Upstream

Biden Issues Offshore Drilling Rights

The Biden administration on Wednesday, September 14, issued oil and natural gas leases to companies that won the Gulf of Mexico drilling rights in a government auction that was later invalidated by a federal court. The Interior Department’s Bureau of Ocean Energy Management said it had accepted 307 winning bids from that November 2021 sale, dispelling lingering uncertainty about how the agency would comply with a mandate in the sweeping new climate law that required the lease awards. The move comes at a pivotal time for the White House, as president Joe Biden seeks to intensify the fight against climate change while also combating record inflation fed by high energy costs. Top Biden administration officials have exhorted oil companies to produce more crude and refine more gasoline in a bid to lower fuel costs... > read more

Cuda Purchase Increases COPL’s Reserves

Shares in Canadian Overseas Petroleum Ltd (COPL) surged on Monday, September 12, after the company reported a ‘material’ increase to its oil and gas reserves. Shares in the London-based oil and gas exploration and development company focused on Wyoming were trading 6.2 percent higher at 15.61 pence per share in London on Monday morning. Canadian Overseas received a reserve report prepared by Ryder Scott Company LP to reflect the addition of Cuda Energy LLC assets. Canadian Overseas acquired Cuda in July 2022. Net working interest total proved reserves were reported at 17.3 million barrels of oil equivalent in July 2022, up from 11.7 million boe in December 2021, an increase of 47 percent. Proved plus probable assets increased 39 percent to 31.3 million boe from 22.6 million boe over the same period. Canadian Overseas reported the net present value for the proved assets improved by 93 percent to $254.8 million from... > read more

Imperial/Air Products Hydrogen Contract

Imperial has entered into a long-term contract with Air Products to supply low-carbon hydrogen for Imperial's proposed renewable diesel complex at its Strathcona refinery near Edmonton, Alberta. Air Products will provide pipeline supply from its hydrogen plant under construction in Edmonton. Jon Wetmore, Imperial's vice president of downstream, said: "Our agreement with Air Products is an important milestone as we progress plans to build the largest renewable diesel manufacturing facility in Canada. "This project highlights Imperial's commitment to investing in a lower carbon future. We continue to progress discussions with our business partners and governments as we work toward a final investment decision in the months ahead." Imperial will use Air Products' low-carbon hydrogen to produce renewable diesel at Strathcona that... > read more

New Enbridge and Humble Joint Facilities

Enbridge and Humble Midstream say that they will jointly develop and market a low-carbon hydrogen and ammonia production and export facility at the Enbridge Ingleside Energy Center near Corpus Christi. Enbridge acquired the Ingleside crude export terminal last year in a $3 billion deal with Houston-based Moda Midstream LLC. A spokesperson for Enbridge said: “Enbridge and Humble estimate the potential cost of the new project would be between $2.5 billion and $3 billion.” The unit that Enbridge and Humble plan to add would turn natural gas into so-called “blue” hydrogen — a term related to the way the gas is converted and the fact that the carbon dioxide by-product is captured and stored — along with ammonia. Up to 95 percent of the carbon dioxide generated in the production process will be sequestered in newly developed carbon... > read more

Baker Hughes Count Shows US Rigs Drop

The US dropped five rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on September 2. Baker Hughes’ latest count showed that three of the dropped rigs were land rigs and the other two were offshore rigs. The latest rig moves take the total US rig count to 760, comprising 741 land rigs, 16 offshore rigs and three inland water rigs, Baker Hughes highlighted. Of the total US rig count figure of 760, 596 rigs are classified as oil rigs, 162 are classified as gas rigs, and two are classified as miscellaneous rigs. Conversely, Canada’s rig count was shown to have risen by seven, week on week. Canada’s weekly additions take its rig count to 208, comprising 143 oil rigs and 65 gas rigs, according to Baker Hughes. The total North America rig count is now said to stand at 968 rigs. North America’s rig count has grown by 319 rigs compared... > read more

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Ohmium Signs Green Hydrogen Deal

US green hydrogen company Ohmium International has signed an agreement to provide 343MW of green hydrogen electrolyzers to...
> read more

Permian’s Impact On US Economy Is Growing

The Permian Basin’s economic impact on Texas and the nation is growing. By 2050, the region is expected to contribute up...
> read more

