United States
One of the world’s largest oil provinces—the leading shale basin in the United States—continues to ramp up production. According to Wood Mackenzie analysts, crude oil and condensate production in the basin is expected to increase by 200,000 barrels per day this year, reaching 6.6 million barrels per day, despite operators …
American Oilfield Services Company Turns Its Gaze to the Middle East
On the eve, the American drilling rig manufacturer Helmerich & Payne announced plans to acquire British competitor KCA Deutag International Ltd., which has enough projects in the Middle East. Helmerich & Payne is not one of the “big four” oilfield services companies, for it the acquisition of a company for …
Exxon and Chevron Are Ahead of European Rivals Due to Production in Guyana and the United States
ExxonMobil and Chevron are increasing production in some production regions, with oil becoming the driver of growth. ExxonMobil and Chevron forecast that their production in the Permian Basin will increase by 10% this year. Exxon also reported that oil production in Guyana in the first quarter increased by 70% compared …
The United States Will Increase Shale Oil Production By 10 Thousand Barrels Per Day In April
An increase in extraction volumes is expected in three of the seven oil-bearing regions, according to a report from the Energy Information Administration of the US Department of Energy. Shale oil production in the United States in April 2024 compared to March will increase by 10 thousand barrels – from …
Occidental Petroleum Reduces Rig Count In Permian Basin
Occidental’s costs are reduced by drilling activity, but it will be able to cover part of the debt from the purchase of CrownRock. Capital spending on shale production and exploration will be cut by $320 million and two drilling rigs in the U.S. Permian Basin will be idled this year, …
The United States Expects To Increase Shale Oil Production By 20 Thousand Barrels Per Day In March
It will amount to 9.716 million b/d Shale oil production in the United States in March 2024 compared to February will increase by 20 thousand barrels – from 9.696 million barrels per day (b/d) to 9.716 million b/d. This is stated in the report of the Energy Information Administration of …
Innovation Effect? US Oil Production Exceeds Forecasts
The United States, against the backdrop of a decline in production by OPEC+ countries, increased oil production compared to forecasts a year ago. Bloomberg reported this on December 17, 2023. Shale producers vs OPEC+ Abstracts of the publication: OPEC’s former foe, the US shale industry, is rearing its head just …
To Retain Workers in the Permian Basin, Texas Schools will be Updated
Authorities will invest in upgrading Midland schools to attract and retain family oil shale workers in the community Voters in the US have approved a $1.4 billion bond sale to repair and expand the aging, overcrowded school system in Midland, Texas, the unofficial capital of US shale oil. The initiative …
Exxon is Close to Buying Pioneer, the Deal Could be Worth $60 Billion
The largest American oil and gas company Exxon Mobil is close to reaching an agreement to purchase shale producer Pioneer Natural Resources Co., the transaction amount could be about $60 billion, The Wall Street Journal writes, citing sources. According to them, the deal could be concluded in the coming days, …
Acquisition Fever Intensifies in US Permian Shale Basin
Mergers and acquisitions (M&A) are picking up pace in the Permian, the largest oil basin in the United States. The reason for the increase in the number of mergers and acquisitions is simple: large companies want the fastest way to replenish their reserves for production, compensating for the depletion of …