Production

News
April 02, 2024
The acquisition will help SLB expand its artificial lift technology, which helps keep output from older wells flowing. SLB has the biggest market share in artificial lift with 21%, and ChampionX will add to that with its 5% of the market, according to Evercore ISI, citing data from industry consultant Spears & Associates.
News
March 28, 2024
Chesapeake Energy Corp. plans to put 80 new natural gas wells into suspended animation by the end of this year with an eye to turning them on when prices for power-plant and heating fuel rebound from the lowest prices in years.
News
March 26, 2024
The SS-1H well in EP117 achieved an average 60-day initial production (IP60) flow rate of 3 MMcfd over the 1,644-foot (501 m), 10 stage stimulated length within the Amungee Member B-Shale, normalized to 6 MMcfd over 3,281-ft (1,000 m).
News
March 14, 2024
The new natural gas field, with an annual production rate of 2 Bcm of natural gas and 130,000 tons of sulfur, is set to provide more clean energy for Southwestern China and the regions along the Sichuan-East pipeline.
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 13, 2024
Axis' EPIC RIG provides improvements in safety and efficiency, as well as the ability to run on grid power for reduced emissions and increased fuel flexibility.
News
March 07, 2024
The flow is expected to increase the overall production at Chevron’s three jointly run ventures with the state oil company Petroleos de Venezuela SA by 35% to 250,000 bpd by 2025, leading to more supply shipped to the US.
News
March 04, 2024
EQT will curtail about 30 to 40 Bcf of net natural gas production through March in response to low prices, it said in a statement Monday. That’s 5% to 7% of the company’s quarterly output, based on fourth-quarter results. Total U.S. natural gas production is about 100 Bcfd, down slightly from a record earlier this year.
News
February 27, 2024
Enap signed a deal with Upwing Energy to install compressors deep in wells at its onshore operations in the Magallanes basin, the two firms said Tuesday. Without offering projections for the contract, Upwing says its technology can boost production anywhere from 20% to 200% depending on well conditions.
Article
February 2024
Despite a 4.6% reduction in U.S. drilling activity on an average yearly basis, U.S. crude production climbed to an all-time high of 12.93 MMbopd in 2023, an 8.8% increase compared to the 11.88 MMbopd average of 2022. The increased output was augmented by U.S. operators completing a large backlog of DUCs in three major oil shale plays.
News
February 18, 2024
Currently, the two wells are producing at a combined rate over 1,000 bopd. Morgan anticipates further increases as the wells continue flowback for the next few weeks.
News
February 14, 2024
Capital investment in shale and exploration will be trimmed by $320 million, and two rigs in the Permian will be idled this year, the Houston-based company said Wednesday. Spending will increase in the Gulf of Mexico, chemicals and the enhanced oil recovery business.
News
February 13, 2024
This year, net production in the North Sea is projected at 15,000-16,000 boepd; the bolt-on acquisition of a 25% stake in the producing UK field Arran will add another 2,000-2,500 boepd once completed. In Kurdistan, DNO expects gross operated production at the Tawke license to continue to average 80,000 boepd.
News
February 13, 2024
With this acquisition, the company now holds 30,000 acres in Weld County with 320 horizontal wells and daily production of approximately 30,000 boed.
News
February 13, 2024
The operators, today running a total of 26 rigs in the Permian basin, will see that count whittled down to between 20 and 22 over time, Kaes Van’t Hof, chief financial officer at Diamondback, said Monday on a conference call. They’ll be more efficient, however, meaning production will rise modestly despite the curtailed rig count.
News
February 12, 2024
Combined crude production from the seven U.S. shale basins is forecast to rise to 9.72 MMbpd next month, up 0.2% from February, the U.S. Energy Information Administration said in a report Monday.
News
February 09, 2024
Production from the basin is set to reach 6.4 MMbpd at the end of this year, up from 6.1 MMbpd at the end of 2023, Plains All American Pipeline LP said in its fourth-quarter earnings presentation. The growth will happen due to drilling efficiencies even as the number of rigs remains stable, Chief Financial Officer Al Swanson said.
News
February 08, 2024
The assets YPF plans to sell are mainly aging oil fields across Patagonia that are less profitable than the crown jewel of its portfolio, shale patch Vaca Muerta, the official said.
News
February 06, 2024
The purchase increases Vital Energy’s working interest in 54 producing, low-decline wells in the Permian basin by an average of 67%, increasing the company’s estimated 2024 production by approximately 1,850 boed (51% oil) and estimated 2024 Free Cash Flow by approximately $25 million.
News
February 04, 2024
The upbeat reports by North America’s biggest crude drillers, fueled by strong output growth from the Permian Basin, follow similar results at Shell Plc, which kicked off the oil and gas industry’s earnings season on Thursday with adjusted net income that was more than $1 billion higher than the average forecast
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