OFS Jobs Nearer to Pre-Pandemic Levels

Employment in the US oilfield services (OFS), and equipment sector rose by an estimated 6,854 jobs to 648,914 in August,...
> read more

Upstream News

Biden Issues Offshore Drilling Rights

The Biden administration on Wednesday, September 14, issued oil and natural gas leases to companies that won the Gulf of ... > read more

Cuda Purchase Increases COPL’s Reserves

Shares in Canadian Overseas Petroleum Ltd (COPL) surged on Monday, September 12, after the company reported a ‘material’ ... > read more

Deltastream’s Marten Hills Gamble Pays Off

Deltastream Energy’s gamble six years ago - drilling for oil in a heavily forested area of northern Alberta with no pipeline ... > read more

Imperial/Air Products Hydrogen Contract

Imperial has entered into a long-term contract with Air Products to supply low-carbon hydrogen for Imperial's proposed renewable ... > read more

Ohmium Signs Green Hydrogen Deal

US green hydrogen company Ohmium International has signed an agreement to provide 343MW of green hydrogen electrolyzers to ... > read more

KBR Ammonia-Powered Drilling Rigs Study

US-based engineering firm KBR has been awarded a study to develop a green ammonia-based power system for a semi-submersible ... > read more

Upstream News

Permian’s Impact On US Economy Is Growing

The Permian Basin’s economic impact on Texas and the nation is growing. By 2050, the region is expected to contribute up ... > read more

OFS Jobs Nearer to Pre-Pandemic Levels

Employment in the US oilfield services (OFS), and equipment sector rose by an estimated 6,854 jobs to 648,914 in August, ... > read more

Cole Ramsey Made API Upstream Policy VP

The American Petroleum Institute (API) has announced the promotion of Cole Ramsey to vice president of upstream policy. In ... > read more

New Enbridge and Humble Joint Facilities

Enbridge and Humble Midstream say that they will jointly develop and market a low-carbon hydrogen and ammonia production ... > read more

Baker Hughes Count Shows US Rigs Drop

The US dropped five rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on September ... > read more

US LNG Exports Rise Only Slightly

US shipments of liquefied natural gas (LNG) rose only slightly in August, showing they continue to be constrained by a June ... > read more

Upstream News

EIA Ethane Production Report

Ethane production has been increasing in the United States for the past five years, and it reached a monthly record of 2.5 ... > read more

Zephyr Energy Adds to its Utah Acreage

Rocky Mountain-focused Zephyr Energy says it has increased its operated land position through the acquisition of an additional ... > read more

Mexico Exports its Crude to US Refiners

Exports of Mexico's newest crude are ramping up under Italy's Eni, as US refiners find it an apt replacement for banned Russian ... > read more

Aker, Schlumberger and Subsea 7’s JV

Aker Solutions ASA, Schlumberger and Subsea 7 have entered into agreements to form a joint venture to deliver a step change ... > read more

Conoco’s $8bn Asset Loss Award Upheld

A US court upheld a tribunal's $8.75 billion award to US oil producer ConocoPhillips over the expropriation of its Venezuelan ... > read more

GATE Energy Awarded LLOG Commissioning

GATE Energy, the Houston-based engineering, commissioning and field services firm, has been awarded the commissioning management ... > read more

Upstream News

Clough To Perform FEED or LNG Project

Clough, in consortium with Technip Energies, has been selected to perform the Front End Engineering Design (FEED) for the ... > read more

Sunbridge Energy Midland Basin Facility

Sunbridge Energy Services, a provider of clean energy fuels in the Permian region, has said that its natural gas compression ... > read more

Devon Energy acquires Validus Energy

US independent, Devon Energy, is scaling up in the Eagle Ford Shale and is acquiring privately owned Eagle Ford Shale operator, ... > read more

Federal Land Price Hike With Climate Bill

The climate-and-tax bill passed by the Senate would force oil companies to pay more for drilling on federal land and block ... > read more

Baker Hughes Sells OFS Russia

Baker Hughes has signed an agreement to sell its Oilfield Service business in Russia (OFS Russia) to its local management ... > read more

Bilfinger Awarded Maintenance Contract

Bilfinger has been awarded a multi-million dollar annual contract for the routine mechanical maintenance scope for Shell‘s ... > read more