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.”
Demand from IMO 2020, a crazy-productive Permian and a midstream sector scampering to keep up will combine to fuel a red-hot industry in 2019.
Clay Williams addresses operator pause from the downturn in late 2018.
Chuck Duginski takes us through the company’s formation. Plus, why others will ‘validate’ the company’s approach to well spacing.