Oil and natural gas production off the coast of Norway will decline after 2025 if companies fail to tap undiscovered reserves, most of which are in the Barents Sea, a Norwegian Petroleum Directorate report says. Nearly half of expected resources on the continental shelf have not yet been found, the report says.
Equinor plans to drill a well at the Intrepid Eagle hydrocarbon prospect in the Barents Sea off the coast of Norway. The company, which received safety approval to drill in water 452 meters deep and about 172 kilometers southeast of the Bear Island wildlife sanctuary, aims to start the well in mid-August and finish it in 28 days.
Savannah Petroleum has started drilling a third well at the Kunama prospect in southeast Niger. The well, expected to be drilled to a depth of 2,442 meters and take 30 to 35 days to finish, is targeting 35 million barrels of recoverable resources in the Agadem Rift Basin.
US dry natural gas production is expected to climb by 60% from 2017 levels to about 118 billion cubic feet per day over the next two decades, according to a report by IHS Markit. Meanwhile, US liquefied natural gas export capacity is seen reaching at least 10 billion cubic feet per day within five years as the gas boom transforms the US into an energy export powerhouse.
Pioneer Natural Resources Chairman Scott Sheffield urged OPEC to raise daily production by about 1 million barrels per day to maintain market balance and prevent oil prices from spiking to $100 per barrel. Sheffield said the "sweet spot" for oil prices is between $60 and $80 per barrel.
US crude stockpiles declined by 5.9 million barrels last week, beating analyst expectations for a 3.7-million-barrel plunge, according to the Energy Information Administration. Meanwhile, gasoline and distillate supplies were up by 3.3 million barrels and 2.7 million barrels, respectively.
Higher oil prices led to a 60% increase in completion activity in Wyoming last year, with over 580 completed wells, according to the Wyoming Geological Survey. Oil and natural gas operators have completed 80 wells to date this year, mostly in the Powder River Basin.
President Donald Trump has revoked an Obama-era policy designed to protect US oceans and the Great Lakes in a move expected to give a boost to oil and natural gas drilling, fishing and other industries. "Ocean industries employ millions of Americans and support a strong national economy," Trump's executive order said.
Researchers say they've improved the use of nuclear magnetic resonance to make it easier to designate shale formations during hydraulic fracturing. Their model, which distinguishes between molecules, can tell oil and natural gas from water.
ExxonMobil and Hess have found oil southeast of the Liza field off the coast of Guyana, the companies said. The discovery at the Longtail-1 exploration well is the companies' eighth off Guyana in the last three years.