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Oil and Gas News from North America is something that the team from Special Piping Materials is always keeping our eye on. Staying up to date with new trends, projects and announcements is essential in ensuring that we offer the highest quality service to our clients.
We first opened an office in Houston in 2008 and since then we have built one of the largest inventories of Duplex and Super Duplex pipe, fittings and flanges in North America.
General Manager James Deeney leads the team and is always looking out for ways on how to expand our routes to market and develop new customer relationships. Something that you can be sure of is that no matter what news comes from the North American Oil & Gas market, Special Piping Materials will be supporting the industry and all its latest developments.
Brief overview of North American Oil & Gas market
Before we get onto some of the recent oil and gas news from North America, let’s have a look at the market as a whole at the moment.
The COVID-19 pandemic has obviously had an impact on the industry – indeed which global industry hasn’t been affected by it in some way? – with demand for oil and gas slowing as global movement and production of materials was dramatically lessened.
Another factor in the market at the moment is the new Biden administration and we’ll cover the latest news from that later on.
Finally, the global shift to renewable energy sources is also a big consideration in the market at the moment. However, the actuality of the situation is that oil and gas cannot be discarded overnight and the demand for these key products is expected to remain for some time.
As Bob Maguire, managing director of Carlyle Group said in October: “On one hand, the energy transition is real and here to stay. On the other hand, there are 280 million cars on the road in the U.S. today, 279 million of them running on oil, and the average lifespan of a vehicle is 12 years”.
The reality is that for the time being, fracking and drilling for oil and gas is not going to be replaced for a while longer. Indeed a report published in December 2020 from the national Energy Forum and the Boston Consulting Group warned that: “Industry investment will have to rise over the next three years by 25 percent yearly from 2020 levels to stave off a crisis…[and]….substantially greater sums will be needed by the end of the decade to ensure sufficient production to guarantee market stability.”
Oil and Gas News from North America
Now let’s take a look at some of the most recent Oil and Gas News from North America.
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- – Mexico: LLOG Exploration Offshore LLC signed a major deal for an infrastructure agreement with Eni SPA. It related to the development of the Taggart discovery in the Deepwater Gulf of Mexico.
It means that LLOG will be able to access Eni and Marubeni Oil & Gas (USA) LLC’s existing subsea infrastructure which is connected to the Williams-owned Devils Tower Spar in Mississippi Canyon 773.
The well-known Taggart discovery was first made in 2013 on Mississippi Canyon Block 816 in 5,650 ft of water.
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- – Biden Administration: The newly appointed Biden Administration has begun a far-reaching study of the US government’s drilling rights on federal land and waters. The review is so comprehensive that it is thought it could pave the way for the future of the US energy development for many years to come. It comes approximately six weeks after the newly elected President paused the sale of oil and gas leases. Groups of Industry leaders and environmentalists have both called for clarity on the leasing review.
Laura Daniel-Davis from The Interior Department stated in an emailed release that: “The federal oil and gas program is not serving the American public well. It’s time to take a close look at how to best manage our nation’s natural resources with current and future generations in mind”.
The goal, she said, is to “restore balance on America’s lands and waters and to put our public lands’ energy programs on a more sound and sustainable conservation, fiscal and climate footing.”
The Administration’s study covers areas that are roughly a 10th of U.S. land and almost all of its coastal waters. According to the Energy Information Administration, about 22% of total U.S. crude supplies and 12% of U.S. natural gas came from federal lands and waters in 2019.
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- – Operating rigs: In its weekly count of operating rigs in March Baker Hughes recently announced that the U.S. oil rig count grew by one, thus totaling 310. In an apparent effect of the COVID-19 pandemic, the year-on-year count of rigs has dropped by 390 from 793.
The report from Baker Hughes also stated that over the course of the year, Canada’s rig count is down 62 from 203. Baker Hughes’ rig counts is calculated using GPS tracking units.
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