Production
News
June 02, 2025
Baker Hughes and Cactus, a global manufacturer of pressure control equipment for oil and gas drilling, have entered a new joint venture involving Baker Hughes' surface pressure control (SPC) product line. Cactus will own 65% of the JV, while Baker Hughes will retain a 35% stake.
News
May 30, 2025
Officials say the supply hikes reflect Saudi Arabia’s desire to punish over-producing members like Kazakhstan and Iraq, recoup market share lost to U.S. shale drillers and other rivals, and satisfy U.S. President Trump’s desire for cheaper oil.
News
May 30, 2025
Canadian wildfires have prompted evacuations from oil sands projects in northern Alberta and forced thousands of people from their homes. A fire near Cold Lake, Alberta is bearing down on oil sands operations and curtailing production in the region as employees are told to leave.
News
May 29, 2025
Kazakhstan said it can’t cut oil production and even hopes to increase output beyond planned levels later this year, deepening a stand-off with OPEC+ before the group meets this weekend.
News
May 29, 2025
Zephyr Energy has announced initial post-well evaluation results at its flagship project in Utah's Paradox basin. “The Cane Creek reservoir is highly productive and potentially ranks alongside some of the most productive oil and gas plays in the U.S," said CEO Colin Harrington.
News
May 28, 2025
Several delegates said they expect the Organization of the Petroleum Exporting Countries and its partners to leave unchanged their longer-term targets for 2025 and 2026, which underpin its current supply restraints.
News
May 26, 2025
Saudi Arabia and Kuwait jointly announced Monday that they have discovered oil in the North Wafra Wara-Burgan field, part of the neutral zone between the two nations. The news was reported by Saudi Press Agency (SPA).
News
May 23, 2025
The Trump administration is preparing to issue a narrowly tailored license to Chevron Corp., allowing the oil producer to conduct minimal maintenance of essential operations in Venezuela, according to people familiar with the matter.
News
May 23, 2025
Mexico’s state oil company Petroleos Mexicanos is discussing plans to slash over 3,000 jobs in a proposed corporate restructuring that is expected to save the company millions as the indebted driller and refiner tries to shore up its finances and boost production.
News
May 14, 2025
XRG, PETRONAS and the Turkmenistan State Enterprise Hazarnebit have signed a new Production Sharing Contract (PSC) with the State Concern Turkmennebit for the offshore “Block I” gas and condensate fields in Turkmenistan.
News
May 13, 2025
Brazil’s state-controlled oil producer Petrobras approved dividends slightly below expectations amid a trade war that has created economic uncertainty and undermined oil prices.
News
May 13, 2025
Ghana is encouraging investors to increase oil output in order to stay ahead of a global decarbonization push. The government is ready to roll out the “red carpet” to any investor prepared to drill and pump crude, President John Mahama said at a forum on Tuesday.
News
May 12, 2025
Slowing global oil demand amid extreme uncertainty about the future of U.S. trade and a coming supply surplus are expected to hobble U.S. oil production growth later this year and could lead to an annual decline in output in 2026, according to a new analysis by S&P Global Commodity Insights.
News
May 08, 2025
Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May. The country’s Energy Ministry said in an email that it plans to pump the same levels of crude as in April.
News
May 06, 2025
Kazakhstan is weighing options to comply with OPEC+ obligations to cut production, after Saudi Arabia doubled down on its efforts to bring quota-cheats in line. Kazakhstan previously agreed at a May OPEC meeting to reduce production to 1.5 million bpd in June.
News
May 06, 2025
ABS and Akselos S.A. have announced the joint completion of technical assessment for structural digital twin technology. This marks a significant advancement in the application of digital twin technology for FPSO units, enabling more accurate and reliable assessments of structural integrity.
News
May 02, 2025
Equinor has entered into agreements with Brazilian company PRIO to sell its 60% operated interest in the Peregrino field in Brazil for $3.5 billion USD. Peregrino is a heavy oil field consisting of a FPSO platform supported by three fixed platforms. Equinor has been operating the field since 2009, with around 300 million barrels of oil being produced by the asset since.
News
April 29, 2025
The Republic of Congo's Minister of Hydrocarbons Bruno Jean-Richard Itoua will speak at African Energy Week (AEW) 2025. Congo is preparing to launch its 2025 licensing round – central to its strategy of increasing oil output from 274,000 to 500,000 bpd by 2027.
News
April 29, 2025
Petro-Victory has completed its acquisition of Capixaba Energia LTDA, a producing oil and gas asset in the Espírito Santo Basin. The acquisition was completed in partnership with BlueOak Investments, Petro-Victory's strategic financial partner.
News
April 28, 2025
U.S. President Donald Trump's desire for lower crude prices and his disruption of the global economy with trade tariffs during the first quarter of 2025 is stressing the oil industry’s finances, calling into question both shareholder returns and drilling plans.
News
April 25, 2025
LUFKIN Industries has launched its LWM 2.0 with NOVAWAVE™ solution to address the unique pressure, friction, and gravitational effects encountered in deviated horizontal wells, allowing operators to maximize production in real-time with validated data.
