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Libya’s oil output could be days from coming to a complete halt as conflict in the OPEC nation puts the country’s most vital industry at risk, the nation’s top oil official said. The country is currently pumping 262,000 bpd and could fall as low as 72,000 bpd within days, National Oil Corp. Chairman Mustafa Sanalla
The U.S. Energy Information Administration forecasts that U.S. natural gas exports will exceed natural gas imports by an average 7.3 Bcfd in 2020 (2.0 Bcfd higher than in 2019) and 8.9 Bcfd in 2021. Growth in U.S. net exports is led primarily by increases in liquefied natural gas exports and pipeline exports to Mexico. Net
EnCap Investments LP plans to use a $6 billion war chest to drill oil and natural gas wells, now that dwindling investor interest has made it tougher for private equity players to offload shale assets. The energy-focused firm sees “robust drilling economics” in many parts of the U.S. and is running 23 rigs across its
U.S. oil production from tight formations increased in 2019, accounting for 64% of total U.S. crude oil production. This share grew because of the increasing productivity of new wells that were brought online during 2019. Since 2007, the average first full month of oil production from new wells in regions tracked by the U.S. Energy
Offshore aviation transportation companies Bristow Group and Era Group announced that they entered into a definitive agreement to combine the two companies in an all-stock transaction, creating a financially stronger company with enhanced size and diversification. The combined company, which will be named Bristow, will strengthen its global leadership position with significant operations throughout the
Libya’s Central Bank Governor Sadiq Al-Kabir called on the international community to help end a week-long shutdown of oil ports by eastern military commander Khalifa Haftar, likening the closures to a “bullet in the head.” It is too early to assess the damage from the blockade that’s halted crude exports from the OPEC country and
ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. The new recoverable resource estimate includes 15 discoveries offshore Guyana through year-end 2019.
Brazil, which became a net oil exporter last year, wants to expand its footprint in global energy markets without joining OPEC. The South American nation expects to be among the top-five energy exporters by 2030, and is tapping private investment to boost output, according to energy and mines minister Bento Albuquerque. It’s also working on
Liquefied natural gas prices are poised to test record lows this year thanks to an onslaught of new supply and warmer winter temperatures curbing consumption. The startup of new export projects from Australia to the U.S. has flooded the market, while brimming stockpiles in Europe and an expected slowdown in Chinese demand have dumped cold
Exxon Mobil plans to start gauging buyer interest in its UK and German upstream operations in the coming weeks as the oil major continues to divest overseas assets, people with knowledge of the matter said. The energy giant aims to start a sale process for its UK North Sea assets imminently, according to the people.