Management
The Essington-1 well is the first discovery in the Otway since 2021.
The ruling means the state will take over permitting and enforcement of EPA regulations pertaining to all classes of wells, including injection wells for carbon dioxide storage.
Proposed and final notices of sale represent nearly 80 million acres in the Gulf of Mexico and approximately 1 million acres in Alaska’s Cook Inlet.
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The Australian operator's A-6 offshore development, Myanmar's first ultradeepwater project, will supply gas to the country's domestic market, with some gas from Phase 1 also moving via pipeline to Thailand. -
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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The unmanned development is expected to add 80 million BOE of production to the aging Norwegian North Sea field. Aker BP said it aims to produce 1 billion BOE from Valhall over the next 40 years.
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With production set to begin from the large Leviathan field by the end of this year, the Israeli government signed off on the final permits to allow for its first exports. Leviathan contains approximately two-thirds of all the gas resources discovered offshore Israel so far.
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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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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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With a $10 million commitment from Shell, Rice University has launched Carbon Hub, a research initiative with the goal of creating a zero-emissions world by using oil and gas to create clean energy.
