Business/economics
After a decade and a half of declining production, Uzbekistan, ranked 15th worldwide in gas output, has been seeking foreign partners to revive and reverse the fortunes of its oil and gas industry.
While often associated with smaller discoveries, subsea tiebacks are playing a growing role in contributing to the broader energy mix.
The Houston-based enhanced geothermal developer scored $1.9 billion in an initial public offering, positioning it to expand projects in Utah and Nevada.
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Devon exits the asset that served as the company’s cornerstone for almost two decades and is known to the world as the birthplace of the shale revolution. -
Directional drilling and measurement-while-drilling technology has become so democratized in the Texas shale sector that no provider holds more than 8% of the market share.
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Total has agreed to acquire interests in two blocks in the offshore Kwanza Basin from Angola’s state-owned Sonangol and has received an extension on its offshore Block 17 production licenses.
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BP has signed a deal with a joint venture between Petrofac and SOCAR, the Azeri state oil company, to support its osshore and onshore operations in the Caspian Sea. These include the offshore Azeri-Chirag-Gunashli and Shah Deniz fields, along with the associated Baku-Tbilisi-Ceyhan pipeline, the South Caucasus pipeline, and the Western Route export pipeline.
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The latest move to consolidate the US shale sector will add 1,500 drilling locations to the buyer's portfolio. It also reflects that all-stock or mostly-stock deals are now the sector’s preferred acquisition vehicle.
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The company said it will avoid the pumping business's “structurally disadvantaged position” and instead focus on well servicing and water logistics.
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The company also secured $2.6 billion in exit financing facilities, including a $450-million revolving credit facility, as well as a $195-million letter of credit facility and more than $900 million of liquidity.
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Lower oil prices and capital discipline are expected to result in a double-digit drop in shale and tight oil spending, while deepwater momentum is seen continuing. This comes as “massive investments” will be needed in the next decade to meet growing oil demand.
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Proved oil reserves totaled 43.8 billion bbl at yearend 2018 while proved gas reserves amounted to 504.5 Tcf, both topping records set in 2017, the US Energy Information Administration said.
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A new report says that production growth in the world’s most prolific unconventional basin is on the verge of stalling out.
