Unconventionals

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U.S shale producers renew challenge to OPEC

November 28, 2017 | Shale oil & gas, United States & Canada

London, UK | –  U.S. shale producers have started adding more drilling rigs in response to rising oil prices and improving confidence about the outlook for 2018. Experience shows changes in the number of rigs drilling for oil in the United States tends to follow changes in WTI prices with a lag of about 16 to 20 weeks. The active rig count peaked in mid-August and then declined through September and October, in response to the earlier peak and fall in prices between February and …

Nigerian government approves national gas policy

July 05, 2017 | Government & Regulations, Nigeria, Shale oil & gas

Abuja, Nigeria | – Nigeria’s federal  cabinet has approved a national gas policy that aims to reduce the country’s dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement. The policy was passed in last week’s cabinet session but only made public on Wednesday. Nigeria has for decades relied on its ample supplies of oil to power its economy. But despite having a wealth of crude, the vast majority was sent overseas for refining, and the country instead …

ConocoPhillips to sell Canadian oil sands and gas assets

March 30, 2017 | Company Operations, Oil Sands, United States & Canada

London, UK | – ConocoPhillips has struck a deal with Cenovus Energy to sell oil sands and gas operations in west Canada, following in the footsteps of international oil major, Shell, which recently exited Canada’s oil sands industry, and Marathon Oil’s oil sands divestment. The Conoco deal is worth US$13.3 billion (C$17.7 billion) and includes Conoco’s 50-percent stake in the Foster Creek Christina Lake project, which the U.S. company ran together with Cenovus as operator, and most of its conventional offshore natural gas assets in the Deep …

America’s Anadarko to sell Eagleford shale assets in South Texas for $2.3billion

January 13, 2017 | Asset Acquisitions & Divestitures, Shale oil & gas, United States & Canada

London, UK | – American petroleum and natural gas exploration and production company  Anadarko has signed an agreement to sell its Eagleford Shale assets in South Texas, US to a strategic 50/50 partnership formed by Sanchez Energy and asset manager Blackstone Group for about $2.3bn. The sale, which is scheduled to be completed in the first quarter of 2017, includes about 155,000 net acres located next to Sanchez’s Catarina asset, about 100 miles southwest of San Antonio. Anadarko plans to use part of the proceeds …

Apache, Shell target Egypt for unconventional gas in June

March 15, 2016 | Egypt, Unconventionals

London, UK | – Apache Corporation  and Royal Dutch Shell plan to commence producing unconventional gas from their joint venture in Egypt’s Western Desert by the end of June even as Apache is cutting investment in the nation because of falling oil prices. Apache and Shell will start drilling the North African country’s first unconventional gas well in a pilot project by the end of March, Apache Egypt Region V.P. and General Manager Thomas Maher said in an interview in Cairo. Apache and Shell will …

After Iran deal, US companies face being left out in cold

July 17, 2015 | Nuclear, Politics & Social Unrest

Washington, US | –  Within hours of the announcement of an Iran nuclear deal early on Tuesday, lawyers around Washington were fielding calls from U.S. corporate clients eager to know what the 159-page deal would mean for their business prospects. In the near term, the answer for most of them is: not very much. U.S. companies face losing out to foreign competitors in Iran as they wait for signs that Tuesday’s historic nuclear agreement is sticking and that U.S. lawmakers are willing to loosen long-standing …

Shell pulling back from shale projects in South Africa

March 17, 2015 | Shale oil & gas, South Africa

Johannesburg, South Africa | – Royal Dutch Shell is pulling back from its shale projects in South Africa due to lower energy prices although it is still seeking an exploration license for the onshore Karoo Basin, its country manager said on Monday. A more than halving of crude oil prices since June last year has put high cost projects such as shale gas exploration in jeopardy around the globe, Shell South Africa Chairman Bonang Mohale told Johannesburg station Talk Radio 702. “The reason to go …

BP’s 2035 outlook sees OPEC oil gaining ground as US shale slows

February 18, 2015 | Shale oil & gas

London, UK |  – OPEC will regain ground and exceed its historic record production levels by 2030 as U.S. shale oil growth flattens out in the coming years, energy company BP said on Tuesday. In the near term, demand for oil from the Organization of the Petroleum Exporting Countries (OPEC) is likely to remain under pressure as U.S. shale oil production remains strong, BP said in its annual benchmark Energy Outlook 2035. Production of tight or shale oil in the United States has been the …