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Tech Investments Ramp Up as Remote Work Heightens Cybersecurity Risks

An unprecedented shift to remote work has forced U.S. businesses to rethink organizational policy and security measures in response to the COVID-19 outbreak.

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Petrochemicals

Frac Spread: NGL Prices Rise, but Outlook Joyless

The gloomy forecast will falter if COVID-19 passes quickly and the global economy recovers its appetite for hydrocarbons.

Pictured Suriname flag and drillship Noble Sam Croft, which was used to drill the Maka Central-1 offshore Suriname on Block 58. (Source: Noble Corp. Plc/Shutterstock.com)

Discoveries

Apache, Total Score Another Win with Discovery Offshore Suriname

The Sapakara West-1 well hit gas condensate and oil, boosting confidence in the play located offshore Suriname.

MarketsSee More

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Frac Spread: NGL Prices Rise, but Outlook Joyless

The gloomy forecast will falter if COVID-19 passes quickly and the global economy recovers its appetite for hydrocarbons.

Oil Analysts Skeptical about Saudi-Russian ‘Deal’

Trump said April 2 he had brokered a deal between Russia and Saudia Arabia, but made no offer to reduce U.S. output, and benchmark Brent oil futures surged 21% in a record one-day rise. Here are analysts’ views on the deal.

OPEC+ Debates Biggest Ever Cut as Virus Destroys Oil Demand

International producers are seeking cuts from US shale producers as well.

US to Lease Space for Initial 30 Million Barrels in Emergency Oil Reserve

The Trump administration said April 2 it plans to lease space in the country's emergency petroleum reserve for an initial 30 million barrels of oil in a bid to help struggling crude drillers.

BusinessSee More

Banks Contend with Deep Impact Post Oil Crash on E&P Borrowing

Banks Contend with Deep Impact Post Oil Crash on E&P Borrowing

Both the COVID-19 pandemic and the oil price crash have had a deep impact on what E&Ps and their lenders expect compared to what they thought last fall, according to a Haynes and Boone report.

Amplify Energy CEO Ken Mariani to Retire

Following Ken Mariani’s retirement, effective April 3, Martyn Willsher, who currently serves as the company’s CFO, will serve as interim CEO of Amplify Energy.

Shale Service Providers Liberty, NCS Multistage Lay Off Workers

Liberty Oilfield Services is cutting its workforce by 7%, while NCS Multistage plans to plans to reduce its workforce by 20%, the oilfield service companies said April 2.

Equinor Raises $5 Billion Through Debt Offerings

“Equinor is in a strong position to handle market volatility and uncertainty,” CFO Lars Christian Bacher said in a statement on April 1.

TechnologySee More

Webinar

Tech Investments Ramp Up as Remote Work Heightens Cybersecurity Risks

An unprecedented shift to remote work has forced U.S. businesses to rethink organizational policy and security measures in response to the COVID-19 outbreak.

Prescient Adopts Blockchain Network for Marine, Energy Insurance Program

With GumboNet, Prescient will enhance its insurance offerings with the cost savings and truth immutability inherent in blockchain transactions.

T.D. Williamson Introduces New Double Block, Bleed Isolation Tool

The ProStopp DS isolation tool achieves a double block and bleed isolation utilizing two plugging heads with a bleed port in between.

Report: Oilfield Service Spending to Fall 21% as Producers Slash Costs

Oilfield segments with the greatest share of North American revenue will see the biggest hits, with hydraulic fracturing spending down 44% from last year and land contract drilling down 29%.

Exploration & ProductionSee More

The sun sets at a North Dakota oil field. (Source: Shutterstock.com)

US E&P Sector to Face Declines Following Cost Cuts

The outlook was delivered as operators followed through on plans to drop rigs and completion crews to save money.

top this week’s drilling activity highlights from around the world.

Best of This Week’s Drilling Activity Highlights (March 27, 2020)

A high-volume Wolfcamp producer by EOG in Loving County, Texas, and results from a Utica Shale well test in Ohio top this week’s drilling activity highlights from around the world.

E&P Market Intelligence: Stimulation Fleet of the Future

E&P Market Intelligence: Stimulation Fleet of the Future

Reduced emissions and lower operating costs are objectives for the stimulation fleet of the future.

E&P Momentum: Frac Hit Vexation

E&P Momentum: Frac Hit Vexation

A review of frac hits on legacy well production produces unexpected results in the southern Midland Basin.

TransactionsSee More

PHOTO BY JAMES L. DURBIN

Oil and Gas Dealmaking Outlook: M&A Gone Mild

In a market environment where buyers and sellers are at odds over price and the public market is openly hostile to deals, E&P shoppers may sit out an uncertain 2020.

Marketed: HVI Cat Canyon California Oil Properties

HVI Cat Canyon Inc. (HVICC) retained TenOaks Energy Advisors for the sale certain conventional oil properties located in the North Belridge Field of California's San Joaquin Valley.

Enbridge Sells Ozark Natural Gas System to Black Bear

Enbridge sold a natural gas pipeline transportation and gathering system in the southeastern U.S., according to Black Bear Transmission, which said it had acquired the assets for an undisclosed amount.

Energy A&D Transactions from the Week of April 1, 2020

Here’s a snapshot of energy deals from the past week including the sale of Ovinitv properties in the Williston Basin plus a $100 million dropdown of a gathering system in the Permian Basin.

Policy & RegulationsSee More

From OGI Editor-in-Chief: Emergency Response to “OPEC-aggedon”

From OGI Editor-in-Chief: Emergency Response to “OPEC-aggedon”

When the three-year Saudi Arabia-Russia production-cut marriage known as OPEC+ ended acrimoniously on March 6, the oil and gas world as we know it ended. For now.

Trump Open to Big Oil Tariffs, But Doesn’t Expect to Need Them

‘We have to save a great industry,’ president says, while holding back on sanctions.

Saudi Arabia Delays Setting May Prices, Looks to OPEC Meeting to Settle Price War

Saudi Arabia is taking unprecedented action in delaying the release of its international crude selling prices by five days, a senior Saudi source familiar with the matter said on April 5, as the kingdom and other major producers seek to halt the free-fall in worldwide crude prices.

IEA: Deep Oil Output Cuts Won’t Offset Unprecedented Demand Loss

Even with output cuts of 10 million bbl/d, the equivalent of 10% of global supply, oil inventories would still rise by 15 million bbl/d in the second quarter, IEA’s Fatih Birol says.

MidstreamSee More

portofhouston

As Shale Struggles, Crude Tankers Ply Oceans of Cash

Even with very high day rates, the oil market contango means that floating storage makes economic sense.

Pipelines Take on Their Biggest Enemy

Pipelines Take on Their Biggest Enemy

The impetus for iPIPES, an industry-wide partnership focused on developing new technologies to prevent and detect pipeline leaks, was the dramatic growth created by the “Bakken boom,” program manager Jay Almlie says.

lake

Shell Exits Lake Charles LNG Project; Energy Transfer Takes Over as Developer

Shell cites market conditions as its reason for withdrawing; Energy Transfer weighs options, including recruiting another equity partner or reducing the size of the project.

oiltanks

Column: Global Oil Storage to Fill Rapidly as Consumption Plunges

If Saudi Arabia and Russia ramp up production as promised, the increase could total as much as 700 million barrels per month.