recent collaboration between Castex, Carbonvert, and Enbridge, aimed at developing world-class carbon storage projects along Louisiana’s southern coast. With cutting-edge technology and strategic planning, this partnership promises to pave the way for a sustainable future, leveraging Louisiana’s unique geology and existing infrastructure.
As we approach the end of 2024, the U.S. oil and gas industry remains a focal point for energy analysts and market stakeholders. According to Baker Hughes’ latest report, the total rig count across the country has held steady at 589 for the second consecutive week, highlighting the cautious yet resilient nature of the sector.
The oil and gas industry in 2024 made global headlines with significant mergers and acquisitions (M&A), demonstrating strategic moves by companies to secure competitive advantages in a rapidly evolving energy landscape. While deal activity mirrored 2023’s consolidation trend, the total deal value dropped sharply, with the largest M&A of 2024 reaching $26 billion compared to the $60 billion peak of the previous year. Here’s a closer look at the major trends and notable deals that defined the year.
bring cutting-edge automation to rigs by targeting specific operational pain points, such as repetitive tasks and high-risk manual activities, without overcomplicating implementation.
The oil and gas industry continually evolves with innovative drilling strategies and techniques aimed at optimizing resource recovery and operational efficiency. Two key concepts in modern hydrocarbon exploration and production are Cube Drilling and Stacked Plays. While both are critical to maximizing the economic and technical potential of reservoirs, they address different aspects of the exploration and development process.
In a noteworthy shift within Texas’ oil and gas industry, the Texas Commission on Environmental Quality (TCEQ) recently facilitated the transfer of air permits from Chevron USA to Scout Energy Management LLC. This change marks a significant moment for Crane County, TX, which ranks 33rd in the state for barrels of oil equivalent (BOE) production as of August 2024.
In the competitive world of oil and gas exploration, companies like Diamondback Energy are constantly evaluating and optimizing their drilling portfolios to maximize economic returns. One key concept that has emerged in this process is the ranking of drilling inventory into quartiles. This approach helps investors and stakeholders understand the quality of a company’s assets and its long-term strategy for value creation.
The latest Baker Hughes Rig Count report highlights a steady landscape for drilling activity across the United States and Oklahoma, with no overall change in the national rig count this week. While the number of oil rigs remained stable, slight shifts in gas and miscellaneous rigs contributed to regional variations.
The Permian Resources Drilling Report for 2024 reveals substantial drilling activity by rigs like H&P 313 and H&P 375, which collectively drilled over 50 wells across counties in New Mexico and Texas. This high level of productivity aligns with industry trends that prioritize high-specification rigs for complex projects. High-spec rigs, equipped to execute extended laterals and maximize resource recovery, are crucial for improving drilling rates and operational efficiency.
Trinity Operating, a notable operator in the Eagle Ford Shale, has acquired air permits through Texas Commission on Environmental Quality’s (TCEQ) New Source Review (NSR) program. Specifically, these transitions involve permits initially held by Escondido Resources II LLC. The permits pertain to facilities like the Spohn Compressor Station and Stokes Krueger 1H, essential infrastructure supporting upstream oil and gas operations.
