NorthAmOil - North America Oil & Gas

Equinor receives licence from oil regulator for “significant” discovery off Newfoundland

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued a licence to Equinor for the Cappahayden K-67 discovery. The board estimates that it holds about 385mn barrels of recoverable oil.

Bakken holds back US oil production growth

North Dakota’s Bakken shale field is holding back the US’s oil production growth

Biden acknowledges oil will remain necessary in the US

US President Joe Biden has conceded that oil will be needed in America for some time yet, despite the energy transition.

ConocoPhillips profits double in 2022

ConocoPhillips saw doubled profits in 2022 of $18.7bn as crude prices rose, its highest earnings in a decade. This was compared with a year earlier when profits were $8.1bn. ConocoPhillips spun off its refining business in 2012.

NuStar to move 600,000 bpd from the Permian in 2024 to Gulf Coast

NuStar Energy plans to transport 600,000 barrels per day of crude from the Permian Basin to the Gulf Coast in 2024 for refining or export, company executives said.

Nearly 200 permits in New Mexico violate federal law, says appeals court

A federal appeals court said the government wrongly ignored the dangers of greenhouse gas and other hazardous emissions when it issued permits to drill nearly 200 oil and gas wells in New Mexico.

Freeport restarts liquefaction in Train 3, ending 8-month halt

Freeport LNG revealed on February 3 that it has restarted the liquefaction process of Train 3 at the Texas liquefied natural gas export plant.

Prince Abdulaziz to maintain caution on production

LNG sale and purchase agreements in US up in 2022

LNG exports in the US are booming as supply in Europe remains tight following sanctions on Russia because of its war in Ukraine. World supplies of LNG had already been constrained, with demand in Asia especially high.

Bill on Strategic Petroleum Reserve passes US House of Representatives

A bill on the Strategic Petroleum Reserve (SPR) has passed the US House of Representatives. The legislation, HR21, requires that any release of crude from the SPR is tied to a plan to increase oil and gas leasing on federal land.

ExxonMobil, Chevron profits soar

The US’s two largest oil companies have posted record profits as blowback continues including from politicians and consumer groups, and in particular from US President Joe Biden.

TotalEnergies EP Canada buys additional stake in Fort Hills

TotalEnergies EP Canada, a subsidiary of French supermajor TotalEnergies, is purchasing an additional 6.65% interest in the Fort Hills project from Teck Resources for CDN 312mn ($234mn). This is in advance of its spin-off from parent TotalEnergies.

Valero starts up new renewable diesel, naphtha plant on Gulf Coast

Valero Energy’s Diamond Green Diesel Holdings (DGD) has started up a second renewable diesel and renewable naphtha plant on the Gulf of Mexico

NorthAmOil: ExxonMobil, Chevron profits soar

FortisBC signs benefits agreement with First Nation group

Canadian LNG producer FortisBC announced in late January the signing of a benefits agreement with the Snuneymuxw First Nation band to facilitate the expansion of its Tilbury project at Delta, British Columbia.

Marathon Petroleum increases earnings

Marathon Petroleum Corp. (MPC) announced that for the full year 2022 its net profit attributable to MPC was $14.5bn, or $28.12 per diluted share, A year earlier it had net income attributable to MPC of $9.7bn or $15.24 per diluted share.

Imperial outlines output growth plans

Leading Canadian oil sands producer Imperial Oil has various oil sands expansion projects on its radar in Alberta that it is planning to develop in stages, depending on various factors.

Three new areas to be opened up for 2023 bidding round in Newfoundland and Labrador

Canada’s Newfoundland and Labrador will include three new areas in its 2023 offshore bidding round, according to a senior provincial government official.

Newfoundland and Labrador targets new offshore oil, gas investment

Newfoundland and Labrador is optimistic about additional oil production from its offshore acreage in 2023 – compared with 2022 – and incremental investments, according to senior provincial government officials.

Oilfield services firms may face structural upcycle

The “Big Three” oilfield services companies have registered high profits for 2022. The combined net income of Halliburton, Baker Hughes and SLB, formerly Schlumberger, last year was $4.4bn, the highest since the peak of the US shale boom in 2014.

NorthAmOil: Hess to focus in 2023 on Bakken shale play

Hess to focus in 2023 on Bakken shale play

Hess Corp. will focus more than 80% of a $3.7bn capital and exploratory budget in 2023 on a four-rig drilling programme in the Bakken shale, and also on development in Guyana.

ExxonMobil ends routine flaring in Permian Basin

ExxonMobil says it has halted routine flaring of gas in the Permian Basin, reports Reuters. Flaring is the practice of burning off excess gas from drill sites.

Matador Resources is buying Advance Energy in $1.6bn deal

Matador Resources is buying Advance Energy Partners. The Delaware Basin bolt-on is for $1.6bn plus $7.5mn cash for each month in 2023 in which the average price of oil exceeds $85 per barrel.

HighPeak to explore sale of company

HighPeak Energy will explore a potential sale of the company, it has announced. This is to maximise shareholder value, the Texas-based, oil-oriented exploration and production company said.