The global oil in 2024 face pivotal challenges including the strategic decisions of OPEC+ on oil supply, significant production increases from North America, and varying rates of electric vehicle adoption globally.
The Delaware Basin significantly contributed to Devon Energy’s strong performance in the first quarter of 2024. Delaware Basin led to a 20%+ increase in well productivity year-over-year.
MPLX has been actively expanding its natural gas infrastructure. This includes the startup of new processing plants like the Preakness II and Harmon Creek II in the Permian and Marcellus basins respectively, each with a capacity of 200 million cubic feet per day.
The Ballymore Project is described as a significant subsea tieback to Chevron’s existing Blind Faith facility in the U.S. Gulf of Mexico. It’s expected to produce over 150 million barrels of oil-equivalent during its lifespan and aims to add up to 75,000 barrels per day of crude oil production upon completion.
Diamondback Energy’s completion activities, emphasizing efficiency and cost-effectiveness. It mentions the use of four simulfrac crews, including both diesel-powered and e-fleets
Devon Energy’s 10-K filing reveals a deep concern over the Biden administration’s policies toward oil and gas. The company points out the administration’s push to move away from fossil fuels and impose stricter environmental regulations, foreseeing increased operating costs and potential restrictions on its operations.
The New Mexico Environment Department imposed a fine of $24.5 million on Ameredev II, LLC, which is the largest fine ever issued by the department for a civil oil and gas violation.
CNX has focused on enhancing drilling efficiencies and reducing costs. They have successfully implemented proprietary technology to automate the gas flowback process, which is significant for high pressure, high-rate wells. This technology helps reduce costs and emissions.
The USACE application for the proposed project includes two natural gas liquefaction trains capable of producing approximately 600,000 gallons per day of LNG; two 3-million-gallon full containment LNG storage tanks; natural gas liquids and refrigerant storage; feed gas pre-treatment facilities; a bunker vessel loading berth and associated marine and loading facilities.
In West Texas, companies like Texas Pacific Water Resources are proposing to treat and discharge oilfield wastewater, known as “produced water,” into the Pecos River instead of using traditional underground injection methods.
