Oil And Gas Production Expected to Grow to $8.6 Trillion In 2027 While Ramping Up Growth Over the Next Few Years
By Financialnewsmedia.com
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*this article was not written by Roseland Oil & Gas
PALM BEACH, FL, Aug. 23, 2023 /PRNewswire/ — Oil and Gas extraction is the exploration and production of petroleum and natural gas from wells. The main types are oil & gas upstream activities, oil downstream products. Oil and gas upstream activities include exploration activities, such as creating geological surveys and obtaining land rights and production activities, such as onshore and offshore drilling. The various drilling types include offshore; onshore that are used for residential, commercial, institutions and other applications. A report from the Business Research Company said that: The global oil and gas market grew from $6,989.65 billion in 2022 to $7,330.80 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine (activities) disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The (dispute) between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil and gas market is expected to grow to $8,670.91 billion in 2027 at a CAGR of 4.3%. Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in March 2020, UK decreased the interest rates to 0.1% which was the lowest ever. Furthermore, other central banks of countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey also decreased their interest rates in 2020.” Active Mining Companies from around the markets with current developments this week include: Trio Petroleum Corp. (NYSE: TPET), Devon Energy Corp. (NYSE: DVN), Occidental Petroleum Corporation (NYSE: OXY), Marathon Oil Corporation (NYSE: MRO), Southwestern Energy Company (NYSE: SWN).
Business Research continued: “Major companies in the oil and gas industry are looking into big data analytics and Artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines and other infrastructure through a large number of sensors placed across the oil rig. Using big data analytics, the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions. Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Other companies such as Sinopec, a Chinese chemical and petroleum corporation, has announced its decision to construct 10 intelligent centers to help in reducing operation costs by 20%.”
Trio Petroleum Corp. (NYSE American: TPET) BREAKING NEWS: Trio Petroleum Corp Announces Selection of the Monterey Formation Brown Zone as the Second Test Interval at its HV-1 Discovery Well
- The Brown Zone is the Core Reserve Zone to now be tested after exciting production results from its first test in the Mid-Monterey Formation.
- Investor Conference Call today at 4:30PM EST to Discuss Exciting Test Results and Trio’s Future Plans
Trio Petroleum Corp. (“Trio” or the “Company”), a California-based oil and gas company, today announced that the second test interval at the HV-1 discovery well of the South Salinas Project will be the Brown Zone (” Brown Chert “), of the Miocene Age Monterey Formation.
The Brown Zone (aka Brown Chert) and the overlying Yellow Zone (aka Yellow Chert) are the primary reservoir objectives of the HV-1 well and both are attributed oil and gas reserves in the Company’s Reserve Report as filed with the SEC. The first test interval, the Mid-Monterey Clay, is a deeper stratigraphic interval (i.e., below the Brown Chert) that is not attributed oil and/or gas reserves in the Company’s Reserve Report but which, nevertheless, and importantly, appears to potentially be capable of commercial oil and gas production at the HV-1 well. Thus, the Brown-Zone test will be the first test in the HV-1 well of the Company’s reserves as delineated in the Company’s Reserve Report as filed with the SEC.
The current plan is to perforate and acidize (for borehole clean-up) approximately 350 feet of the Brown Zone in an interval from approximately 5,465 to 5,850 feet measured depth and to then test the well via swabbing operations. Operations may commence during the week of August 28, with initial production results estimated one or two weeks thereafter.
The Company believes the Yellow Zone to be the best oil and gas reservoir target in the HV-1 well. It will be tested shortly after the test of the Brown Zone, unless the underlying Brown Zone, and/or the Brown Zone commingled with the Mid-Monterey Clay, is put on production, in which case the test of the Yellow Zone will be put on-hold until an appropriate time.
Trio has scheduled a webinar media interactive call to be held today, Wednesday, August 23 at 4:30PM EST. The following are the details on how to join the conference call:
When: Aug 23, 2023 4:30 PM EST
Link to join the webinar:
https://us06web.zoom.us/webin a r/register/WN_MI3Z_uPwR8OPCH_uC7aVCA
Trio’s CEO, Frank Ingriselli, stated: “We’re delighted by the promising initial results from testing the Mid-Monterey Clay in the HV-1 well. It consistently exhibited impressive swabbing rates, such as 400 to 500 barrels of fluid per day. During the swab runs, oil recovery reached remarkable rates, as demonstrated by the earlier report citing up to 125 BOPD. However, our enthusiasm remains even high er as we prepare to advance to upper depths for testing the Brown Zone. Our aspirations are aimed at achieving even greater yields of oil and gas production, including higher gravity oil. All signs point to a very exciting testing phase ahead.” CONTINUED… Read this and more news for Trio Petroleum at: https://ir.trio-petroleum.com/press-releases/
In other mining industry developments and happenings in the market this week:
WaterBridge NDB LLC, a portfolio company of Five Point Energy LLC , recently announced the formation of NDB Midstream LLC, a strategic partnership with WPX Energy Permian, LLC , a subsidiary of Devon Energy Corp. (NYSE: DVN). The partnership between two technical leaders, WaterBridge NDB within the produced water handling sector and Devon with 50-plus years of innovation in oil and gas, yields the largest private water infrastructure system in the prolific Stateline region of the Delaware Basin in Loving County, Texas and Lea and Eddy counties in New Mexico.
