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The investment is about $300 million less than the company forecast in May and includes reductions resulting from Alberta’s mandated oil production cuts.
How effective Mexican regulators are at managing concerns and informing stakeholders will impact the pace of the country’s energy reformation journey.
The Eagle Ford has produced 2.5 billion barrels of oil and will generate another 2.1 billion barrels, DrillingInfo Executive Chairman Allen Gilmer told attendees of the recent DUG Eagle Ford conference.
Energy officials are promoting potentially oil- and gas-rich deepwater and shallow-water blocks as they look to offer more acreage onshore.
Patterson-UTI will acquire MS Energy, the second largest directional drilling company in U.S. onshore, on a debt-free basis.
Canada's MEG Energy rejected Husky Energy's offer to buy the oil and gas producer, saying the proposal undervalued the company.
IPC will acquire BlackPearl for roughly C$622.5 million and combine its assets with IPC’s existing assets in Canada as well as in France, Malaysia and the Netherlands.
Following the sale, four new joint ventures will be formed, with Beach Energy operating and having a 60% interest in each joint venture, the company said in a statement.
Canadian oil and gas producer Husky Energy said late Oct. 2 it had formally offered to acquire rival MEG Energy in a deal valued at about $5 billion including debt.
The Husky's takeover offer for MEG comes as many Canadian oil producers have struggled with transportation bottlenecks as output has surged.
Talos Energy Inc.’s appraisal plan for the Zama discovery was approved by the Mexican oil and gas regulator, the company said on Sept. 27.
Operators are finding oil in Mexico’s shallow waters as they look to grow reserves.
Pemex CEO Emilio Lozoya said the discoveries were made during the second half of this year, adding 180 million barrels of oil equivalent (MMboe) to the company's proven, probable and possible reserves.
During the current campaign, the Qugruk 8 (Q-8) well flowed 30 degree API gravity crude at rates of up to 2,160 barrels of oil per day (bbl/d), and the Qugruk 301 (Q-301) horizontal well yielded rates as high as 4,600 bbl/d, Repsol said in the release.
Pena Nieto said Pemex made the discovery by drilling its onshore Ixachi well in the municipality of Cosamaloapan, and the overall field is believed to hold some 350 million barrels of proven, probable and possible reserves.
Drilled 10 km (6 miles) from the Amoca discovery in a water depth of 33 m (108 ft), the well’s data indicate a single 280-m (919-ft) thick oil column, said Eni, which estimates the oil gravity at between 28 degree and 30 degree API. The well reached a final depth of 3,430 m (11,253 ft).
The discovery located in state waters offshore Alaska could hold as much as 10 billion barrels of oil in place.
Pemex estimates its average production will be 1.9 MMbbl/d in 2017, its lowest level since 1980, as a result of the spending cuts, Reuters reported.
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.