1. The Permian Basin in the United States is expected to record production in September
According to the data of the US Energy Information Administration (EIA), the Permian Basin, the largest shale basin in the United States, is expected to reach a record 5.408 million barrels per day next month, and the daily output is expected to increase by 79000 barrels.
In the latest drilling capacity report released on Monday, the EIA said that the total output of all large shale basins in the country would increase to 9.049 million barrels per day in September, which means an increase of 141000 barrels per day. In addition to the Permian Basin in the United States, the area with the largest increase in production will be Eagle Ford in Texas. It is expected that the production in this area will increase to 1.23 million barrels / day next month, with an increase of 26000 barrels / day.
All of these are activities of this degree never occurred in shale in the United States since covid-19 pandemic.
2. Northern oil and gas (nog) Announces Acquisition of Midland Basin
Northern oil and gas (nog) recently announced that it has reached a final agreement to purchase the non operating interests of Midland basin at a price of US $110 million in cash, and adjust it according to the typical adjustment at the end of the transaction. Nog hopes to finance the acquisition with cash on hand, operating free cash flow and borrowings under the nog revolving credit facility.
The acquired assets are located in Howard County, Texas, covering an area of about 1600 acres. Almost all the assets are operated by SM energy.
3. Saudi Aramco’s profit soared 90% in the second quarter
Driven by rising oil prices and soaring refining profits, Saudi Aramco, the world’s largest oil company, released a briefing last weekend. The company’s net profit in the second quarter of this year increased by 90% year-on-year, reaching US $48.4 billion, setting the highest quarterly profit record since its initial public offering (IPO) in 2019.
4. Saipem wins $900 million Angola contract
Recently, Italian oil service giant Saipem won a new natural gas project off the coast of Angola, with a contract value of $900 million. Including undertaking three contracts for quiluma platform and related onshore natural gas processing plant, and taking charge of its design, procurement and construction, as well as connection and commissioning.
The project is developed by the new natural gas Consortium (NGC) led by azule energy, a joint venture of Eni and BP in Angola, including two gas fields, quiluma and maboqueiro.
The project is the first non associated natural gas project in Angolan waters, which will provide natural gas for its domestic economy and feed gas for Angola LNG plant.
5. Gazprom’s natural gas exports fell by 36% this year
Gazprom, a Russian natural gas giant, said on Tuesday that its natural gas exports fell 36.2% to 78.5 billion cubic meters from January to mid August this year due to a sharp drop in deliveries to Europe. Gazprom also warned that the benchmark natural gas price in Europe may rise by 60% this winter.
Post time: Aug-22-2022