Category: Industry Newsletter

May 11, 2026 Edition

At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.

• Oil prices rise after Trump rejects Iran’s latest peace proposal, but US stocks hold steady
• Summary: Brent crude climbed more than 2% to $104 and WTI rose similarly after the United States and Iran failed to reach agreement on a peace proposal, leaving the Strait of Hormuz largely closed and global energy supplies tight. Iran’s proposal sought an immediate end to hostilities, control over the Strait, and a lifting of the naval blockade — terms that fell short of what both sides required to end the conflict. The Strait has remained effectively closed since early March, keeping an estimated 9–10 million barrels per day offline and WTI well above Permian breakeven levels. Upcoming talks in Beijing may cap further gains as markets monitor whether China can influence a path toward reopening the Strait.
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  Viper Energy buying Riverbend interests for $522 million​
• Summary: Viper Energy will acquire equity interests in Riverbend Oil & Gas IX for $522 million, consisting of $337 million in cash and 3.7 million Class A common shares. The deal includes 3,064 net royalty acres across the Midland and Delaware basins, with 75% overlapping Viper’s current position and operated by firms like ExxonMobil and ConocoPhillips. This acquisition is expected to add 1,000 barrels of oil per day to Viper’s 2026 production guidance, which currently ranges from 64,500 to 66,500 bpd.
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• Top Permian producer adds rigs as oil rally holds
• Summary: Diamondback Energy is raising its 2026 oil production target to 520,000+ bpd and total output to 972,000+ boe/d, breaking from the industry’s capital-discipline playbook. The firm is immediately adding two to three drilling rigs and five fracking crews, increasing capital expenditures from $3.75 billion to $3.9 billion. This shift follows a first-quarter beat of 521,000 bpd, occurring alongside CapEx hikes from rivals like ConocoPhillips and a rise in the total U.S. rig count to 547 as of May 1.
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• ExxonMobil leads Permian growth outlook for 2026
• Summary: An East Daley Analytics review of 14 public operators indicates Permian Basin oil production will grow by 183,000 barrels per day, or 2.7%, in 2026. ExxonMobil leads this outlook with a projected increase of 113,000 bpd as it utilizes its 1.5 million acres to reach a long-term goal of 2 million bpd by 2030. While Permian Resources and Occidental forecast growth of 6% and 3.6% respectively, most public firms maintain capital discipline, delaying the impact of new drilling on regional pipelines.
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  Gas prices keep rising, but do big oil companies plan to drill more? Not so far
• Summary: Major oil companies like Chevron and ExxonMobil are maintaining a “steady as she goes” strategy, sticking to pre-war production plans despite crude prices hovering above $100. A Dallas Fed survey shows executives expect U.S. output to increase by no more than 250,000 barrels per day this year — a small fraction of the estimated 9–10 million barrels per day currently offline due to the Strait of Hormuz closure. For Permian mineral owners, that production discipline at elevated prices is a constructive signal — restrained supply growth with WTI above $100 is historically the environment that supports strong royalty revenue.
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  U.S. drillers add oil and gas rigs for third week in a row, says Baker Hughes​​​​​
• Summary: U.S. energy firms increased the total rig count by one to 548 in the week ending May 8, marking a three-week streak of gains, though the count remains 5% below last year’s levels. Oil rigs rose by two to 410, while gas rigs fell by one to 129, as energy firms continue focusing on shareholder returns following a 7% rig decline in 2025. Despite rising prices, the EIA projects 2026 crude output will slide to 13.5 million bpd from 13.6 million bpd, while gas output grows to 109.6 bcfd with a 4% price rise.
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  U.S., U.K. Big Oil & Gas Sees Mixed Q1 Results Amid Mideast War
• Summary: First-quarter profits for four global supermajors fell to a collective $15.3 billion, a $2.1 billion decrease from 2025 and 52% below the record $31.7 billion set in 2023. Earnings for U.S.-based ExxonMobil and Chevron sank 45% and 37% respectively, driven largely by nearly $6.8 billion in combined derivative timing effects tied to the Strait closure — not operational underperformance. Critically, both companies grew domestic production, with Chevron’s U.S. upstream output rising 24% to over 2 million BOE/d and ExxonMobil increasing U.S. output to just under 1.6 million bpd — signaling a strong earnings rebound once Hormuz supply flows normalize.
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Contact Valor Today

Contact us today if you need help outsourcing your oil and gas operations.

