In a separate statement, TNOG owner Heirs Holdings said it had taken a 45% stake in the field, acquiring the stakes of Shell, Total and Eni.
The oil and gas rig count rose 13 to 373 in the week to Jan. 15, its highest since May, according to Baker Hughes Co.
Several people involved in valuing the Exxon Permian Basin asset during an internal assessment in 2019 said employees were being forced to use unrealistic assumptions, according to a report from the Wall Street Journal.
New Gulf of Mexico discovery by LLOG in the Mississippi Canyon Block 503 plus several Appalachian Basin completions including three Marcellus Shale discoveries from Chesapeake Energy top this week’s drilling activity highlights from around the world.
The outlook for U.S. shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said on Jan.14, in a sign its policy of cutting output is helping rivals pump more.
No date has yet been set for the negotiations, which will be led by a government-appointed mediator.
U.S. shale producers that are hedging are likely locking in about 15% to 20% of production at a time, said Tom Petrie, chairman at energy investment bank Petrie Partners.
As well completions companies gear up for a new year following unprecedented times in the oil patch, analysts and industry executives shed light on the path ahead. Is this beleaguered sector regaining strength or just powering through?