US oilfield services company Halliburton warned that growth in the number of North American rigs is stagnating as shale producers slow their activity. "This demonstrates that individual companies are making rational decisions in the best interest of their shareholders," Halliburton Executive Chairman and CEO David Lesar said.
Italy is concerned that magma inside the supervolcano Campi Flegrei near Naples may be approaching a critical stage, potentially leading to a devastating eruption. Other supervolcanoes that could pose a threat are in southwest Colorado, northern Sumatra in Indonesia and underneath Yellowstone National Park.
The strength of colliding tectonic plates played a role in forming the Tibetan Plateau, a study says. Using 3D computational continental collision models, scientists found that a plate with a strong western side and a weak eastern side results in the appearance of today's plateau.
Texas employment grew 3.6% in June, but the oil sector continued to act as a slight drag on the economy, despite an increase in new drilling activity in June after two months of decline, according to the Dallas Federal Reserve. Last week, the Energy Information Administration forecast that productivity in Texas' Permian Basin will decline for the 10th straight month in June because producers are drilling more wells than they are completing.
The number of US oil rigs fell by one to 764 in the week ended Friday, marking only the second week of declines since January, according to Baker Hughes. The pace of rig additions has slowed considerably in recent months, but analysts expect drilling activity to continue to rise through at least 2019.
US oil and natural gas companies and the US Chamber of Commerce have stepped up cautioning against President Donald Trump's plan to require new pipeline projects to use US-produced steel and components. The oil industry argues that the "Buy American" requirement would lead to construction delays, higher costs and fewer new projects, which would prevent the US from achieving energy dominance and significant economic and job growth.
The Atlantic Coast natural gas pipeline would have some adverse impacts on the environment, but most could be mitigated by taking certain measures, according to the Federal Energy Regulatory Commission's environmental impact statement. The project, developed by Dominion Energy, would stretch 600 miles and have a capacity of 1.5 billion cubic feet per day.
Quanta Services, an infrastructure services provider for the oil and natural gas, electric power and telecom industries, has bought Stronghold, which provides downstream and midstream services. The deal, worth up to $550 million in cash and stock, will help Quanta expand its footprint in the energy industry.
Schlumberger, the world's No. 1 oilfield services company, has seen its North American onshore revenue climb by 42% in the second quarter, fueled by a 68% increase in its US revenues from hydraulic fracturing. "While the activity outlook in North America for the second half of the year remains robust, we are now also seeing more positive signs in the international markets with increases in activity," Schlumberger Chairman and CEO Paal Kibsgaard said.
Drilling in core locations rather than better completions designs accounted for almost half of all productivity gains in the Bakken Shale since 2014, according to a study by the Massachusetts Institute of Technology's Energy Initiative. The authors of the study say companies should include the effects of location in forecasting models to avoid spending too much on completions.