The Latest
Field Development
Nigeria’s Heirs Holdings Buys 45% of Oilfield OML 17
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.
Rig Counts
US Drillers Add Oil, Gas Rigs for 8th Consecutive Week
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.
Public Capital
SEC Launches Probe of Exxon Mobil on Permian Basin Asset Valuation
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.
Highlights
Best of This Week’s Drilling Activity Highlights (Jan. 15, 2021)
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.
Unconventional
OPEC Sees US Shale Output Recovering Further on Oil Rally
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.
People
Labor Union Warns of Potential Strike at Norway’s Onshore Oil, Gas Facilities
No date has yet been set for the negotiations, which will be led by a government-appointed mediator.
Business
US Shale Producers Lock in Future Sales as Oil Prices Hit One-year High
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.
Business
Oil and Gas Investor Frac Capacity Trends: Pressured Pumpers
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?
Rig Counts
Chart: Eastern Rig Count as of January 15, 2021
Alabama. Florida, Illinois, Indiana, Kentucky, Michigan, New York, Ohio, Pennsylvania, Virginia and West Virginia
Rig Counts
Chart: Gulf Coast Rig Count as of January 15, 2021
Arkansas, Louisiana, Mississippi and Texas RRC Dist. 1, 2, 3, 4., 5, 6, inland, offshore