Production
News
June 06, 2024
OPEC and its allies agreed on Sunday to gradually wind down about 2 MMbpd of production cuts starting in October. Since then, crude prices have fallen more than 3% in London, dipping below $80 a barrel as analysts question whether the market can absorb this extra supply.
News
June 02, 2024
The agreement reached in Riyadh on Sunday exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year. However, it also begins rolling back those supply reductions in October, earlier than some OPEC-watchers had assumed.
Article
May 2024
Wellsite automation can help make oil and gas production smarter, faster, more efficient and safer. The ability to utilize real-time data to make automatic and instantaneous adjustments can produce reductions in the days spent on frac operations and increased wellsite safety.
News
Algeria nears Chevron, ExxonMobil deals as country aims to boost oil and gas production, exploration
May 30, 2024
Algeria is stepping up exploration efforts and has made eight large discoveries so far this year, with the aim of raising production to 200 Bcm a year in the short to medium term from 137 Bcm currently.
Article
May 2024
Erosion due to entrained sand is a growing problem, and existing technologies have limitations, but new solutions are available to address this issue.
Article
May 2024
As it approaches its 20th anniversary, Stavanger-based Fishbones finds that its stimulation methods are increasingly a regular part of operators’ toolboxes, for improving oil and gas recovery with multi-fold increases in productivity. Various case studies confirm operators’ confidence in these methods.
News
May 27, 2024
Block also increased oil production to 151,184 bbls and gas production to 283 MMcf, resulting in an average daily production rate of 543 boed. Additionally, the company raised $2 million via a secured loan to undertake drilling operations on Project I and completed the Project IV farm-out, achieving a carried work program valued at over $3 million (gross).
News
May 26, 2024
Abu Dhabi National Oil Co.(ADNOC) is likely to reach its 5 MMbpd goal by the end of next year or early 2026, ahead of the 2027 goal the company had set, according to people with knowledge of the operations. The higher capacity will be a potential source of tension as OPEC and its allies deliberates new production quotas later this year.
News
May 24, 2024
Saudi Arabia and its partners will gather on June 2 — a day later than initially planned — to review roughly 2 MMbpd of production curbs, introduced to stave off a surplus and shore up crude prices. Crude traders expect the cutbacks will be maintained, and several delegates who asked not to be identified predicted the same.
News
May 24, 2024
Colombia is targeting oil productiton of 1 MMbpd by pressuring drillers to step up activity in underused exploration blocs, according to the nation’s top energy official.
News
May 23, 2024
On the back of recent investments, exploration and production updates and strong willingness by the government, the Republic of Congo is taking historic measures to ensure its oil and gas industry drives resource monetization and energy access throughout Africa
News
May 15, 2024
The United Arab Emirates, Kazakhstan, Iraq, Kuwait and Algeria are among countries who’s potential to pump more next year is under scrutiny, according to people familiar with the discussions. Some have pushed for an upward revision, causing tough talks with the outside consultants that are judging the matter, they said.
News
May 14, 2024
The 24,000 acre blaze expanded to the northeast and is now about 8.4 miles from the Fort McMurray landfill. The fire is one of two listed as out of control in Alberta and the closest to the oil sands, where the bulk of Canada’s 4.9 MMbopd is produced.
News
May 12, 2024
Existing production infrastructure supports the development of new concessions in Angola, as the country seeks large-scale upstream investments to boost oil production.
News
May 12, 2024
Asked if Iraq would agree to extend the production cuts, Oil Minister Hayyan Abdul Ghani told reporters, “No, I think Iraq has cut enough and will not agree to any other cut.” It wasn’t clear if he was referring to an extension or a deeper cut.
News
May 05, 2024
The United Arab Emirates, Kazakhstan and Iraq stand to bolster their combined capacity by more than 300,000 bpd from next year. Abu Dhabi has signaled an even bigger increase, with state producer ADNOC advertising this week it has bolstered its capabilities by 200,000 bpd to 4.85 MMbpd.
News
May 01, 2024
OPEC pumped 26.81 MMbpd in April, about 50,000 bpd less than the previous month, according to a Bloomberg survey. Minor increases by Libya and Iraq were offset by reductions in Iran and Nigeria.
News
April 29, 2024
Last year, the demand for loans from oil and gas companies fell 6% year-on-year, and that followed a decline of 1% in 2022.
News
April 29, 2024
Exxon is set to become the Permian’s biggest producer once it closes its $64 billion acquisition of Pioneer Natural Resources Co. while Chevron is spending $52 billion on Hess Corp. to gain a 30% share of Guyana’s prolific Stabroek Block.
News
April 26, 2024
Azerbaijan, host of this year’s COP29 climate summit, will continue to invest in increasing natural gas production in order to feed demand from Europe as its president said that its abundant oil and gas resources were a “gift from God.”
News
April 26, 2024
Adjusted first-quarter profit of $2.93 a share was 3 cents higher than the average of analyst estimates in the Bloomberg Consensus. Crude-oil production of almost 2 MMbpd exceeded forecasts.
