Here’s a quicklist of oil and gas assets on the market including Permian Basin leasehold in Reeves County, Texas, plus a royalty interest package in the Eagle Ford Shale that includes wells operated by Devon Energy.
The natural decline rates of existing oil and gas wells across major shale plays in the U.S. will contribute to a tighter supply/demand balance.
The number of oil and natural gas rigs operating in North America remains at a record low even as higher oil prices prompt some producers to start drilling again.
Here’s a quicklist of oil and gas assets on the market including multiple packages from Atinum Energy Investments, the largest of which comprises a core Appalachia nonop position being developed by Tug Hill.
Devon Energy also plans to run two hydraulic fracturing crews in the second half of the year, and expects to exit 2020 with a backlog of 100 drilled-but-uncompleted wells.
Rig count is down again but decline rate seems to be slowing.
Extraction Oil & Gas is the second largest U.S. shale producer to file for bankruptcy since the oil market collapse driven by the COVID-19 pandemic.
BLM had previously delayed oil and gas lease sales in Utah, Mississippi, Nevada and Colorado expected this month, as well as a major sale in New Mexico in late May.
Alaska North Slope drilling permits granted to ConocoPhillips, a Gulf of Mexico discovery by Walter Oil & Gas and two Marcellus Shale producers completed in Pennsylvania’s Armstrong County top this week’s drilling activity highlights from around the world.
The group's decision comes as the U.S. oil industry is scaling back drilling due to record inventories, falling demand and low oil prices amid the pandemic.