U.S. energy firms descend on West Texas’ Permian Basin as oil recovers

In most U.S. shale oil regions, energy firms are making strategic but cautious bets as the price of oil holds above $50 a barrel. In the Permian Basin of West Texas, the largest U.S. oil patch, the industry poured more than $28 billion into land acquisitions last year – more than triple what they spent…


Argentina strikes deal with oil majors to develop Vaca Muerta shale

Argentina’s president has said the country has struck a deal with labour unions and a string of energy companies to lure investors to its massive shale oil and gas reserves. Oil majors including Chevron, Total, Shell, BP and Argentinian state energy firm YPF have been among the companies tipped to invest $5bn this year into the sprawling Vaca…


US shale oil shifting to lower cost curve; more plays viable at $60 bbl: Wood Mac study

A price of $60 or less for a barrel of Brent crude should not hinder the commerciality of most new drilling projects in U.S. tight oil plays, according to the latest study unveiled by Wood Mackenzie, which said its global oil market analysis showed that 70% of such projects and conventional oil projects in the…


Study finds Canada’s Liard Basin among world’s biggest shale gas resources

Northwest Canada’s remote Liard Basin is the world’s ninth largest shale gas resource, according to a new assessment released by Canadian regulators, although it may take years to develop given depressed global energy prices. The basin, mostly situated in British Columbia but also straddling the Yukon and Northwest Territories borders, is estimated to contain 219…


South Africa can boost shale gas development: World Energy Council

Poor infrastructure, the scarcity of water and a lack of skills in the Karoo, as well as public concerns regarding the potential environmental impact of shale gas operations are hampering development in the unconventional gas sector in South Africa, a report revealed. Unconventional gas, a global phenomenon, a report by the World Energy Council in…


Falling natural gas prices slash Marcellus shale producers’ revenue

The head of Pennsylvania’s largest shale gas producer concluded his quarterly earnings call on Friday with a dark view of the situation confronting shale drillers in the Marcellus. “I have been in this business over 30 years. I’ve seen a lot of cycles, and this is one of those draconian, down markets,” Dan Dinges, CEO…