US-ENERGY-OIL

US shale firms go back to work after Trump’s win

American shale producers are redeploying cash, rigs and workers, cautiously confident the energy sector has turned a corner after Donald Trump’s presidential election victory and OPEC‘s recent signal that it plans to curb production. The downturn produced a leaner, more efficient US shale industry that was forced to develop and quickly adapt new technology to compete…

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ConocoPhillips halts shale operations in China for commercial reasons

The world’s largest independent pure-play exploration and production company, ConocoPhillips, has announced its withdrawal from shale operation in China. According to Xinhua Finance, the company has ended both the joint shale gas exploratory work with PetroChina in Dazu block within Neijiang County of southwest Sichuan province, as well as exploration with Sinopec in Zuanjiang County…

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ConocoPhillips investing in shale, cutting deepwater exploration costs

ConocoPhillips reported plans to further reduce its capital expenditures for deepwater exploration, with the “most significant reductions” coming from its operated program in the Gulf of Mexico. The company did not specify by how much capex would be decreased, however. At yearend 2014, the Houston-based independent slashed its 2015 capital budget by 20% to $13.5…

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Study estimates Utica shale holds gigantic amount of recoverable gas

The amount of natural gas trapped in the Utica shale might rival what drillers hope to extract from its more famous neighbour the Marcellus, a group of geologists have concluded. “It’s comparable to the highest number I’ve seen for the Marcellus,” said Doug Patchen, head of the Appalachian Oil and Natural Gas Research Consortium at…

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Shale output heads for record drop after sharp drilling decline: EIA

Shale fields that powered the U.S. energy renaissance will suffer the biggest drop in output since the boom began after companies idled more than half their drilling rigs. Production from the prolific tight-rock formations such as the Eagle Ford in southern Texas will decline 91,000 bpd in August to 5.36 million, the U.S. Energy Information Administration…

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