The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

May 4, 2026 Edition

At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.

• Oil pares gains after U.S. says two vessels crossed Strait of Hormuz
• Summary: Brent crude rose 1.9% to $110.22 and WTI gained 0.5% to $102.41 after the U.S. Navy reported two destroyers entered the Gulf amid the ongoing Strait of Hormuz disruption. Prices earlier spiked to $114.30 following reports of an attack on a U.S. warship, though Central Command denied the claim while investigating a drone strike on a UAE tanker. On Sunday, OPEC+ set June output targets 188,000 barrels per day higher, marking a third monthly increase despite ongoing supply disruptions in the Gulf region.
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  Permian output rises to record levels while flaring falls, report shows
• Summary: A TIPRO report reveals that U.S. flaring intensity fell 45% since 2019 while production rose 8%, with the Permian basin seeing a 62% intensity decline. Texas annual production surpassed 2 billion barrels for the first time, as the Permian produced 6.3 MMbpd, nearly half of the total U.S. output. Between 2023 and 2024, Permian output grew 6% while flared volumes fell 4%, a trend supported by new pipeline projects like Matterhorn Express, despite a minor year-over-year intensity rise in 2024.
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• U.S. natural gas futures climb as output falls, LNG exports surge
• Summary: June gas futures rose 1.3% to $2.804/mmBtu as average Lower 48 output fell to 109.8 bcfd in April, down from 110.4 bcfd in March. Waha Hub prices in West Texas remained negative for a record 60 consecutive days, averaging -$2.17/mmBtu so far in 2026 due to persistent Permian pipeline constraints. While gas demand is projected to slide to 100 bcfd next week, U.S. LNG export flows hit a record 18.8 bcfd in April, helping to reduce the inventory surplus to 7% above normal from 8% the previous week.
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• U.S. oil drillers see modest uptick in activity
• Summary: The total U.S. rig count rose to 547 this week, with oil rigs increasing by one to 408 and gas rigs rising by one to 130, according to Baker Hughes. Weekly crude oil production remained steady at 13.586 million bpd, while the number of well-completion crews grew by four to 169 as the Eagle Ford rig count reached 43. Despite oil prices falling on Friday to $108.30 for Brent and $101.90 for WTI amid hope for an Iran deal, WTI prices remain up approximately $8 per barrel over the previous week.
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  ExxonMobil Q1 earnings beat estimates on higher upstream production
• Summary: ExxonMobil reported first-quarter 2026 earnings of $1.16 per share, beating estimates by 8.4% as total revenues rose 2.4% year-over-year to $85,138 million. Net upstream production averaged 4,594 koebd, supported by liquids growth in Guyana and the Permian, though results included a $706 million identified item from Middle East disruptions and $3,883 million in unfavorable timing effects. The company distributed $9.2 billion to shareholders and reaffirmed plans for $20 billion in share repurchases.
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  Natural gas and LNG exports to hit record highs through 2027
• Summary: U.S. LNG exports reached 17.9 Bcf/d in March, an 8% increase over previous forecasts, as the price spread between Henry Hub and Europe widened by 83% to $14.89/MMBtu following disruptions in Qatar. Full-year 2026 exports are projected at 17.0 Bcf/d, supported by 0.9 Bcf/d of new capacity from Corpus Christi Stage 3 and Golden Pass Train 1. Marketed production is expected to rise 2% in 2026, keeping storage 3% above average at 1,900 Bcf, while Henry Hub prices are forecast to average $3.10/MMBtu.
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  SM Energy closes $950 million South Texas asset sale
• Summary: SM Energy Company completed the $950 million sale of specific South Texas assets, generating approximately $900 million in net proceeds to strengthen its balance sheet and reduce leverage. The transaction marks a major step toward the firm’s goal of exceeding $1 billion in total divestitures as it optimizes its portfolio following a recent merger with Civitas Resources. CEO Beth McDonald noted the sale advances 2026 strategic priorities, focusing capital on high-return, advantaged assets.
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Contact Valor Today

Contact us today if you need help outsourcing your oil and gas operations.

