Production
News
September 12, 2023
World oil inventories, having depleted sharply this quarter, are set for an even steeper drop of roughly 3.3 MMbpd in the next three months, forecasts published in a report from the Organization of Petroleum Exporting Countries indicated on Tuesday.
News
September 11, 2023
State-owned Nile Petroleum Corp. “is still a small entity” and requires funding to reach the capability of companies such as China National Petroleum Corp. and Petroliam Nasional Bhd., from which it had planned to take over licenses as it expands operations, South Sudan’s National Economic Conference said in a summary of recommendations.
News
September 08, 2023
The agreement encompasses all the mineral rights, related facilities and infrastructure in Repsol’s Canadian upstream oil and gas business, including the assets in the Greater Edson area with a net production of 23 Mboed, of which most is gas.
News
September 07, 2023
According to AIDEA, this latest action by the Department of the Interior shows arbitrary disregard for federal law, based on campaign trail rhetoric.
News
September 07, 2023
From unplanned outages to maintenance activities, a plethora of events and circumstances contributed to a slight decrease in Africa's oil and condensate production during this period.
Webcast
Decarbonizing Oil and Gas Production by Getting Closer to the Action
September 27, 2023
SLB
Success in oil and gas has historically relied on maximizing production at the lowest cost per barrel. Now the imperative to decarbonize introduces a new critical performance metric—achieving ROI at the lowest carbon emissions per barrel. With increased pressure on majors, NOCs and independents alike, producing oil and gas with lowest possible greenhouse gas (GHG) footprint is quickly becoming a priority for both new and existing assets. But where to get started? In this webcast, SLB experts will dive into some root causes of GHG emissions in production operations.
News
September 05, 2023
The leader of OPEC will continue its production cutback of 1 MMbpd until December, according to a statement published by the state Saudi Press Agency on Tuesday. Russia’s export reduction of 300,000 bpd will be extended for the same duration, Deputy Prime Minister Alexander Novak said in a separate statement.
News
September 04, 2023
West Texas Intermediate rose as much as 1.9%. Brent also climbed. Prices also gained as U.S. jobs data indicated wages were rising slower than forecast, taking the pressure off the Federal Reserve to hike interest rates.
News
September 04, 2023
The kingdom’s output fell by 170,000 bpd, exactly countering a combined increase from Iran and Nigeria, according to a Bloomberg survey. The Organization of Petroleum Exporting Countries collectively pumped 27.82 MMbpd in August, or 40,000 more than the previous month.
News
August 30, 2023
Since Russia started working with OPEC in 2017, Igor Sechin has consistently criticized the cooperation. The Rosneft CEO has pushed instead for the country to increase crude production and defend its market share from other global producers.
News
August 30, 2023
The Saudis introduced the additional production curb in July — on top of cutbacks it’s already made with partners in the OPEC alliance — and has been reviewing its extension on a monthly basis.
News
August 25, 2023
The “fragile five” of Iran, Iraq, Libya, Nigeria and Venezuela — which have struggled with output losses and disruptions for the past few years — will add roughly 900,000 bpd of production this year and at least the same in 2024.
News
August 25, 2023
Easing sanctions could revive long-awaited drilling projects by Chevron Corp., the only U.S. oil company with operations in Venezuela, as well as those by European firms, including Eni SpA, Repsol SA and Maurel & Prom.
News
August 25, 2023
The national vote ordered the shutdown of the 58,000 bpd field owned by national oil company Petroecuador, within a year. But area voters in the province of Orellana voted to keep the field operating and, according to Ecuador’s constitution, that local vote takes precedence,
Article
August 2023
Data show state of U.S. oil production remains steady
News
August 24, 2023
Worldwide onshore stockpiles were seen at about 3.37 Bbbl as of Wednesday, a slump of about about 60 MMbbl from a month earlier, according to energy analytics firm Kpler. They have recovered somewhat since Aug. 15.
News
August 22, 2023
The Islamic republic expects to boost production to 3.4 MMbpd by the end of summer, according to Oil Minister Javad Owji. That would put output near Iran’s capacity limit of 3.8 MMbpd.
News
August 17, 2023
Crude oil and natural gas production as reported to the Railroad Commission of Texas for May 2023 came from 163,182 oil wells and 87,370 gas wells.
News
August 16, 2023
nverus Intelligence Research (EIR), a subsidiary of Enverus, has released its latest quarterly FundamentalEdge report focused on global drivers for oil and gas prices to 2030, the five-year oil and gas supply and demand outlook, and price forecasts.
News
August 15, 2023
State-controlled PTT Exploration & Production Pcl plans to double gas production at Erawan, its biggest field, to 800 MMcfd in early 2024, said Chief Executive Officer Montri Rawanchaikul. Output at Bongkok, its second largest, will be raised by about 10% next year, he said.
News
August 15, 2023
The drop is led by the Permian basin in West Texas and New Mexico, where output will fall for a third month to 5.8 MMbpd, its lowest level since February.
