Production
News
March 28, 2024
Market sentiment still lacks the exuberance of early 2023, when traders widely proclaimed the return of $100 oil, but Wall Street banks like Morgan Stanley and trading giants such as Trafigura Group are predicting further price gains.
News
March 28, 2024
Libya holds Africa’s largest crude reserves, but over a decade of political strife has taken its toll. Production that reached almost 1.8 MMbpd in 2008 slumped to some 100,000 bpd following the killing of Moammar Al Qaddafi in 2011’s civil war. Volatile ever since, it’s currently at about 1.2 MMbpd.
News
March 27, 2024
Acquiring the assets, which include recently purchased fields from Neptune Energy Group, would boost Ithaca’s North Sea production at a time when larger players are withdrawing from the aging basin.
News
March 25, 2024
U.S. oil production is set to end the year at a record pace of about 14 MMbpd as falling costs and improved drilling efficiency overshadow subdued growth plans from publicly listed companies, Macquarie Group Ltd. analysts said in a note.
News
March 22, 2024
The integration of RMSpumptools technology will enhance ChampionX's Production and Automation Technologies portfolio, providing added value to the company’s customers worldwide.
News
March 21, 2024
CNOOC will do whatever it takes to protect the interests of the firm and its shareholders by legal means, he said at a briefing in Hong Kong. Guyana’s Stabroek block is expected to yield as much as 1.2 MMbpd by 2027, Chief Financial Officer Wang Xin told the event.
News
March 20, 2024
(WO) – Emerson released the Rosemount SAM42 Acoustic Particle Monitor for measuring the amount of entrained sand in the output from oil and gas wells. The monitor can detect extremely low concentrations of entrained sand in challenging conditions with a high level of measurement repeatability and sensitivity.
News
March 15, 2024
Iranian companies were granted $13 billion in contracts on Sunday to boost production from six oil fields by as much as 350,000 bpd. The flagship projects include the development of the giant Azadegan field, which has an estimated 32 Bboe reserves, and Azar, both of which are shared with Iraq along Iran’s western and southwestern borders.
News
March 14, 2024
Advanced AI is gaining a foothold in the oil field as drillers and producers are relentlessly focused on improving efficiency. While the technology is being tested around the globe, the U.S. is perhaps the most important spot to watch.
News
March 14, 2024
The expansion of the Tengizchevroil venture, known as the Future Growth Project, has delayed its full startup into the second quarter of next year. The project has gone well beyond its initial budget of $37 billion and the completion date had already been rescheduled twice from the original plan of mid-2022.
News
March 12, 2024
U.S. crude oil production is set to increase to 13.19 MMbpd this year, up from from a previous projection of 13.1 MMbpd, the Energy Information Administration said in its Short-Term Energy Outlook released Tuesday.
News
March 11, 2024
The data shows that U.S. crude oil and condensate production averaged 12.9 MMbpdin 2023, breaking the previous U.S. and global record of 12.3 million bpd set in 2019. Average monthly U.S. oil production established a monthly record high in December 2023 at over 13.3 MMbpd.
News
March 10, 2024
The Petrobras delegation visited oil fields in Lake Maracaibo this week in what people familiar with the matter described as a courtesy trip. Maracaibo is a key production region for Venezuela and an opportunity for the country to resuscitate the linchpin of its economy after years of underinvestment.
News
March 07, 2024
The market is expected to tighten further as the year goes on, CEO Sheikh Nawaf Al-Sabah, said in an interview. U.S. shale production has helped meet some of the recent growth in demand, he added.
Article
February 2024
Water quality and quantity
Article
February 2024
Despite escalating tensions in the Middle East, a significant OPEC+ output reduction and the war in Ukraine, crude prices fell in 2023, with WTI down 17.7% to average $77.60/bbl, $16.73/bbl less than the $94.33/bbl average for 2022.
Article
February 2024
Active natural gas wells saw a slight increase in the U.S. during 2023 of 0.9%, to 496,756 total wells, compared with 492,197 in 2022. Accordingly, total marketed gas production in the U.S. also saw an increase.
News
March 04, 2024
The curbs — which on paper total roughly 2 MMbpd — will remain in place until the end of June, according to statements from members such as Saudi Arabia, which accounts for half of the pledged reduction. Russia promised to strengthen its role by focusing more on cuts to production than exports.
News
March 01, 2024
The group’s production rose by 110,000 bpd to 26.68 MMbpd as the North African nation ramped up the Sharara field, which was closed earlier in the year due to protests. Iraq pared supplies slightly but, along with the United Arab Emirates, continued to pump above a new quota set at the start of the year.
News
February 27, 2024
Combining the capabilities of ALP’s flagship Pump Checker™ software with ChampionX’s XSPOC™ production optimization software delivers a comprehensive suite of advanced analytics across all major artificial lift types and chemical applications, enabling operators to gain invaluable insights and make informed decisions to meet their business objectives.
News
February 26, 2024
In 2024, APA plans to invest $1.9 to $2 billion in upstream oil and gas capital. APA will invest for the long term by directing $100 million of the upstream budget toward exploration activities, predominantly in Alaska, and $50 million toward progressing a large scale FPSO project in Suriname.
