New York-listed EOG Resources has reported that it is selling the oil and natural gas it produces in T&T for higher prices for the first six months of 2017 than for the same period last year.
In financial filings with the US Securities and Exchange Commission (SEC) on September 1, EOG Resources said the average price it received per barrel of crude oil from T&T this year was 36 per cent better than last year. The T&T crude produced by EOG Resources averaged US$40.63 per barrel for the six months ended June 30, this year, compared with an average price of US$29.83 per barrel for the six months ended June 30, 2016.
Though production of natural gas from EOG assets in T&T declined from 355 million cubic feet per day (mmcfd) to 314 mmcfd, gas prices improved 32 per cent to US$2.48 per thousand cubic feet (mcf) up to the six months ended June 30 this year from US$1.88 per thousand cubic feet (mcf) for the six months ended June 30, 2016.
The oil and gas company said its cost per barrel of oil equivalent (boe) was US$27.33 in the first six months of 2017, down from US$29.53 a year earlier.