Production
News
February 15, 2024
The OPEC+ alliance, which is led by Saudi Arabia, agreed to slash production during the first quarter to avert a global oil surplus and shore up prices. While several countries appear to have complied, Baghdad and Astana were once again delinquent.
News
February 15, 2024
Palantir’s Foundry Platform and Artificial Intelligence Platform (AIP) will be deployed in a three-year agreement to help Bapco Upstream maximize its return on investment on energy production in the country and support its mission to connect the energy infrastructure of the Kingdom of Bahrain in an unprecedented way.
News
February 13, 2024
World consumption will increase by 1.2 MMbpd to 1.3 MMbpd in 2024 as economic growth slows in China and elsewhere, Executive Director Fatih Birol said. This will be easily matched by swelling production from the Americas, predominantly the U.S., Canada, Brazil and Guyana.
News
February 13, 2024
The acquisition of Coretrax will enable Expro to expand its portfolio of cost-effective, technology-enabled well construction and well intervention & integrity solutions, particularly across the North and Latin America, Europe and Sub-Saharan Africa and Middle East and North Africa regions.
News
February 11, 2024
The world’s third-biggest oil importer behind China and the U.S., India is set to be the single largest source of global oil demand growth between now and 2030 thanks to a booming economy, growing middle class and youthful demographics, according to the International Energy Agency.
News
February 07, 2024
Production in California has been falling for years even as other U.S. basins are still enjoying growth. The transaction will add large, producing assets to the driller’s portfolio, with executives eyeing opportunities to eventually increase oil recovery at the combined company.
News
February 05, 2024
Seven coalition members have pledged supply curbs totaling about 900,000 bpd this quarter, in tandem with a 1 MMbpd reduction by group leader Saudi Arabia. They’ll review whether to continue the curbs in about one month’s time, according to officials, who asked not to be identified.
News
February 05, 2024
During a meeting with Indonesian President Joko Widod, Eni CEO Claudio Descalzi disclosed plans following significant milestones in 2023, notably the discovery of 5 Tcf of natural gas with the Geng North-1 well in the North Ganal PSC, the acquisition of the Indonesia Deepwater Development assets from Chevron, and the further consolidation of Eni’s position in most of the key exploration and production blocks of the Kutei basin following the acquisition of Neptune Energy.
News
February 05, 2024
The No. 2 U.S. oil and gas operator incurred $3.7 billion of charges stemming mostly from assets in its home state of California and the dismantling of decades-old infrastructure in the Gulf of Mexico. Annual production climbed 4%, primarily boosted by rising output in the Permian basin and other U.S. fields.
News
February 02, 2024
About a quarter of the drop resulted from disruptions in Libya, which isn’t part of the planned cutbacks, and overall production remains several hundred thousand bpd above the collective limit as Iraq and the United Arab Emirates produce more than their quotas.
News
February 01, 2024
Oil and gas proved reserves at Dec.31, 2023 were 1.37 Bboe, compared with 1.26 Bboe at Dec. 31, 2022. Proved reserve additions and net revisions in 2023 totaled 261 MMboe, primarily from Guyana, which included sanctioning of the Uaru development, and from the Bakken.
News
February 01, 2024
A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Thursday, according to delegates who asked not to be identified.
News
January 31, 2024
The SMARTEN XE control system features a hardened industrial processing core that reliably manages downhole conditions with ESP-specific control algorithms to reduce nuisance shut downs and protect the ESP system.
News
January 31, 2024
State-run Aramco announced on Tuesday that it’s pausing a 1 MMbpd capacity expansion scheduled for 2027, without providing any explanation. With a constrained outlook for oil demand and swelling oil-service expenses, the decision makes sense, Wood Mackenzie said.
News
January 30, 2024
While it’s unclear whether the U.S. would restore a total ban or allow oil major Chevron Corp to hold limited operations in Venezuela, production could nevertheless drop to 600,000 or 700,000 bpd in a matter of months, according to said Fernando Ferreira, director of geopolitical risk at Rapidan Energy Advisors.
News
January 30, 2024
The surprise move comes after the world’s biggest oil exporter had said in November that it was progressing “very well” with a multibillion-dollar project to boost capacity to 13 MMbpd by 2027 as demand in China and India continues to grow.
News
January 29, 2024
bp’s strategy is flawed because the company is aiming to cut fossil fuel output to support a global objective of having net zero carbon emissions by 2050, a policy goal that is increasingly unrealistic, the hedge fund said.
News
January 26, 2024
On Friday, Jan. 26, 2024, World Oil hosted its 56th annual Forecast Breakfast at the Norris Conference Center in Houston, Texas. In an event described as a “first look” at upcoming upstream oil and gas trends, approximately 340 professionals from across the sector gathered for an early-morning meal to hear projections, data and analysis on global E&P from industry experts.
News
January 26, 2024
Oil prices have so far shown a muted response to the additional 900,000 bpd supply reduction being undertaken by OPEC and its partners, which comes alongside geopolitical tensions including a conflict in the Middle East and attacks on shipping in the Red Sea.
Article
January 2024
While there was little change in activity from the third quarter of 2023 to the fourth quarter, there are some negative trends developing that have operators concerned. Yet, there is hope that 2024 can be a marginally better year.
News
January 25, 2024
In 2024, net production target is 700 MMboe to 720 MMboe, of which production from China and overseas accounts for approximately 69% and 31%, respectively. The net production target is 780 MMboe to 800 MMboe in 2025, and 810 MMboe to 830 MMboe in 2026.
