Production
News
May 29, 2023
Taking full control of Surmont’s low-cost production helps ConocoPhillips Chief Executive Officer Ryan Lance meet a commitment to return $11 billion in cash to shareholders this year by letting the company generate free cash flow at even lower crude prices.
News
May 19, 2023
North Africa’s biggest producer should be able to pump about 1.3 MMbpd by the end of the year, Farhat Bengdara, Chairman of the National Oil Company, said in an interview.
News
May 15, 2023
Pipestone Energy Corp. temporarily halted roughly 20,000 boed of output since Friday after blazes resurfaced close to some processing facilities the company relies on. It had restarted assets that were shut in response to a wave of fires in early May.
Article
May 2023
After 60 years of E&P activity, the Cooper basin remains Australia’s largest onshore O&G province, supplying domestic gas markets in southeastern Australia and export markets via the Gladstone LNG plant. This strategic basin has potential for further discoveries, as well as opportunities to play a key role in Australia’s energy transition through CCS projects in depleted fields.
News
May 15, 2023
In 2016, wildfires tore through Aberta’s oil sands, shutting down more than 1 MMbbl of daily crude production and razing whole sections of Fort McMurray, the biggest city in the oil-sands region. This month’s blazes have largely spared the oil sands, but they’ve hammered the province’s drought-stricken west, forcing the evacuation of as many as 30,000 people and curtailing natural gas production.
News
May 15, 2023
The two European companies want to resume their jointly run Cardon IV project “at its maximum capacity,” which is 1.3 Bcf, Tellechea said. It currently pumps 580 MMcf of natural gas to meet Venezuela’s household and industrial demand.
News
May 11, 2023
The main driver of April’s dip was industrial action by Exxon employees that began on April 13 and caused the U.S. major to declare force majeure across its operations.
News
May 09, 2023
“I’m not that worried about the very, very short term,” Suhail Al Mazrouei, the energy minister for the United Arab Emirates, told reporters in Abu Dhabi Tuesday. “Let’s wait. This is not a prediction that I can give now or a decision, this is a collective decision,” on whether further OPEC+ supply adjustments are needed, he said.
Article
April 2023
Efficient multi-scale methods for reservoir simulation require constructing a set of prolongation operators that interpolate solutions from a coarse spatial resolution to a grid resolution. An improved algorithm captures strong contrasts in geological properties better for this objective. Utilizing the new algorithm, operators can obtain better linear and nonlinear convergence rates than previously.
News
May 08, 2023
The fires are affecting energy production in the region, which accounts for most of Canada’s hydrocarbon exports. One community under evacuation order as of Sunday was Fox Creek, a major center for light oil and gas drillers.
News
April 29, 2023
Since U.S. President Joe Biden eased sanctions on Venezuela last year, Chevron has started lifting so much crude from the country that it’s had to put 600,000 bbl of it in storage in the Bahamas this month.
News
April 25, 2023
The company will target an increase of two percentage points in its oil recovery factor, or the amount of crude that can be extracted from a reservoir, he added, without elaborating on what the technology will be.
News
April 21, 2023
“In the past three years of EPF production, we have achieved a 10-million-barrel milestone while maintaining over 97% uptime,” said Iyen Idienumah, Testing and Subsea country manager for Nigeria. “This is a testament to the dedication and tireless efforts of the TSS EPF team.”
News
April 17, 2023
Focusing on steady production may represent local producers applying a longer-term strategy to their presence in Gabon, but the local energy sector also needs new discoveries, and the country’s unexplored shallow and deep-water basins deserve more attention than they are receiving.
News
April 17, 2023
The results of JKT-01Z followed by WR-B01Za provide back-to-back drilling success, further validating the company's reservoir understanding and confirming its ability to accurately place horizontal wells in areas of good productivity.
News
April 13, 2023
World markets may be under supplied by about 2 MMbpd in the fourth quarter as a result of cutbacks announced by Saudi Arabia and its partners, according to figures in a report from the Organization of Petroleum Exporting Countries.
News
April 07, 2023
A long-standing oil giant of sub-Saharan Africa, Gabon is embracing its potential as a natural gas producer and emerging with revitalized plans for sustainable, energy-led growth.
News
April 04, 2023
Administration officials in Washington have sought to strike a balance between denouncing the move and not further souring relations with Saudi Arabia.
News
April 03, 2023
Still, while the White House said they were given advanced warning of the latest production cut, Kirby said the U.S. did not know what prompted the decision.
News
April 03, 2023
Several OPEC+ members shocked the market over the weekend, announcing further voluntary supply cuts. These cuts were announced ahead of the Joint Ministerial Monitoring Committee meeting scheduled for April 3, where the expectation was that the committee would recommend keeping output policy unchanged.
News
April 03, 2023
OPEC+ announced a surprise oil production cut of more than 1MMbpd, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