The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

April 27, 2026 Edition

At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.

• U.S. natural gas falls to lowest since late 2024 on oversupply
• Summary: May NYMEX natural gas futures fell 3.48% to their lowest settlement since late 2024, driven by inventories 7.1% above the five-year seasonal average. Lower-48 dry gas production reached 110.4 bcf/day, a 3.7% year-over-year increase, while West Texas spot prices slipped into negative territory due to pipeline bottlenecks. While domestic stocks are 7.4% higher than last year, European benchmarks remain over 37% above 2025 levels as global markets face supply disruptions from the war in Iran.
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  Shell to buy Canadian shale company for $14 billion, in what would be oil giant’s biggest acquisition in 10 years
• Summary: Shell has agreed to buy Calgary-based ARC Resources for $13.6 billion, adding 370,000 oil-equivalent barrels per day to its portfolio. The acquisition of 1.5 million net acres in the Montney formation is expected to lift Shell’s production compound annual growth rate to 4% through 2030, up from the previous 1% target. The deal includes $3.4 billion in cash and $10.2 billion in shares, with Shell assuming $2.8 billion in net debt and leases while maintaining its 50% cash flow distribution policy.
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• Crude oil hovers near $110 as Iran war peace talks lose momentum. What are experts saying?
• Summary: Global oil prices rose nearly 2% on April 27 as U.S.-Iran peace talks stalled following the cancellation of a U.S. diplomatic visit to Islamabad. Brent crude climbed 2.05% to $107.49, while WTI advanced 1.88% to $96.17, following a week where benchmarks gained up to 17%. Analysts warn that if diplomatic progress remains elusive through April, prolonged restrictions on the Strait of Hormuz—which handles 20 million barrels per day—could push Brent prices toward a peak of $150 per barrel.
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• Goldman Sachs raises oil price forecast yet again
• Summary: Goldman Sachs raised its fourth-quarter price outlook to $90 for Brent and $83 for WTI as Brent traded at $106.68 amid stalled U.S.-Iran negotiations. Analysts estimate Middle East production losses at 14.5 million barrels per day, creating a supply shock they warn is unsustainable without sharper demand destruction. Global demand is projected to decline by 1.7 million barrels daily this quarter, with ING noting that prices must rise further to address a persistent 13 million b/d shortfall.
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  U.S. oil drillers scale back as global supply crunch continues
• Summary: The total U.S. rig count rose to 544 this week, though active oil rigs slipped by three to 407 while gas rigs increased by four to 129, according to Baker Hughes. Weekly crude production fell to 13.585 million bpd, remaining 277,000 bpd below the record high, as the Frac Spread Count dropped by six to 165 crews. Despite Friday’s slight dip with Brent at $104.80 and WTI at $93.96, prices remain up significantly week-over-week as the Strait of Hormuz stoppage continues to stifle global oil flows.
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  Shaletech Report: Permian activity remains steady with growth through efficiencies
• Summary: Permian Basin oil production is projected to grow moderately in 2026, with ExxonMobil leading at a 12.5% increase to 1.8 MMboed. While rig counts remain flat, operators are driving gains through technology, such as “Triple-Frac” and simul-frac techniques. Natural gas output is expected to reach 28 Bcfd, though Waha prices hit negative $9/Mcfg in March due to takeaway bottlenecks. Strategic shifts include Chevron’s 2.5-GW data center power project and Devon Energy’s merger with Coterra.
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  Trump signs memos to boost us fossil-fuel production for ‘defense readiness’
• Summary: President Trump invoked the Defense Production Act to expand domestic oil, coal, and gas production, citing an “inadequate” energy supply as a national security threat. The memos direct the Energy Secretary to use financial instruments to enable projects aimed at averting industrial resource shortfalls amid the Iran war. This action follows a $75 million campaign contribution from the industry and comes as the USDA predicts a 3.6% rise in food prices and increased costs for gas and fertilizer.
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Contact Valor Today

Contact us today if you need help outsourcing your oil and gas operations.

