ConocoPhillips, the world's largest independent oil and gas producer, had announced the biggest cuts by any North American producer in April, reducing its output by 460,000 bbl/d by June.
Included in this agreement is cooperation with nybl to deliver a joint solution that will connect and optimize an initial 2,000 oil wells in North America and Kuwait. Cooperation on this solution is now underway.
Ian Telfer, who in 2014 founded Canadian-based Renaissance Oil, noted that earlier this week the company announced it would begin to diversify away from Mexico's energy sector.
U.S. oil rigs fell 10 to 189 this week, their lowest since June 2009, while gas rigs dropped by three to 75, their lowest on record according to data from Baker Hughes going back to 1987.
Ovintiv, the oil producer formerly known as Encana, said June 18 it had laid off 25% of its total workforce this month, equally spread across its offices in Calgary, Denver and The Woodlands, Texas.
Here’s a snapshot of recent energy deals including an acquisition by Northern Oil and Gas of core Williston Basin acreage operated by WPX Energy plus the sale of ORRI by Antero Resources.
Why it’s essential to maintain hands-on training and support to young upstream professionals during a downturn.
API said U.S. investors have faced difficulties getting permits in Mexico for fuel stations, storage facilities, imported fuel and terminals.
Cutbacks by E&Ps have prompted auctions for oilfield equipment from Odessa, Texas, to Alberta, Canada. Even if oil prices remain in the high-$30s, that will not be enough to spur much in the way of additional drilling.
Simmons Edeco, a leading supplier of onshore drilling and workover services to the global oil and gas industry, successfully completed its first drilling contract for Mexico oil and gas operator Newpek, a division of Grupo Alfa, a major player in the food, IT, and automotive sectors in Mexico on June 2.