The largest oil and natural gas lease auction in US history is scheduled to take place on March 21, the Interior Department announced Friday. The auction will involve 77.3 million acres offshore Texas, Louisiana, Mississippi, Alabama and Florida.
US proved natural gas reserves climbed 5% to 341.1 trillion cubic feet in 2016, while proved reserves of oil and condensate were unchanged from 2015 at 35.2 billion barrels, according to the Energy Information Administration. Pennsylvania posted the largest net increase in gas proved reserves in 2016, adding 6.1 trillion cubic feet.
US drillers deployed seven oil rigs to oilfields across the country last week, bringing the oil rig count to 798, according to Baker Hughes. However, the gains were offset by a seven-rig drop in the number of natural gas rigs.
Drillers in Colorado's Niobrara region are expected to pump a record of 579,000 barrels of oil per day in March, encouraged by higher oil prices, according to the Energy Information Administration. Oil output from the Niobrara is seen climbing even further as drillers step up well completions, with the number of uncompleted wells down to 553, the lowest level since November 2014.
More efficient drilling and productivity gains helped Occidental Petroleum boost Permian Basin production by nearly 15% in the fourth quarter over the third quarter, but despite this, pretax income for oil and natural gas fell from $220 million to $44 million.
Oil Search has completed its acquisition of oilfield assets in Alaska's North Slope from Armstrong Energy and GMT Exploration. In a $400 million deal, Oil Search acquired a 25.5% interest in the Pikka Unit and adjacent property and a 37.5% interest in the Horseshoe Block.
Turbodrills are reliable, efficient tools for drilling through hard and abrasive formations in oil wells. The downhole turbines, which convert hydraulics into mechanical rotation, reach depths faster and with more power than other drilling assemblies, are easy to steer and end up saving drillers money.
This course will provide the skills necessary to safely operate offshore cranes, perform daily inspections, assess rigging safety, properly communicate with riggers and supply vessels during lifts and ensure overall safety during material handling/lifting processes. Those attending this training will learn crane operating principles, operational safety, load control methods, inspection procedures, communications and critical load handling. Operation of an Offshore Crane and/or Simulator will be required to complete the course. Offered by Australasian Training Company on March 12-16. To learn more and to register, visit API-U Calendar.
2018 API International Trade and Customs Conference, April 8-10, Savannah, Ga.
With so many dramatic changes domestically and internationally, the petroleum industry and its affiliates face new challenges and remarkable opportunities. Energy policy proves increasingly paramount with direct regard to economic development and trade vitality. Join API in April 2018 for the annual Customs Conference. With a wide range of speakers from relevant backgrounds, the 2018 conference seeks to tackle subjects that include foreign trade agreements, industry updates, sanctions and much more. Don't miss this exciting opportunity to learn and connect with industry members. We'll see you in Savannah. For more information, visit the event site.