Gregory Wrightstone, president of Wrightstone Energy Consulting, said that with a rise in natural gas prices, the Burket Shale could generate another 70 trillion cubic feet of natural gas reserves in two core areas. This would be the equivalent of another Haynesville Shale.
Argos is set to become BP’s fifth operated platform in the GoM and the first new platform since Thunder Horse began production in 2008, the company said.
The biggest increase is set to come from the Permian Basin, where oil output is expected to reach its highest since April 2020, the EIA said in a monthly forecast.
The largest change to the U.S. rig count in the last week was in the Anadarko Basin, where six rigs were added—all additions came from previously inactive companies firing up a rig.