Scientists are finding more places where methane forms in rocks, rather than by decay from plants or other types of life. Researchers, who studied chemical components in methane samples from Mount Chimaera in Turkey, gold mines in South Africa, a sandbar in eastern Colorado and other places, discovered that microbes are involved in making abiotic methane.
The Federal Energy Regulatory Commission's compromise on how to assess a liquefied natural gas project's impact on climate change could help the agency as it works through the backlog of applications for permits, FERC Chairman Neil Chatterjee said in an interview. However, Commissioners Richard Glick and Cheryl LaFleur raised concerns about the new framework, even though LaFleur voted last week to advance two LNG projects.
Halliburton on Monday reported better-than-expected first-quarter results, earning 23 cents per share on $5.74 billion in revenue, and said the market for oilfield services is starting to recover, although it provided no evidence to back the assertion. Halliburton said its North American activity accelerated slightly during the quarter, and it expects higher second-quarter margins in its drilling and evaluation units in addition to its completion and production business.
Chinese refiner Sinopec is poised to receive a 2 million-barrel cargo of West Texas Intermediate crude this week, the first since a suspension enacted in September due to fears of Chinese tariffs on US oil, according to sources. More US crude cargoes are scheduled to arrive in China in May and June, the sources said.
Northern Oil and Gas will acquire VEN Bakken's Williston Basin assets for $165 million in cash, 5.6 million common shares and a $130 million, 6% three-year senior unsecured note. The asset package consists of 18,000 net acres with roughly 87 net producing wells and estimated production of 6,600 oil equivalent barrels per day in 2019's second half.
Rep. Debbie Wasserman Schultz, D-Fla., is backing legislation that would bar oil and natural gas development off the coast of Florida following reports that the Trump administration plans to include the state in a five-year proposal to expand offshore drilling. The bill also calls for a review of the National Oceanic and Atmospheric Administration's oil spill response authority and would make oil companies more responsible for spill cleanup.
A magnitude 6.1 earthquake on Monday killed at least 16 people, injured dozens and damaged buildings on Luzon island in the Philippines, authorities said. Rescuers continued to search for people today in a collapsed commercial building in Porac, where most of the deaths occurred.
State-owned Tatweer Petroleum in Bahrain plans to sign deals with Eni and JX Nippon to develop an oil and natural gas field in the country. Tatweer is expected to receive results from the first of two test wells at the Bahrain field by the middle of summer.
Surge Energy US Holdings subsidiary Moss Creek Resources Holdings reported drilling the longest lateral well in the Permian Basin, stretching 5.5 kilometers and having a measured depth of 7,496 meters. Dubbed Medusa Unit C 28-09 3AH, the well is in the Moss Creek oilfield and should come online later this year.
Oil and natural gas producers in the Appalachian Basin likely will report moderate production growth in the first quarter as most of them pursue cost reductions and cash flow improvements. Drillers' decisions to slash capital spending have translated into 35% fewer drilling permits being issued in Pennsylvania in the first quarter of this year, compared with the first quarter of last year.