Business/economics
Nitzana will enable Israel to double gas exports to Egypt from the giant Leviathan gas field in the Eastern Mediterranean.
Nearly 90% of investment since 2019 has gone to replacing lost production, with $570 billion in spending projected for 2025.
Months of due diligence and evaluation following proposed $18.7 billion deal results in no deal to purchase Australian operator.
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Output fell below 12 million B/D and was down more than 300,000 B/D from an all-time high in April, according to data from the US Energy Information Administration. -
ConocoPhillips has pulled out of the much-hyped Louisiana Austin Chalk play after the company’s test wells yielded a gusher of water. Meanwhile, an Australian operator flying under the radar continues to pursue the adjacent-but-even-more-challenging Tuscaloosa Marine Shale.
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The service company and independent verifier are aiming to develop a methodology for qualifying the integrity of digital twins, which they say will help level the industry’s varying technical definitions of, and expectations towards, the technology.
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Lower equipment utilization and prices have worsened the pain for oilfield service companies in Texas, New Mexico, and Louisiana, while operators continue to grapple with the industry’s shifting business climate.
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India’s Petronet LNG Ltd. signed a $7.5-billion agreement to buy into Tellurian Inc.’s proposed LNG terminal in Louisiana in what is described as potentially one of the largest foreign investments in the US to ship shale gas abroad.
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ModuSpec, a drilling rig inspection, auditing, and training services company, re-emerges as an independent operating company following a strategic restructure of Lloyd’s Register. It will focus on the Middle East and Asia, as well as Egypt, Uganda, and Kenya.
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The value of natural gas flared by 80 different nations around the world has increased by 11% to hit a global peak this year of $16.4 billion, according to a new data analysis.
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As the operator seeks to raise $15 billion from asset sales through 2021, it sees a viable opportunity in its Gippsland Basin upstream portfolio, which could fetch up to $3 billion in a sale. Wood Mackenzie anticipates strong interest, but the age of the field may prove problematic.
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The recent jump in oil price could create additional momentum for margins in the service sector. With shale euphoria wearing off, service company margins are still showing some resiliance. If the price hike persists into 4Q 2019, increased activity could improve pricing further.
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Rystad estimates almost 2 million B/D will remain shut in on average during September and October, with full restoration to pre-attack levels not coming until closer to year end.
