The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back activity amid weak prices and cautious capital spending.
Argentina’s Vaca Muerta shale play posted significant first-quarter gains in 2025, building on last year’s strong performance, with oil output surging 26% and gas production rising 16% year-on-year, according to Rystad Energy estimates. This growth is shifting Argentina away from its historical dependence on gas imports, pushing the nation closer to energy self-sufficiency.
China Petroleum & Chemical Corporation (Sinopec) has announced a major shale gas exploration breakthrough of its Project Deep Earth – Sichuan and Chongqing Natural Gas Base. The vertical depth of the well reaches over 5,300 m with a 1,312-m-long horizontal section, setting a new record for vertical depth of shale gas wells in China.
The angry mutterings at the Permian Basin Petroleum Association’s “Spring Swing” golf tournament this week weren’t all about missed putts or lost balls. The Texas oilmen on the fairways had a more serious concern: The president they helped elect was tanking oil prices.
Wright, who advocates for “better human lives by expanding access to abundant, affordable, and reliable energy,” does not have political experience, but is being endorsed by his peer executives to be the next U.S. Secretary of Energy.
Tokyo Gas Co. said its subsidiary Tokyo Gas America Ltd. will purchase Haynesville shale operator Rockcliff Energy II LLC for about $2.7 billion in a move to expand its U.S. shale gas operations.
Mergers in the U.S. shale patch have continued through the course of 2023 as companies jockey for assets that will fill in gaps in their acreage base. Two key basins have been the focus of much of this activity. I refer to the Permian Basin and the Eagle Ford, each of which has attributes that draw the interested eyes of companies with strong balance sheets and cash to spend.
Concern about a seismic change in the U.S. shale industry with shareholder returns prioritized over spending on production has plagued analyst and banker circles for over a year.
Apache Corp, the independent hydrocarbon exploration and production subsidiary of US-based APA Corp, plans to invest about $1.4 billion in Egypt in 2024, local media reported.
Despite record U.S. oil production last year, output this year is set to decline, with the oil rig count dropping over the last three months. The U.S. saw increased activity in its oil and gas fields last year following the Russian invasion of Ukraine and low OPEC oil output, which led President Biden to plead with domestic producers to boost their output, to tackle shortages and rising prices.