Exxon Mobil’s frontier exploration efforts have led to the discovery of what could amount to 8 trillion cubic feet (Tcf) of gas offshore Cyprus in the Eastern Mediterranean Sea. The company announced the gas discovery this week saying the Glaucus-1 well hit a gas-bearing reservoir of about 133 meters (436 ft). Velda Addison goes into greater detail in the article linked below.
Apache reported a better-than-expected quarterly profit. The U.S. oil and gas producer benefited from a rise in production from its shale assets in the Permian Basin. Revenue rose 11% to $1.77 billion.
The House of Representatives passed a public lands bill. The Senate did so earlier this month. That bill permanently reauthorizes a fund that has funneled billions of dollars into land conservation, paid for by revenues from offshore oil and gas drilling. The bill passed 363-62, representing a rare moment of bipartisan agreement in Congress. The Senate voted 92-8 earlier this month on the bill, and President Trump is expected to sign it. U.S. Senator Lisa Murkowski of Alaska and chairman of the senate energy and natural resources committee tweeted in part “I’m proud both chambers showed strong support of our Lands Package 2019. It took us years of bipartisan work to reach this point and I am hopeful the President will sign it into law soon.”
Elevation Resources CEO Steve Pruett explains why he thinks the pipeline constraints in the Permian Basin are temporary. Plus, Pruett spoke to Hart Energy about why Midland producers should be concerned about geopolitical events.
Texas oil producers gathered for two days in Irving for the 2019 Texas Alliance Expo and Annual Meeting.
Fortuna Resources CEO says company is doing just fine getting oil out.