The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

April 13, 2026 Edition

At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.

• Operators rethink ‘stay the course’ as sustained $100 oil more probable
• Summary: Permian Basin producers are shifting away from initial 2026 plans as sustained $100 WTI prices become more probable, with some operators drilling six wells compared to zero previously. Analysts predict the rig count could surge from 241 to 300 by late 2027, potentially lifting crude production by 500,000 barrels per day to reach 7.3 million. While rig reactivation is fast, labor and pipeline constraints remain, as key systems like Cactus II and Longhorn already operate at or near capacity.
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  U.S. gas drops on storage build, Permian bottlenecks keep Waha negative
• Summary: U.S. natural gas futures fell 0.5% to $2.711/MMBtu, a seven-month low, after the EIA reported a 50 billion cubic foot storage build for the week ending April 3. Prices at the Waha Hub in West Texas remained negative for a record 44 consecutive days, averaging -$1.37/MMBtu so far in 2026 due to Permian pipeline constraints. While Lower 48 output rose to 111.1 bcfd in April, total gas demand is projected to drop to 100.1 bcfd this week as mild weather keeps heating and cooling requirements low.
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• Oil prices tumble as traders unwind geopolitical bets
• Summary: Crude oil markets reversed sharply between April 5 and April 9, 2026, as traders shifted from aggressive risk pricing to rapid liquidation following a prior 12% rally. May WTI reached a weekly high of $117.73 before collapsing to a low of $91.05, eventually trading at $98.39 by Thursday. This -11.79% weekly decline represents a $13.15 drop driven by aggressive profit-taking and the absence of immediate supply disruptions, causing large funds to quickly unwind long positions as momentum slowed.
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• U.S. drillers cut oil and gas rigs for third time in four weeks, Baker Hughes says
• Summary: U.S. energy firms reduced the total oil and gas rig count by three to 545 for the week ending April 10, marking a 7% decline from the previous year. While oil rigs held steady at 411, gas rigs dropped by three to 127, their lowest since late March, despite a rise in Gulf of Mexico activity to 13 rigs. The EIA projects 2026 crude output will slide to 13.5 million bpd from a record 13.6 million in 2025, even as natural gas production is forecast to reach 109.6 bcfd with prices rising about 4%.
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  Mild U.S. weather weighs on Nat-Gas prices
• Summary: Natural gas futures fell to a 7.5-month low as mild spring temperatures across the eastern U.S. reduced heating demand, while a larger-than-expected storage build of 50 bcf added further downward pressure. U.S. dry gas production held near record highs at 111.3 bcfd, keeping supply well above its five-year seasonal average. Some medium-term support remains on the outlook for tighter global LNG supplies following damage to Qatar’s Ras Laffan export facility.
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  Goldman warns of a natural gas shock that could rival the oil crisis
• Summary: Goldman Sachs warns of a painful global gas squeeze as Qatari infrastructure damage at Ras Laffan may take three to five years to repair, potentially requiring a total rebuild. Natural gas prices have already surged 50% to 70%, with analyst Samantha Dart projecting another 50% to 100% increase if supply remains tight ahead of the October inventory deadline. While China’s redirected surplus currently provides relief, the lack of spare U.S. capacity could soon force aggressive demand rationing.
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  Record oil production in West Texas helps stabilize U.S. supply amid Iran war
• Summary: Texas produced nearly half of all U.S. oil in 2025, reaching 6.6 million barrels daily from the Permian Basin despite operating with significantly fewer rigs than a decade ago. This record output contributed to total U.S. production of 13.6 million barrels per day, helping support domestic supply during a period of global market disruption. While efficiency gains continue to drive higher output, analysts note that lower rig counts could contribute to a modest production decline in the coming years.
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Contact Valor Today

Contact us today if you need help outsourcing your oil and gas operations.

