Oil and Natural Gas Corp. has asked Halliburton, Schlumberger and Baker Hughes to submit proposals for increasing production at two onshore fields in India. ONGC, India's largest oil explorer, gave the three companies until May to submit proposals for oilfields in Assam and Gujarat.
US shale oil producer Whiting Petroleum reported a net loss of $798.3 million in the fourth quarter, which includes an $835 million impairment charge for the write-down of its Colorado assets. Excluding one-time charges, Whiting's net loss was 17 cents per share, versus analyst expectations for a loss of 30 cents per share.
Oil and natural gas drillers attending the first annual Permian Basin Water in Energy Conference called for increased use of recycled water in Permian drilling operations to avoid depleting the region's limited supplies of fresh water. To achieve this goal, operators should join forces and coordinate drilling and completion schedules to prevent frack hits and minimize water disposal at neighboring wells, says Tyler Hussey, water resources engineer with Apache.
EQT, the largest US natural gas producer, plans to split its midstream business from upstream operations in a move that would create the third-largest US natural gas gathering company. The spinoff decision was welcome news for EQT shareholders, who believe the move would result in better rewards for them.
Researchers say they've traced the start of the Anthropocene -- a proposed geological epoch created by humans' effect on the planet -- to a tree on Campbell Island in the Southern Ocean. Scientists say the chemistry of the tree's growth rings shows atomic bomb testing in the 1950s and 1960s affected the tree, which is called "the loneliest tree on the planet" because the closest one to it is about 200 kilometers away on the Auckland Islands.
Before the oil downturn, higher oil prices would cause the US economy to slow down, but as the second shale boom turned the US into a major oil producer and soon-to-be net exporter of energy, the trend is showing signs of reversal. These days, the US economy is growing in tandem with oil prices as the increase in energy investment, production and jobs helps offset the harmful effects higher oil prices have on consumers.
The wider adoption of renewable energy and electric vehicles could cause oil demand to peak at around 110.3 million barrels per day before 2040, according to BP's annual energy outlook. BP also said it expects oil consumption to grow by 0.14% per year between 2016 and 2040.
US refiners are shifting their focus to diesel and emerging markets in Latin America, Asia, Africa and the Middle East as domestic gasoline consumption stagnates and is predicted to only climb by 40,000 barrels per day this year, compared with nearly 260,000 barrels per day in 2015, writes John Kemp. US exports of finished petroleum products have increased by nearly 12% from the first 11 months of 2016 to over 1.1 billion barrels in the same period of 2017 -- a trend that is expected to gain momentum this year, Kemp writes.
Jeff Hildebrand has resigned as CEO of Hilcorp Energy, the company he founded 29 years ago, and handed over the helm to Greg Lalicker, who has been with the firm since 2006. "Mr. Hildebrand will maintain his position as executive chairman and continue to be heavily involved with the company," spokesman Justin Furnace said.
Royal Dutch Shell's growth strategy for the next few years gives equal importance to deepwater and US shale, with the company aiming to increase offshore production while it strives to achieve a positive cash flow from shale operations by 2019, said Upstream Director Andy Brown. "We can see strong (shale) production growth, strong cash surpluses that gives us a balance in our portfolio where you can ramp investment up and down, you can moderate that, very unlike deepwater which is quite chunky," Brown said