The first industry-wide use of a blockchain native network for produced water haulage in the Bakken demonstrates an opportunity for the entire oil and gas industry.
A Bone Spring discovery made by Occidental Petroleum in the Permian Basin plus a Forward Field-Marcellus Shale producer reported by EQT in Pennsylvania’s Allegheny County top this week’s drilling activity highlights from around the world.
U.S. shale producer Continental Resources expects to partially begin resuming production in July but still expects to curtail approximately 50% of its operated oil production.
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.
Rig count is down again but decline rate seems to be slowing.
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.
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.
The acquisition, “while modest in size,” highlights Northern Oil and Gas’s competitive advantage as an actively managed nonoperator, COO Adam Dirlam says.
WPX Energy also announced a reversal of shut-in oil production in a filing with the U.S. Securities and Exchange Commission on June 3 citing a “recent recovery in oil prices.”
The number of active rigs in the U.S. has fallen by more than 500 since the start of 2020, but recent operator commentary suggests that the bottom will likely be found before the end of the second quarter.