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Oil and Gas Journal's News & Analysis

Fri, 07 Dec 2018 19:20:00 GMT
BLM issues proposed final greater sage grouse plan EISs, amendments

The US Bureau of Land Management proposed final environmental impact statements and amendments to greater sage grouse habitat management programs in seven western US states. “With today’s action, we have leaned forward to address the various states’ issues, while appropriately ensuring that we will continue to be focused on meaningfully addressing the threats to the greater sage grouse and making efforts to improve its habitat,” Deputy Interior Sec. David Bernardt said in Salt Lake City on Dec. 6.

Fri, 07 Dec 2018 18:45:00 GMT
Baker Hughes: Canada drops 13 rigs for the week

Canada lost 13 rigs for the week ended Dec. 7, according to Baker Hughes data. With 186 rigs running, the count is less than the 219 units drilling this week a year ago. The number of oil-directed rigs in Canada fell by 17, bringing the count to 102 rigs for the week. Gas-directed rigs were up 4 to 84 units.

Fri, 07 Dec 2018 17:51:00 GMT
US late-November oil exports top imports

The US exported more crude oil and petroleum products than it imported during the week ending Nov. 30, according to the Energy Information Administration’s Weekly Petroleum Status Report. The country thus became a net oil exporter for the first time since World War II, at the end of which US oil exports exceeded imports. By 1950, the US had become a net oil importer, a status unchanged until now.

Fri, 07 Dec 2018 16:56:00 GMT
OPEC, non-OPEC producers agree to 1.2 million-b/d cut

The Organization of Petroleum Exporting Countries concluded a 2-day meeting in Vienna on Dec. 7 with an agreement to cut 800,000 b/d of production, while 10 non-OPEC countries agreed to cut 400,000 b/d. The countries of Iran, Libya, and Venezuela were exempted from the production cuts, which will be effective for 6 months starting Jan. 1, 2019. The cuts will be based on October 2018 production levels.

Fri, 07 Dec 2018 16:21:00 GMT
Baker Hughes: International rig count down 26 units in November

The international rig count for November reached 991, down 26 units from the 1,017 rigs counted in October and up 49 units from the 942 rigs counted a year ago, according to Baker Hughes data. The international offshore rig count for November was 206, down 1 unit from the 207 counted in October, and up 23 from the 183 counted in November 2017.

Fri, 07 Dec 2018 16:05:00 GMT
Chevron anchors 2019 budget with high-return, short-cycle projects

Chevron Corp. estimates it will spend $20 billion in 2019 to support its upstream and downstream projects. The company said its 2019 capital and exploratory budget is “highlighted by our world-class Permian basin position, additional shale and tight development in other basins, and our major capital project at TCO in Kazakhstan,” said Chairman and CEO Michael K. Wirth.