Production
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.
News
March 31, 2023
Gulf Keystone Petroleum Ltd. will become the latest oil producer in Iraqi Kurdistan to cut production, as a legal spat between the region’s government and Baghdad that’s pushed up crude prices drags on.
News
March 28, 2023
Group leader Saudi Arabia has said publicly that the 23-nation alliance should keep supplies steady for the whole of 2023 as it navigates a fragile recovery in global oil demand. Delegates from the group say privately that an online meeting of key ministers on Monday is set to maintain this position.
News
March 24, 2023
MOL Group is transporting crude oil produced at its co-owned oilfield, the Azeri–Chirag–Gunashli in Azerbaijan, to Slovnaft Refinery in Bratislava. This is a major step in the company’s efforts to increase its crude sourcing flexibility.
News
March 23, 2023
DNO reported that cumulative oil production from its Peshkabir field in the Kurdistan region of Iraq has broken through the 100 MMbbl milestone less than six years after startup. The field was initially estimated to contain proven and probable reserves of 75 MMbbl commingled with associated gas.
News
March 20, 2023
The RockJet family of charges was developed at the Advanced Perforating Flow Laboratory at the Halliburton Jet Research Center using real rock under downhole conditions to optimize downhole performance. Halliburton’s RockJet charges are the first certified using the American Petroleum Institute’s new perforation witnessed test protocol.
News
March 17, 2023
The Canadian company is looking to step up output in Colombia, which accounts for most of its production, by improving techniques such as adding so-called waterflood facilities in the main fields.
News
March 16, 2023
The combination of tightening credit conditions and lower energy prices has the potential to constrain U.S. driller spending, or lead OPEC+ to review their output targets, “altering the forward outlook for oil and gas supplies in a non-trivial way,” Pimco's Greg Sharenow said.
News
March 16, 2023
Global markets were roiled on Wednesday as turmoil at Credit Suisse Group AG triggered panic among banking investors. The crisis spread to commodities, with oil falling to a 15-month low.
News
March 15, 2023
Karoon announced that the PAT-2 well, one of two new production wells drilled into the Patola field in the BM-S-40 production license in Brazil, came onstream on March 15 at a rate of 12,000 – 14,000 bopd.
News
March 14, 2023
The Organization of Petroleum Exporting Countries is pumping about 28.92 MMbpd, or about 300,000 a day more than it expects will be needed in the second quarter, it said in a monthly report. World oil consumption typically eases around this time, a softer patch between the end of winter and start of the summer driving season.
News
March 13, 2023
The Washington-based lender in 2019 stopped financing oil and gas extraction projects, aside from “exceptional circumstances” where projects in the poorest countries help connect more people to energy.
News
March 09, 2023
“The U.S. has become, in this year, an indispensable energy partner to our allies and a global energy powerhouse,” Granholm said, drawing applause from a packed ballroom at the CERAWeek by S&P Global conference in Houston on Wednesday.
News
March 09, 2023
Despite the exodus of almost every Western oil company, Russia can maintain crude oil production longer than many expect, according to S&P Global Vice Chairman Dan Yergin.
News
March 02, 2023
The Organization of Petroleum Exporting Countries boosted supplies by 120,000 bpd to 29.24 MMbpd, with the West African nation accounting for two-thirds of the increase as its output reached a one-year high.
Article
February 2023
Optimism prevails as investments and improvements point to production growth.
News
February 28, 2023
As part of the sales process, OMV will invite potentially interested parties to submit expressions of interest and binding offers. The sales process is expected to take place over the next few months.
Article
February 2023
Drilling and production are set to experience gains in most regions during 2022, as operators seek to balance development of new supplies with global demand.
Article
February 2023
Proved reserves of natural gas reported by operators established a new record in the United States in 2021, while proved U.S. reserves of oil increased but did not quite return to pre-pandemic levels.
Article
February 2023
Although spending will decelerate in North America, the 2023 forecast for a 19% U.S. capex increase follows a near-record 46% gain in 2022. U.S. drilling will increase 8.2%, with total footage forecast to climb 8.7%, to 289 MMft of hole.
News
February 22, 2023
The government expects oil output to increase by 250,000 bpd once the blocks covered by the agreements start producing, Oil Minister Hayyan Abdul Ghani said on local television on Tuesday.
