Production
News
December 01, 2023
Traders were wary of how far countries will follow through on the production curbs, which are on a “voluntary” basis. At the end of fractious talks, Angola said it would reject its diminished output quota and keep pumping at current levels.
News
November 30, 2023
Brazilian Energy Minister Alexandre Silveira told a meeting of the group on Thursday that the country would join its charter from next year. The charter, open to all oil producing countries, doesn’t bind signatories and provides a platform for dialog and exchange of views.
News
November 30, 2023
Members of the group agreed to make 1 MMbpd of additional oil production cuts at a meeting on Thursday, delegates said. That reduction comes alongside the much-anticipated extension into next year of Saudi Arabia’s voluntary output curb of the same size.
News
November 29, 2023
GH2 is working to advance the energy transition through its tailored subsurface microbiology solutions that use the power of microorganisms to enable in-situ hydrogen production from depleted or uneconomical oil reservoirs.
News
November 28, 2023
The stalemate may not be resolved before the scheduled OPEC meeting on Nov. 30, potentially requiring a further delay, one delegate said.
News
November 27, 2023
The OPEC leader has been making a largely unilateral production cutback of 1 MMbpd since July, and is now seeking further support from across OPEC and its partners, said the delegates, asking not to be identified because the information is private.
News
November 27, 2023
With futures well down from September highs, widely watched timespreads for global benchmark Brent and U.S. counterpart West Texas Intermediate have softened, signaling ample supply, while U.S. stockpiles have jumped.
News
November 24, 2023
But despite a postponement of the gathering amid a dispute over oil production quotas for African members, around half of respondents now see OPEC+ unveiling measures to tighten oil markets when it gathers on Nov. 30.
News
November 23, 2023
The spat involving African members dredges up a disagreement from June, when Angola, Congo and Nigeria were pushed by Saudi Energy Minister Prince Abdulaziz bin Salman to accept reduced output targets for 2024 that reflected their diminished capabilities.
News
November 23, 2023
Saudi Arabia and its allies are embroiled in a dispute over oil production quotas for African members. The disagreement has forced the group to push back its scheduled conference by several days to Nov. 30, sending crude plunging by as much as 4.9% to below $80 a bbl in London on Wednesday.
News
November 21, 2023
(WO) — Pakistan Petroleum Limited (PPL) has made a gas condensate discovery with its Jhim East X-1 exploration well on Block 2467-16 (Shah Bandar), located in Sujawal district in Pakistan’s Sindh province.
News
November 20, 2023
(WO) — Invictus Energy Ltd. has reported significant progress in the drilling of the Mukuyu-2 well at its 80% owned and operated Cabora Bassa project in Zimbabwe.
News
November 20, 2023
Orlen SA agreed to purchase oil and gas producing assets on the Norwegian continental shelf from Kuwait Foreign Petroleum Exploration Co. for $445 million to diversify shipments of natural gas to the eastern European country.
News
November 20, 2023
Oil is back in a bear market, but as things currently stand one of OPEC’s largest producers is set to increase output in January.
News
November 19, 2023
(WO) — Dana Petroleum and NEO Energy have announced the signing of a sale and purchase agreement under which NEO Energy will acquire Dana’s full equity in the Western Isles FPSO.
News
November 16, 2023
(WO) — CNOOC Ltd. has initiated production at the Bozhong 19-6 condensate gas field development project in the central Bohai Sea.
News
November 16, 2023
(WO) — Aramco announced that it has successfully produced the first unconventional tight gas from its South Ghawar operational area two months ahead of schedule.
News
November 14, 2023
The system integrates in-well monitoring and control of gas lift well performance with surface analytics and automation to continually optimize gas-lifted fields, remotely and without intervention.
News
November 14, 2023
The IEA boosted forecasts for world fuel consumption this year on surprising strength in China, and still anticipates a supply shortfall during the fourth quarter. But it will be roughly 30% smaller than previously projected, at about 900,000 bpd.
News
November 13, 2023
The analysis in Monday’s OPEC report echoes last week’s comments from Saudi Energy Minister Prince Abdulaziz bin Salman, who blamed the retreat in crude prices on a “ploy” by speculators.
News
November 10, 2023
The OPEC+ leader is likely to extend its 1 MMbpd production cut — introduced over the summer — into next year, according to analysts at UBS Group AG, FGE, Commerzbank AG and Eurasia Group. RBC Capital Markets says it looks increasingly likely.
