Drilling activity on the rise as DUC inventory shrinks
Crude prices above $100 per barrel and a declining inventory of drilled-but-uncompleted wells are prompting...
Crude prices above $100 per barrel and a declining inventory of drilled-but-uncompleted wells are prompting producers, particularly privately held companies, to expand drilling activity, according to ESAI Energy. The DUC inventory has declined by 60% from a June 2020 peak, "leaving many producers with no choice but to accelerate drilling to keep production levels up" as "viable DUCs will likely be depleted by year-end," the consultancy said.
US shale regions record gas production growth in Q2
Growth in the Haynesville Shale, Appalachian Basin, the Permian Basin...
Growth in the Haynesville Shale, Appalachian Basin, the Permian Basin and the SCOOP-STACK pushed US natural gas production higher in the second quarter to average 94.5 billion cubic feet per day so far this month, up about 2% compared with the first-quarter average, according to Platts Analytics. However, recent producer guidance points to flat or modest production growth for the remainder of the year, providing little additional relief to price-weary consumers.
Hess Corp. will spend $100 million to deploy a fourth rig in North Dakota's Bakken Shale next month,...
Hess Corp. will spend $100 million to deploy a fourth rig in North Dakota's Bakken Shale next month, which is expected to lift the company's production in the region to 200,000 barrels of oil equivalent per day by 2024. Hess plans to spend $2.8 billion on exploration and production this year, up from $2.6 billion in 2021.
The Bureau of Land Management has delayed until June 29-30 three oil and natural gas lease sales originally...
The Bureau of Land Management has delayed until June 29-30 three oil and natural gas lease sales originally scheduled to take place this week in Wyoming, Colorado and New Mexico. The agency said the deferral was necessary to allow time for the completion of National Environmental Policy Act analyses and protest resolution.
$2.4 trillion put into energy in 2022 not enough to tackle supply crunch - IEA
The $2.4 trillion set to be invested in energy this year includes record spending on renewables...
The $2.4 trillion set to be invested in energy this year includes record spending on renewables but falls short of plugging a supply gap and tackling climate change, the International Energy Agency (IEA) said on Wednesday.
Rising 8% from the previous year when the pandemic was more severe, the investment includes big increases in the power sector and efforts to bolster energy efficiency, the Paris-based watchdog said in its annual report on investment.
"A massive surge in investment to accelerate clean energy transitions is the only lasting solution," said IEA Executive Director Fatih Birol.
"This kind of investment is rising, but we need a much faster increase to ease the pressure on consumers from high fossil fuel prices, make our energy systems more secure, and get the world on track to reach our climate goals."
