The Samo and Bambo oil prospects off the coast of Gambia contain an estimated 1.1 billion barrels of oil, Australia-based oil explorer FAR says. The prospects' permit area is adjacent to FAR's SNE field off the coast of Senegal.
Badly hurt by the oil industry downturn and unable to escape the shadow of the Permian Basin, the Eagle Ford Shale nonetheless demonstrates resilience with some signs pointing to a tentative comeback. The play's rig count jumped from 29 in June 2016 to 67 last week, and dealmaking and leasing activity is accelerating as companies take advantage of lower entry costs and acreage of equal if not superior quality compared with the Permian Basin.
The huge amount of natural gas flowing out of the Permian Basin as a byproduct of oil drilling threatens to ruin the oil industry recovery in West Texas as infrastructure constraints leave oil producers stuck with excess gas supply. Drillers may be forced to shut in wells, curb drilling and increase gas flaring unless new pipelines carrying gas to Mexico come online by the end of 2018.
A district court judge in Minnesota on Friday rejected a challenge to Winona County's ban on frac sand mining brought by Minnesota Sands and landowners. The plaintiffs claim the ban violates their constitutional rights because it only targets industrial frac sand mining while sand mining for construction uses is still allowed.
Production from the Permian Basin and the Eagle Ford Shale climbed to 2.57 million barrels per day and 1.22 million barrels per day, respectively, in September, while Texas oil and natural gas sector employment rose nearly 2% to 222,000, according to the Federal Reserve Bank of Dallas. However, uncertainty surrounding the NAFTA negotiations and a tightening market could hinder growth, warned Dallas Fed assistant economist Amy Jordan.
Shale producers such as Anadarko Petroleum, EOG Resources and Pioneer Natural Resources are expected to return to profitability without sacrificing oil and natural gas output. Free cash flow is rising, along with oil prices.
The distillate fuel oil market is showing signs of tightening as US refiners have trouble keeping up with domestic and foreign demand growth, writes John Kemp. US distillate stocks dropped by 800,000 barrels last week despite refiners producing a seasonal record of 5.2 million barrels of distillate per day.
Chevron's Nigerian subsidiary has reached an alternative financing arrangement with Nigerian National Petroleum Corp. that will enable increased crude oil production and other improvements in the Sonam and Okan fields.
NASA used satellite data to create a video showing how the surface of Earth's oceans and land has changed over the past two decades. The global view helps scientists monitor crops, fish and forests, and it has revealed long-term changes such as a shift in phytoplankton populations in the oceans and the expansion of areas unsuitable for life.