In connection with the transaction, Devon and NDB Midstream entered into a long-term agreement pursuant to which Devon has committed all of its produced water within a large area of mutual interest, including an initial dedication of ~52,000 acres, and contributed to NDB Midstream 18 SWDs with ~375,000 bpd of permitted capacity and ~210 miles of produced water pipelines for gathering, transportation, disposal and reuse. As part of the transaction, Devon received a 30% equity interest in NDB Midstream as well as a commitment by Five Point to fund a portion of the initial build of the system expansion.
Occidental Petroleum Corporation (NYSE: OXY) recently announced that a wholly owned subsidiary has entered into a definitive purchase agreement to acquire all the outstanding equity of Carbon Engineering Ltd. for total cash consideration of approximately $1.1 billion, to be made in three approximately equivalent annual payments, with the first at closing. This transaction is expected to close before the end of 2023, subject to Canadian court reviews, Canadian and U.S. regulatory approvals and other customary closing conditions.
Occidental has been working with Carbon Engineering on direct air capture (DAC) deployment since 2019. Acquiring Carbon Engineering aligns with Occidental’s integrated net-zero strategy and provides Occidental, through its 1PointFive subsidiary, the opportunity to rapidly advance DAC technology breakthroughs and accelerate deployment of DAC as a large-scale, cost effective, global carbon removal solution. Carbon Engineering’s DAC-based climate solutions utilize standardized processes and proven industrial equipment.
Marathon Oil Corporation (NYSE: MRO) recently reported second quarter 2023 net income of $287 million or $0.47 per diluted share, which includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $295 million or $0.48 per diluted share. Net operating cash flow was $1,076 million or $1,121 million before changes in working capital (adjusted CFO). Free cash flow was $442 million or $531 million before changes in working capital and including Equatorial Guinea(E.G.) distributions and other financing (adjusted FCF).
“Second quarter adds to our track record of consistent execution against our well-established Framework for Success” said Chairman, President, and CEO Lee Tillman. “We built on our return of capital leadership, increasing shareholder distributions to over $430 million during second quarter, including over $370 million of share repurchases. Second quarter financial and operational results were again very strong, highlighted by notable increases to our cash flow, free cash flow, and production relative to the first quarter. We remain on track to deliver against our full year capital spending and production guidance with oil equivalent production trending above the midpoint. In summary, we remain well positioned to continue offering our investors top tier and sustainable free cash flow generation, an advantaged return of capital profile, and differentiated per-share growth with an investment grade balance sheet – all at an attractive valuation. I remain confident that our 2023 business plan is both resilient and compelling across a broad range of commodity prices and that it benchmarks at the very top of both the E&P sector and the S&P 500 on the metrics that matter most.”
Southwestern Energy Company (NYSE: SWN) recently announced financial and operating results for the second quarter ended June 30, 2023. The results were: Generated $231 million net income, $95 million adjusted net income (non-GAAP), $484 million adjusted EBITDA (non-GAAP) and $425 million net cash provided by operating activities; Reported total net production of 423 Bcfe, or 4.6 Bcfe per day, including 4.0 Bcf per day of gas and 106 MBbls per day of liquids; Invested $595 million of capital and placed 50 wells to sales, including 28 in Appalachia and 22 in Haynesville; Reduced full-year capital investment guidance $200 million, or approximately 10%, due to activity reductions, moderating inflation, and operational efficiencies; and Closed divestiture of non-core Pennsylvania Utica assets, applying $123 million of net proceeds to debt reduction.
“Southwestern Energy continues to improve the resilience and free cash flow generation capacity of our business. With our successes mitigating inflationary pressures and driving operational efficiencies, we expect to deliver our 2023 plan with less activity and corresponding investment. Debt reduction remains our top capital allocation priority, which we accelerated with a non-core asset sale. Our disciplined strategy to manage through the commodity price cycle maintains the Company’s financial strength and productive capacity. We are well positioned to increase shareholder value in the supportive longer-term natural gas environment,” said Bill Way, Southwestern Energy President and Chief Executive Officer.
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By Financialnewsmedia.com
click here to read the original article
*this article was not written by Roseland Oil & Gas