More Oil Exploration & Production News

Oando increases deposit for acquisition of Nigerian upstream business

Oando Energy Resources Inc. has paid a previously agreed upon deposit of $25 million for the extension of the outside completion date for its acquisition of ConocoPhillips’ Nigerian upstream oil and gas business.

UPSTREAM NEWS

US natural gas output up record amount in March

Spurred on by the top three highest producing days in US history, domestic natural gas production in the Lower 48 states averaged 66.6 billion cubic feet per day (Bcf/day) in March 2014, according to the latest estimates from Bentek Energy, the oil and natural gas analytic unit of Platts.

Tight oil production pushes US crude supply to over 10% of world total

US tight oil production averaged 3.22 MMbbl/d in the fourth quarter of 2013, according to US EIA estimates. This level was enough to push overall crude oil production in the US to an average of 7.84 MMbbl/d, more than 10% of total world production, up from 9% in the fourth quarter of 2012.

P2 Energy Solutions expands operations in Thailand

P2 Energy Solutions has expanded its operations with a new office in Bangkok, Thailand, in order to further serve its customers in the upstream oil and gas sector.

NZ Super Fund invests $250M with KKR’s energy practice

The New Zealand Superannuation Fund (NZ Super Fund) has pledged investments up to US$250 million to North American gas and oil opportunities with experienced energy investor KKR.

Upstream News

Loyz acquires stake in onshore Thailand blocks

Loyz Energy Ltd., a Singapore-based upstream energy group, is set to buy into its first oil-producing concessions, which are expected to be immediately cashflow-positive, for $65 million.

Noble to sell Tamar gas to multiple customers in Jordan

Noble Energy Inc. has signed a gas sales agreement between NBL Eastern Mediterranean Marketing Ltd., the Arab Potash Co., and the Jordan Bromine Co. 

Crude, NGLs and natural gas outlook

Natural gas production in the Lower 48 has surged 40% since 2005 – hitting record levels in recent months in spite of low prices and a drilling migration away from dry gas to liquids plays. Following a similar trajectory, NGLs output from gas processing plants jumped 40% since 2009 as drilling for wet gas accelerated. Crude oil production from shale did not take off until the end of 2011 but since then has surged an astronomical 56 percent to 7.8 MMb/d. RBN fully expects the growth trend to continue.

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