The discovery located in state waters offshore Alaska could hold as much as 10 billion barrels of oil in place.
As global energy demand and oil price uncertainty linger, one of the world’s largest oilfield services company is positioning itself for growth.
In the U.S., the eight-week streak of oil rig additions came to a halt this week.
Further optimization could lead to better frack designs, stage and well spacing, greater production and ultimately, more profit.
Former Texas Railroad Commission chairman tells EnerCom conference that the nation can do more to help its struggling energy industry.
The emerging Paleogene play in the US Gulf of Mexico continues to offer increasing encouragement for major deepwater discoveries, with Chevron confirming a significant find.
Shell's CEO Ben van Beurden says, "there is a lot more to do" in its North American deepwater sectors.
The program uses Mexico's National Hydrocarbons Commission (CNH) data library.
The ministry set the minimum value of additional royalties at 3.1% for contractual blocks one through four, and at 1.9% for blocks five through 10.
Renaissance also said that it has opened its field operations office in Villahermosa, Tabasco, Mexico, which is near the Chiapas blocks.
Any consortia that form will be revealed on Nov. 28, Mexico's National Hydrocarbons Commission said, according to Reuters.
A Pemex official told Reuters that forecast is dependent on new oil production coming from mature onshore fields, mature offshore fields, heavy oil offshore fields and deepwater natural gas fields.
The company is counting on growing “premium inventory”—wells that generate rates of return of at least 30% at $40/bbl oil— to increase resource potential.
Enhanced completions onshore and subsea tiebacks offshore are contributing to production gains, but low commodity prices are taking away profit potential.
The North American rig count jumped by 18 this week to 582. The count was 1,089 a year ago.
Canadian drillers added more than a dozen rigs this week, helping to push the North American rig count up by 21 to end the week at 542, according to the latest report from Baker Hughes Inc. (NYSE: BHI). The oil and gas rig counts in Canada each grew by seven to 44 and 50, respectively.
The latest report from Baker Hughes Inc. shows the North American rig count jumped by 14 this week.
The 2017 auctions will follow three auctions that began last year covering both shallow-water and onshore blocks.
Populist Andres Manuel Lopez Obrador would require Pemex take minimum stakes in all future oil contracts, and may also revoke two dozen contracts already signed with oil companies, Reuters reported.
The North American rig count grew by 21 rigs this week, boosting the count to 607.
Analysts’ report describes massive amount of maturing, expiring debt facing oilfield services sector.
In all, the number of rigs pumping in North America ended the week at 586, up four from last week.