Today's news brings another example of Tenneco Oil alumni who have made their mark in the industry. Tenneco and Cornell University alum's Gary Christenson (Chairman & CEO) and Tom Setzer (VP-Business Development) are two of the founders of Black Gold Energy LLC (BGE), a privately held operating company founded in Sugar Land, Texas in 2006. BGE has been active in Indonesia since its formation. BGE subsidiaries conducted 10 joint studies with the Indonesian Directorate General of Oil and Gas (MIGAS) in frontier basins from offshore West Sumatra to offshore West Papua. In 2008 and the first half of 2009, BGE was awarded a participating interest in eight production sharing contracts (PSCs) which were generated from the original joint study areas. In September 2009, BGE was awarded an additional three PSCs, for a total of 11 Indonesian blocks in which the company participates. Today, Calgary-based Niko Resources Ltd. announced that it is acquiring Black Gold, its partner in all of Niko's properties offshore Indonesia, for $310 million. Once the transaction is complete, Niko will have one of the largest holdings of deepwater exploration prospects off Indonesia, with interests in 12.1 million net acres. Niko plans to pay for the deal with convertible debentures, which will be held by Maju Investments, a subsidiary of Singapore-based Temasek Holdings. "Formula for success: rise early, work hard, strike oil." - J. Paul Getty Best of luck, guys. - Mo
Canadian Gas Producers to Boost Unconventional Production, Capex
2023-01-18 - Wood Mackenzie expects Canada’s largest natural gas producers — Montney Shale producers Tourmaline Oil, Canadian Natural Resources (CNRL) and ARC Resources — to continue to grow their unconventional production in 2023 despite inflation pressures.
Rockies-Focused Bison IV Wins $500MM in Backing From Quantum
2023-02-27 - Houston-based private equity firm Quantum Energy Partners is backing Bison Oil & Gas IV to acquire and develop oil and gas assets in Colorado and Wyoming.
Guyana Projects State Oil Revenue to Hit $1.63 Billion This Year
2023-01-17 - Guyana's finance minster called 2022 "a major year of exploration" for the country.
Ovintiv Takes an ‘Encouraged but Measured Approach’ to 2023 Drilling, M&A
2023-03-04 - After a year of expansion in 2022, Ovintiv plans on a positive but cautious approach to M&A while bringing wells online in the Permian, Montney, Rockies and the Anadarko this year.
Tellurian Production, Revenues Soar in Q4 as Driftwood LNG Remains on Track
2023-02-24 - Tellurian Inc., which is developing the 27.6 mtpa Driftwood LNG project south of Lake Charles, produced an average of 225 MMcf/d in fourth-quarter 2022 and expects production to remain flat in 2023.