Production

“I have a hard time seeing the need for U.S. producers over the next several years to get back to double-digit growth,” Devon Energy CEO Rick Muncrief said in an interview. “For this management team, if we really think about 2021, let’s keep it flat.”

“I really don’t see much increase in the Permian basin or the U.S. shale over the next several years,” said Scott Sheffield, chief executive officer of Pioneer Natural Resources Co.

National Iranian South Oil Co. and Iranian Offshore Oil Co. will sign deals with domestic contractors covering onshore fields in Bushehr, Fars, Khuzestan, and Kohgiluyeh and Boyer-Ahmad provinces, National Iranian Oil Co. said in a statement.

Venezuela has managed to defy sweeping U.S. sanctions against state-owned producer PDVSA and keep shipping some crude abroad, mainly to China. But Washington has intensified the crackdown on companies that break the restrictions, and PDVSA has struggled to sell its barrels in Asia.

The RRC reports that from November 2019 to October 2020, total Texas reported production was 1.5 billion barrels of crude oil and 10.4 trillion cubic feet of total gas.

“To restore our output, that we’ve reduced a lot, the price range of $45 to $55 a barrel is the most optimal,” Russia's Deputy Prime Minister Alexander Novak told reporters in Moscow. “Otherwise we’ll never restore production, others will restore it.”

Algeria’s Energy Minister Abdelmajid Attar, who holds OPEC’s rotating presidency, said there was no guarantee the group and its allies would raise crude production by 2 million barrels a day by April, even after an agreement earlier this month to reach that level in steps.

Government-owned Abu Dhabi National Oil Co. picked Occidental to explore for oil and natural gas at a block in the desert along the UAE’s border with Oman, ADNOC said Wednesday in a statement. The block is adjacent to an exploration area that ADNOC awarded to Occidental last year.

Total has been selling assets to curb debt as plunging oil and gas prices sap earnings, including oil field assets in Brunei and the UK, as well as a stake in a renewables subsidiary in France.

Discussions have focused on a gradual relaxation of output cuts over several months, and according to one delegate there could be a one-month delay before the tapering starts.

Market-watchers have been expecting OPEC+ to agree on a three-month delay -- and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year.

With oil prices hitting decade lows and energy activities downsized during a global pandemic, operators globally are seeking assurance that every spend drives a strong return on investment. Yet many completion and production choices are made in an environment of uncertainty, making technology that can inform well design and operational planning more crucial than ever. Chemical tracers are one such tool. A proven and reliable method of reservoir surveillance, tracer studies have demonstratable value for quickly and accurately adapting field strategies to real-time market needs. Whether a conventional or unconventional field, a properly designed and utilized tracer study has the potential to reduce lifting costs, improve production, and mitigate risk to CAPEX/OPEX spends. In this webinar, industry experts will provide an overview of current tracer technologies, dispel marketing myths, and detail a holistic use of tracers and the value added for multiple case studies across the globe. Application of tracers in hydraulically fractured wells, extended-reach well inflow studies, and flood-driven EOR case studies will all be covered. By the conclusion of this talk, the audience will have a working knowledge of the frontiers of tracer technology as well as an understanding of how this potent, low-risk, and low-cost tool can innovate their current field production plans.

New BP CEO Bernard Looney's new climate plan needs an asterisk after "net zero", as the plan appears to fail to account for reduction of Scope 3 emissions.

There are already signs that the latest U.S. sanctions thrown at Venezuela are failing.

Chevron’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields.

Libya’s output has plunged by about 800,000 barrels a day from 1.174 million since an eastern military commander, Khalifa Haftar, blocked exports at ports under his control, according to a statement on Saturday from the state-run National Oil Corp.

Prices briefly dipped below $2 /MMbtu on Friday for the first time since 2016, yet the industry is powerless to stop a wave of additional gas hitting the market as a byproduct of rising shale oil output.

Gulf Energy Information announced the availability of EWA TechLink, a new spatial research tool pairing comprehensive technical content with detailed project data.

OPEC’s latest forecasts suggested a weaker outlook for global oil markets this year as surging supplies from competitors from Norway to Guyana threaten the group’s efforts to defend crude prices.