The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

April 6, 2026 Edition

At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.

• Exxon and QatarEnergy’s joint venture Golden Pass produces first LNG at new Texas facility
• Summary: The Golden Pass LNG joint venture, owned 70% by QatarEnergy and 30% by Exxon Mobil, successfully produced its first fuel at its Texas facility on March 30, 2026. This $10 billion project aims for a second-quarter export launch, with the first of three trains adding 6 million metric tons per annum to global supply. This milestone occurs as QatarEnergy declares force majeure on 20% of the world’s LNG supply due to Middle East conflict, which could impact 17% of their output for up to five years.
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  WTI prices soar past Brent as Hormuz conflict flips global market
• Summary: WTI crude spiked to $111.29 per barrel, inverting the typical global benchmark structure by trading at a premium over Brent’s $107.57. This rare inversion occurred as President Trump vowed to hit Iran extremely hard, causing oil prices to surge over 10% while tanker traffic through the Strait of Hormuz—which normally handles 20% of global flows—effectively stalled. WTI has gained a security premium because it is physically accessible and can be exported without transiting the blocked region.
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• U.S. rig count rises for first time in three weeks
• Summary: The U.S. total rig count rose to 548 this week, with active oil rigs increasing by 2 to 411 and gas rigs rising by 3 to 130, according to Baker Hughes data. While domestic crude production held steady at 13.657 million bpd, the Frac Spread Count fell by 5 crews, following a loss of 8 in the prior week. Oil prices surged as the Middle East conflict stalled tanker traffic, pushing WTI above $111 per barrel and Brent to $108.60, as Iran issued threats of broader attacks and regional supply risks grew.
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• Hawkins Capital, Knock Out Energy combine
• Summary: Hawkins Capital USA, a division of Hawkins Lease Service, has acquired Knock Out Energy LLC to expand its oil and gas field services across the Permian Basin and Barnett Shale. Knock Out Energy operates with a workforce of more than 80 employees and a fleet of 80 vehicles, specializing in compressor mechanics, electrical work, and cathodic protection. While the firms will continue as independent entities, the deal provides Hawkins with a physical presence in the Permian Basin and supports Knock Out’s expansion into coast-to-coast projects in states like Oregon and South Carolina.
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  AI leads record deal flow while energy reality looms
• Summary: AI dominated Q1 2026 M&A activity despite Middle East war disruptions, with 22 deals over $10 billion and a $110 billion funding round for OpenAI. Equity stake sales in the AI sector accounted for 29% of all merger and acquisition activity as investors prioritized long-term strategy over short-term energy volatility. However, experts warn that record daily oil production cuts exceeding 10 million barrels and helium shortages for semiconductors could fuel inflation and stall future growth.
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  U.S. crude oil production hit record 13.6 million barrels a day in 2025
• Summary: The U.S. set a crude oil production record of 13.6 million barrels per day in 2025, a 3% increase from 2024 despite a 5% drop in active rigs. The Permian Basin dominated the market, accounting for 48% of total output and growing by 280,000 barrels per day to reach 6.6 million. While WTI prices fell to $65 per barrel, efficiency gains allowed for record growth, with the Lower 48 providing 83% of supply and Permian breakeven costs remaining between $61 and $62, well below the previous year’s price average.
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  The two-week window that could break global commodity markets
• Summary: Global markets face a systemic breakdown as five interconnected commodity chains—oil and gas, naphtha, fertilizer, helium, and logistics—shift from pricing risk to severe deliverability constraints. The divergence between paper and physical markets is widening, with the next 14 days representing a critical compression phase where depleted buffers could trigger abrupt, non-linear economic shocks. While U.S. strategic reserves can mitigate short-term oil gaps, they cannot resolve the deeper integration of soaring LNG competition, petrochemical feedstock scarcity, and failing logistics flexibility.
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Contact Valor Today

Contact us today if you need help outsourcing your oil and gas operations.

