Production

Equatorial Guinea is aiming to revitalize its upstream sector, with plans to launch a new licensing round in 2025 aimed at increasing E&P activity. Equatorial Guinea’s last licensing round, held in 2019, offered 27 blocks for exploration and attracted significant industry interest.

(Bloomberg) – Dar Petroleum Operating Co. has resumed producing oil from a number of its wells in South Sudan after almost a year, people with knowledge of the matter said.

Bluewater, a specialist energy private equity firm, has agreed to sell Apex International Energy, an independent E&P company focused on the prolific Egyptian upstream market. Apex has become a top ten producer in Egypt in less than two years from oil discovery.

(Bloomberg) – New terminal construction faces uncertainty after 2024 U.S. crude exports expanded at the slowest since the COVID pandemic, and U.S. oil-production growth slows as drillers prioritize returns to investors and capital discipline, Chevron said.

DNO ASA reported 2024 revenues of USD 667 million on the back of robust production in the Kurdistan region of Iraq and continued North Sea expansion. Net production climbed 50% year-on-year to 77,300 boed combined from Kurdistan, North Sea and West Africa operations.

As the upstream oil and gas industry continues to innovate, leading operators are embarking on their journey toward fully autonomous operations. This webinar will examine the transition from initial concepts to active implementation across both greenfield and brownfield projects. Attendees will learn about the evolution of digital oilfield projects, highlighting key shifts from offline, model-based decisions to real-time optimization and integrated operations. With a renewed focus on emission reductions and sustainable practices, the industry is increasingly leveraging artificial intelligence and equipment performance management to enhance operational reliability and efficiency. We will explore specific applications such as well test automation, closed-loop production optimization, and flaring reduction, emphasizing the integration of digital twins and predictive insights across the upstream asset lifecycle. Join us for a comprehensive discussion on how these advancements are paving the way to optimized fully autonomous operations in the oil and gas sector.

The FPSO Baobab Ivoirien MV10, operated by Canadian Natural Resources International (CNRI), ceased hydrocarbon production on schedule Jan. 31, CNRI's partner VAALCO Energy announced. The vessel will be transported to Dubai for refurbishment.

(Bloomberg) – Nigeria, Africa’s biggest oil producer, has set itself a target of boosting daily production by about three fifths to 2.7 million barrels of crude and condensate by 2027, an adviser to the country’s president said.

(Bloomberg) – OPEC+ declined to alter its existing oil-production plans at a review meeting on Monday, even as President Trump called for lower crude prices. A panel of key members maintained plans to keep a lid on crude supplies for Q1 2025, according to statements.

(Bloomberg) – Chevron Corp. plans to increase oil production by as much as 10% in the Permian Basin this year despite reducing capital spending in the region, said Chief Executive Officer Mike Wirth. 

DEEP Earth Energy Production Corp. (DEEP) has announced a strategic collaboration with SLB to drive the development of Canada's first next-generation geothermal project, located in southeast Saskatchewan.

The Republic of Congo has set ambitions to increase its production from 270,000 barrels per day (bpd) to 500,000 bpd in 2025, with a panel discussion planned for CEIF 2025 to outline the country's production targets.

The African Energy Chamber is calling for the industry to stand against growing opposition from western agencies undermining the economic growth potential presented by Africa’s oil and gas industry.

Chevron announced today that its 50 percent owned affiliate Tengizchevroil LLP (TCO) has started oil production at its Future Growth Project (FGP) located at the Tengiz oil field in Kazakhstan. The FGP expansion aims to increase crude oil production by 260,000 bpd at full capacity.

(Bloomberg) – Chevron has completed an expansion at Kazakhstan’s huge Tengiz oil field, which is expected to pump 1 million bpd by mid-2025. The expansion comes as U.S. President Donald Trump this week said he’ll push OPEC and its allies to lower oil prices.

VAALCO Energy, Inc. has provided an operational update that included record production and sales volumes for 2024. Vaalco is a Houston-based, independent E&P company with assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea, Nigeria and Canada.

(Bloomberg) – China’s Cnooc Ltd. said it’ll keep spending flat in 2025, while revising its output targets lower. The country’s biggest offshore oil and gas explorer produced about 720 million barrels of oil equivalent in 2024, according to statement.

In an exclusive interview with Energy Capital & Power, Pedro Ribeiro shared TotalEnergies strategic plans to enhance field performance, increase production at Waha and Sharara and advance exploration efforts in the Murzuq Basin. 

Libya’s Oil & Gas Minister outlined plans to boost production to 1.6 million bpd in 2025 and 2 million bpd long-term, with brownfield development and local investment at the core, during the Libya Energy & Economic Summit.

The Energy Workforce & Technology Council (EWTC) and American Petroleum Institute (API) have both issued statements applauding President Trump's swift and decisive action on Day 1 to unleash American energy.

Now in its 99th year, the World Oil Forecast is one of the upstream oil and gas industry's most trusted sources of projections and data relating to global E&P activity. Utilizing data collected from proprietary surveys of governments and operators in the U.S. and worldwide, this definitive industry report includes projections for spending and activity, worldwide drilling and production, and an analysis of political factors impacting the U.S. and international oil and gas industry. Now, more than ever this information will help market leaders make decisions relating to their businesses.