The Permian Basin was the top driver of a record $51 billion in US oil and natural gas deals during the first quarter, extending a rush for top-tier drilling inventories that began last year, data provider Enverus reported. However, elevated oil prices and increased regulatory scrutiny could temper the deal-making momentum, according to Enverus principal analyst Andrew Dittmar.
Oilfield services giant Halliburton announced first-quarter earnings of $679 million, its strongest performance for that period in 12 years, surpassing expectations despite subdued activity in North American shale basins. Rival Baker Hughes also beat analyst forecasts, reporting an adjusted first-quarter profit of 43 cents per share on $6.42 billion in revenue, driven by increased international drilling demand.
The world invested $1.8 trillion in the energy transition last year, but that figure needs to hit $4 trillion per year by 2035, according to BlackRock's latest Investment Institute Transition Scenario. The report emphasizes the importance of public-private partnerships, blended finance and stable policies like the Inflation Reduction Act. It also recognizes a large investment opportunity in the Asia-Pacific region.
The developers of the 303-mile Mountain Valley gas pipeline have asked the Federal Energy Regulatory Commission to authorize the project's startup by May 23, noting that all water and wetland crossings have been completed. "The Mountain Valley Pipeline is a critical infrastructure project that is essential for our nation's energy security, consumer affordability, and the ability to effectively transition to a lower-carbon future, and we look forward to bringing the Project into service," the letter filed with the FERC stated.
The American Petroleum Institute has reported that crude oil stockpiles declined by 3.23 million barrels last week, defying analysts' forecasts of a 1.8-million-barrel increase. Additionally, gasoline supplies dropped by 595,000 barrels, while distillate inventories gained 724,000 barrels.
2024 SmartBrief Reader Survey SmartBrief is running a quick five-minute survey to better understand our readers' interests to develop the next iteration of our newsletter. As a thank you for completing the survey, you will be entered to win one of three $150 Amazon gift cards. Start the Survey Now
Outdated IT and OT infrastructure, inadequate cybersecurity controls and vulnerabilities in critical software are exacerbating cyber risks to maritime oil and natural gas infrastructure, according to Chertoff Group experts. Dryad Global CEO Corey Ranslem struck a similar note, predicting a continued rise in cyberattacks like GPS spoofing on oil and gas vessels and floating infrastructure.
In a letter to Energy Secretary Jennifer Granholm, Republican lawmakers on the House Committee on Science, Space and Technology requested that the Energy Department provide internal documents and communications regarding the pause on liquefied natural gas permitting and the scope of the studies on the benefits of future LNG export approvals by May 8. "Without knowing the full scope of what environmental and life cycle analyses will be required and who within the Department has given direction to the National Laboratories on matters such as what demand conditions can or cannot be evaluated, it is impossible to label this effort as independent technical information," the lawmakers wrote.
A newly validated tool developed by Pennsylvania State University researchers can predict the methane leakage potential of decommissioned shale wells by simulating methane diffusion in shale formations. The scientists stressed the need for policies mandating long-term monitoring of methane emissions from abandoned wells.
This course is designed for novice inspectors, engineers and other personnel who are starting, changing or expanding their careers and want to be introduced to the API 570 Piping Inspection & Repair Code and the inspection practices outlined in API RP 574. Upcoming Dates: June 13-14/Nov 7-8, 2024. This course awards up to 16 hours of CPDs. Click here to register.
Global leaders continue to evolve in their formulas for a successful and just energy evolution. In doing so, the realization that oil and gas are catalysts for energy sustainability, transformation and security amidst a rising global demand sharpens. Oil and gas companies are working to solve the climate challenges by sustaining resources today, all the while securing the future through the development of innovative business models. The industry will continue its mission to sustain, transform, and secure essential needs across the globe. Join the 700+ industry professionals in Salt Lake City as they connect, collaborate, and learn together. Learn more!