The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

March 16, 2026 Edition

At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.

• Waha gas prices turn negative for record 25th straight day
• Summary: Natural gas prices at the Waha Hub in West Texas hit a record 25th consecutive day in negative territory, with cash prices falling as low as minus $7.15/MMBtu, as insufficient pipeline takeaway capacity continues to strand associated gas in the basin. Analysts at EBW Analytics expect negative pricing to persist through much of spring, with near-term production curtailments possible. Relief is anticipated when new pipelines, including the Blackcomb system, come online in the second half of 2026.
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• Goldman Sachs hikes Brent oil forecast to over $100 for March
• Summary: Goldman Sachs raised its Brent Crude forecast to an average above $100 per barrel for March, citing ongoing supply disruptions tied to the Middle East conflict. The bank warned that if Strait of Hormuz disruptions extend from weeks to months, Q4 Brent could average as high as $93 per barrel with near-term spikes above $100. A coordinated IEA emergency release of 400 million barrels and a U.S. waiver on stranded Russian crude have so far failed to meaningfully rein in prices.
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• U.S. drillers add oil and gas rigs for second week in a row
• Summary: The U.S. oil and gas rig count rose by two to 553 for the week ending March 13 — its highest level since November 2025 — marking the first back-to-back weekly gain since early February, according to Baker Hughes. Oil rigs climbed to 412 and gas rigs to 133, with the Haynesville reaching a count not seen since May 2023. Despite the uptick, the total rig count remains roughly 7% below year-ago levels.
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• U.S. natural gas production reached a new record in 2025
• Summary: U.S. marketed natural gas production averaged a record 118.5 Bcf/d in 2025, a gain of 5.3 Bcf/d from the prior year, according to the EIA. The Appalachia, Permian, and Haynesville regions drove 81% of that growth, with Permian output rising 11% to 27.7 Bcf/d as associated gas from oil-directed drilling continued to climb. A 60% rise in Henry Hub spot prices in 2025 to $3.52/MMBtu contributed to production growth across all regions.
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• Annual U.S. crude oil exports decrease for first time since 2021
• Summary: U.S. crude oil exports fell approximately 3% in 2025 to 4.0 million barrels per day — the first annual decrease since 2021 — despite domestic production hitting a record 13.6 million bpd. Exports declined to both Europe and the Asia-Oceania region, with volumes to China dropping sharply, while shipments to Nigeria, India, and Japan increased. A larger drop in imports brought net U.S. crude oil imports down from 2.5 million b/d in 2024 to 2.2 million b/d in 2025.
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• BOEM releases updated assessment of undiscovered U.S. offshore resources
• Summary: The Bureau of Ocean Energy Management released its 2026 National Assessment of Undiscovered Oil and Gas Resources, estimating a mean of 65.80 billion barrels of oil and 218.43 trillion cubic feet of natural gas in technically recoverable resources across the U.S. Outer Continental Shelf — representing roughly 100 or more years of offshore production at current rates. The Gulf of America leads with 26.9 billion barrels of undiscovered oil, followed by Alaska at 24.1 billion barrels. The figures represent a modest decrease of approximately 4% for oil and 5% for gas from the 2021 assessment.
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• BP wins key approval for Kaskida deepwater project in U.S. Gulf
• Summary: BP received federal approval for its Kaskida deepwater project in the Gulf — the company’s first full-scale new field development in the region since the 2010 Deepwater Horizon disaster. The $5 billion project targets a section of seafloor estimated to hold up to 10 billion barrels and is expected to begin initial crude production in 2029. The field had remained undeveloped since its discovery nearly 20 years ago due to extreme pressure and geological complexity that required technological advances to unlock.
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Contact Valor Today

Contact us today if you need help outsourcing your oil and gas operations.

The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.