Production ///

Shale drillers face record cost pressures as banks shun the sector

Oil drillers in the biggest U.S. fields are shouldering record costs at the same time that some banks are increasingly reluctant to loan money to the sector, according to the Federal Reserve Bank of Dallas.

Mexico to end oil exports in 2023 in bid to meet its own fuel needs

Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market.

TotalEnergies partners with Oman on low-carbon natural gas projects

TotalEnergies has signed with the Ministry of Energy and Minerals of the Sultanate of Oman a series of agreements for the sustainable development of the country’s natural gas resources.

Shell signs gas concession agreement for Block 10 in Oman’s Saih Rawl field

Shell’s entry into this block signifies a further commitment to Oman, while enhancing and diversifying Shell’s gas supply.

UK says oil and gas projects can comply with new net-zero rules

The UK proposed a series of climate change tests to determine whether new oil and gas fields can be built off its shores, but said its net-zero pledge doesn’t require the industry to be shut down.

Equinor taps Cognite to expand data capabilities across its asset portfolio

Cognite announced a collaboration with Equinor to expand data capabilities and support the company’s digital ambitions.

Libya considers bonuses for oil companies to boost crude output

Libya may introduce contracts with private oil companies that would give bonuses to those that meet targets and penalize those that don’t, as the OPEC member tries to raise output to 1.4 million barrels a day by mid-2022.

Cheap U.S. shale gas boosting refining profits for sour crudes

Processing the high-sulfur crudes produced in the Gulf of Mexico hasn’t been this profitable since 2017, thanks largely to cheap shale gas.

U.S. expects Permian oil output to reach record in December

Crude production in the Permian Basin is expected to surpass a pre-pandemic high this month as a rebound in the U.S. shale industry fuels activity in its most prolific patch.

Mexico may cut Pemex tax liability in bid to boost oil production

Mexico could slash Pemex’s taxes further as the world’s most indebted oil company scrambles to reverse long-term oil production declines.

Pemex plans to cut oil exports to meet domestic fuel demand

Pemex is said to be planning to trim its crude oil exports next year as it cranks up domestic fuelmaking to supply an economy bouncing back from the pandemic.

Chevron, Equatorial Guinea sign production sharing contract for Block EG09

Chevron has signed an agreement with the government of Equatorial Guinea for Block EG09, located in the Douala basin on the border of Cameroon.

PDVSA uses cash-stuffed backpacks, scrap metal as pay to restart oil production

Amid the rusted remnants of Venezuela’s once-mighty oil industry, a motley crew of obscure drillers has achieved a feat few thought possible: It’s more than doubled the country’s crude production in the space of a year.

WPC 2021: ConocoPhillips CEO says U.S. government holds back oil supply

In the debate over why U.S. oil producers haven’t added additional supply, the boss of ConocoPhillips lays the blame squarely with the government.

WPC 2021: Halliburton sees a future of oil scarcity as spending falls

Halliburton Co., the oil industry's largest frac services provider, warned that the world is headed into a period of scarcity for oil after seven years of underinvestment following crude’s plummet from $100 a barrel in 2014.

India’s Reliance to build $2 billion petrochemical plant in UAE

The United Arab Emirates and Reliance Industries Ltd. agreed to build a $2 billion petrochemical plant, the Indian company’s first such investment in the Middle East.

Addressing the new global challenges of P&As

Collin Simmons, Larry Nixon

The dramatic rise in orphaned oil and gas wells, combined with multi-well pads and their own set of P&A issues, poses unprecedented challenges to oil and gas companies. Mitigating these challenges and potential risks will require well control experts, who take a new approach and leverage advanced technology and expertise.

Well control surface intervention that is inclusive of environmental preservation

Carlton Burleson

Wild Well Control says operators should consider environmental concerns during well planning, including location, access points, proximity to water, and other issues that can make a difference between an expedited, efficient and safe blowout scenario and one that is complicated, costly and dangerous.

Overcoming technical hurdles to eliminate routine flaring

Billy Morley

Despite exacting a heavy environmental and financial toll, routine flaring remains a persistent practice in the oil and gas sector. The technical solutions for ending flaring are both practical and financial in nature. Three hurdles are commonly faced when implementing flare gas to power projects.

The last barrel

Craig Fleming

You can’t have it both ways

Executive viewpoint

Andy Brogan

OPEC in the energy transition: What have we learned from the pandemic?