Page 16 - NorthAmOil Week 29

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM Dotson commented, “I am looking has seen production approaching 9,000 net
forward to leveraging my decades of industry barrels of oil equivalent per day (boepd) and
ConocoPhillips announces experience operating in multiple basins to anticipates on-going improvement.
The company did perform four conversions
build a large-scale oil and gas enterprise.”
agreement to acquire said: “Vitol has more than 20 years of from electrical submersible pumps (ESP) to
Ben Marshall, Head of Vitol Americas,
rod pumps (two Northwest Shelf (NWS)/ two
liquids-rich Montney experience developing and operating E&P Central Basin Platform (CBP) in the second
quarter 2020.
assets globally. Vitol’s strong balance sheet
acreage from Kelt and global operating experience coupled company has drilled four new horizontal wells
In the six months ended June 30, 2020, the
with Don’s extensive US-focused technical
Exploration and operating experience is a powerful on its NWS asset. In addition, the company
combination of capabilities for success.”
performed 13 conversions from ESP to rod
ConocoPhillips today announced it has VITOL, July 20, 2020 pumps (six NWS/seven CBP).
signed a definitive agreement to acquire Mr. Danny Wilson, Ring’s executive
additional Montney acreage in Canada from Ring Energy releases vice president and chief operating officer,
Kelt Exploration for cash consideration of commented: “As we move forward with our
approximately $375mn before customary second-quarter 2020 rod conversion program, we continue to be
adjustments, plus the assumption of encouraged by the lowering of our failure
approximately $30mn in financing obligations operations update rates and overall expenses. Overall run times
for associated partially owned infrastructure. across the fields have increased dramatically.
This acquisition is 140,000 net acres in the Ring Energy today released its operations In addition, the lower costs to work on the rod
liquids-rich Inga-Fireweed asset Montney update for the second quarter of 2020. On pumped wells is leading to greatly reduced
zone, which is directly adjacent to the March 9, 2020, management stated in a capital needs. We currently estimate our
company’s existing Montney position. The release that the company had ceased all capital expenditure budget (capex) for 2020 to
transaction increases the company’s Montney drilling activity due to the drop in commodity be approximately $25-27mn.”
acreage position to 295,000 net acres with prices. On the company’s first quarter 2020 As a result, net estimated production for
100% working interest. conference call, management reconfirmed the second quarter of 2020 was approximately
CONOCOPHILLIPS, July 22, 2020 that decision due to the continued volatility 495,000 barrels of oil equivalent (boe), or an
in the marketplace and the large differential average of 5,500 boepd. June 2020 average net
Vitol establishes US in pricing between the NYSE WTI spot price production was approximately 6,968 boepd.
For the six months ended June 30, 2020, net
and the actual price received. In addition,
upstream venture starting the last week of April, essentially all estimated production was approximately
1,486,000 boe, as compared to net production
production, other than that associated with
Vitol today announces that it has established Ring’s Delaware Basin property, was curtailed. of 1,545,130 boe for the six months ended
Vencer Energy. The curtailments continued until early June, June 30, 2019.
Vencer will seek to acquire mature, when, with commodity prices improving and RING ENERGY, July 22, 2020
producing oil and gas assets, with a specific price differentials decreasing, the company
focus on key basins in the US Lower 48. It began to ramp up production, returning to
will be led by industry veteran Don Dotson as near April levels by the end of the quarter. MIDSTREAM
president and chief executive officer. In the first two weeks of July, the company
Hess Midstream provides

update on Tioga gas plant

maintenance turnaround

Hess Midstream announced today that the
planned maintenance turnaround at the Tioga
Gas Plant (TGP) originally scheduled for the
third quarter of 2020 will be deferred until
2021 to ensure safe and timely execution in
light of the COVID-19 pandemic. The safety
of our workforce and the communities where
we operate is our top priority.
In addition to the turnaround, the TGP
expansion project is well advanced, with
facility construction expected to be completed
as previously announced by the end of
2020. Incremental gas processing capacity
is expected to be available in 2021 upon
completion of the turnaround, during which
the expansion and residue and natural gas

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