Activist Investor Elliott Management has offered to buy soon-to-be Permian pure play QEP Resources in an all-cash deal valued at $2.07 billion. Analysts from Cowen & Co. equity research team estimate QEP’s Permian acreage is garnering roughly $25,000 per acre. That acreage is located in the Midland Basin in Martin and Andrews Counties in Texas.
BP is betting big on the U.S. Gulf of Mexico, where the company has unveiled a $1.3 billion expansion of the Atlantis Field. Exploration efforts have led to two oil discoveries and seismic imaging has uncovered 1 billion more barrels of oil in place near an existing field.
Oil majors Chevron and Occidental Petroleum are taking a minority stake in a Bill Gates-backed startup company. Carbon Engineering has developed technologies to suck CO₂ directly from the atmosphere and use it to make synthetic fuel. The deal marks the first significant investment by energy groups into the technology known as direct air capture, which pulls CO₂ by using chemicals and fans.
Speaking of emissions, the leader of the American Petroleum Institute (API) says every generation has its own defining challenges and accomplishment. API CEO and President Mike Sommers said this generation is defined as “Generation Energy” because of the unprecedented dual achievement of meeting record world energy demand while driving record CO₂ emissions reductions.
A key factor in the economic development of unconventional resources is determining optimal well spacing. As development of unconventional play progresses, wells naturally become spaced closer together.
Companies continue a decades-long relationship in a new joint venture.
Middle Eastern countries are eyeing production from their unconventional reserves and planning a new future.